Canadian Money Forum banner
41 - 60 of 78 Posts

·
Registered
Joined
·
5,627 Posts
I know that my kids would rather do chores for Robux (Roblox digital currency) more than real money. They would rather a $10/week allowance of Robux than a $25/week allowance of real money.
I don't even know what robux are

There is definitely an underground digital economy going on even outside of crypto. It's called the gig economy and the government has little control, insight or tax

We've all used "airmiles" for years but suddenly crypto is evil. Stop listening to dinosaur propaganda like all the sags out there
 

·
Registered
Joined
·
3,086 Posts
^ So is there any aspect of crypto, other than speculating for mad gainz, that I should be aware of that is related to personal finance (like collecting Airmiles)? or is about improving my usual life activities/transactions by increasing efficiency or anything? I still don't know what it's really for or is ("It's all about the block chain" - they say - whatever that is lol :D) or if the laymen should spend any time thinking about it?

Am I missing out on anything of interest by going about my day paying for things with a credit card and normal money? There isn't actually a black market exchange rate to buy things cheaper in crypo is there, like Kork alluded to above with kids? If there ever becomes an old fogey price in cash and and a better price in crypto, could you let us CMFer know to pay attention m3s? :)
 

·
Registered
Joined
·
5,627 Posts
or if the laymen should spend any time thinking about it?
Most people will never understand how or why it works the same as most people don't understand how TCP/IP works or how to engineer an oil field. Yet everyone uses the internet and everyone uses oil right. It's still very early like '90s for the internet or pre-industrial revolution for your oil patch I suppose. Like the engine exists but most people are still riding horses or coal powered steam engines or something. So no you don't need to think about it

Am I missing out on anything of interest by going about my day paying for things with a credit card and normal money?
I used to park 100k at EQ bank like you earning 1%. Now it earns double digits lending to crypto hodlers who want some fiat but don't want to sell their crypto. Nobody is giving a discount for crypto purchases yet but crypto standard exchange fees are like 10 times less. So the question is whether you want to speculate dubiously on the future potential buying up Fort Mac land 100 years ago or wait until Ford sells everyone a model t
 

·
Registered
Joined
·
4,260 Posts
Why would you let your daughter spend her hard earned money on something like that? That’s incredibly strange to me.
Lol, what?

It is HER money.
She spent HER time working and earning for it.

She can do whatever she wants with it. It is hers.

The lesson here is not "she made a bad purchase".
The lesson is more like "my daughter works hard and pays for what she wants in life."
 

·
Registered
Joined
·
17,139 Posts
People can buy drugs, launder money, transfer cash to terrorists, and evade taxes easier with crypto.........so there is that.
 

·
Registered
Joined
·
5,627 Posts
You consume too much msm saggy man

If you want to learn it's all available. If you don't why click on these threads
 

·
Registered
Joined
·
96 Posts
Lol, what?

It is HER money.
She spent HER time working and earning for it.

She can do whatever she wants with it. It is hers.

The lesson here is not "she made a bad purchase".
The lesson is more like "my daughter works hard and pays for what she wants in life."
It's both actually. "Good job on working hard for your money. But you shouldn't have wasted on something like that. Here's why.."
 

·
Registered
Joined
·
1,488 Posts
So bitcoin is so great that no one can explain what it can do. It’s taking over our future, but no one understands how. By now, shouldn’t we all know exactly how crypto will change our lives?
 

·
Registered
Joined
·
5,627 Posts
@peterk have you seen any of the Jordan Peterson discussions on bitcoin earlier this year? It's interesting to watch how an intelligent person can actually listen, process and consider new information

The majority of people lose that ability in their teens and it only gets worse with age. You can see old folks going back to the same rudimentary arguments as if they haven't heard or processed a new bit information for decades. The worst offenders probably haven't processed a thing since they hit puberty. Eventually they resort to yelling at the sky about the good old days

I heard Jordan Peterson was at the recent NFT conference in NYC. Not sure what that means but he probably knows more about NFTs then I do
 

·
Registered
Joined
·
54 Posts
Discussion Starter · #50 ·
I didn't read it but I'm sure the angry old women is yelling at the sky with all the other angry old people

What entitles the US to be the world reserve currency? How does that benefit Canada and other nations? Ironic that she argues Bitcoin can destabilize nations when the USD can as well

Look what happens to any nation that tries to trade oil in their choice of currency.

Getting political a bit now! An area I feel that I have a bit more to add, at least compared to my near nil knowledge of the investment world! It's not really an entitlement that the US dollar is the world currency. This has happened organically in many ways. One day it could be China's currency that reigns.. The US is a stabilizing factor in every geopolitical sense, even if that has seemingly led to problems in some parts of the world. At no time in human history have we had such a stable economic/political paradigm. In roughly 100+ years, the world has made massive strides in countless economic and social metrics and this is directly tied to Pax Americana!
 

·
Registered
Joined
·
5,627 Posts
Getting political a bit now! An area I feel that I have a bit more to add, at least compared to my near nil knowledge of the investment world! It's not really an entitlement that the US dollar is the world currency. This has happened organically in many ways. One day it could be China's currency that reigns.. The US is a stabilizing factor in every geopolitical sense, even if that has seemingly led to problems in some parts of the world. At no time in human history have we had such a stable economic/political paradigm. In roughly 100+ years, the world has made massive strides in countless economic and social metrics and this is directly tied to Pax Americana!
This is true. Bitcoin has grown organically in many ways as well. I'd argue even more so because it grows despite all the negative PR and requires no PR itself

As a world reserve currency, are they printing USD for the benefit of the world? I would argue printing money benefits those closest to the money printer and impacts those furthest from it. A world reserve currency should be backed by something with a supply that is not controlled by one country. For China to challenge this they would have to challenge the US military. The stability is coming to an end either way.

MIT has grad students studying this and the geopolitical fallout. China's growth is a threat to the current paradigm. If the world embraces bitcoin it would be very bad for China's ambitions
 

·
Registered
Joined
·
9,298 Posts
I think that the tracable cryptocurrencies like bitcoin will continue to grow.

Just more news that another of the privacy coins was banned from a major exchange. I actually think governments are coming on board with having completely public traceable currencies go mainstream.

They likely see great opportunities for taxation and more control.
 

·
Registered
lean-FIRE fan
Joined
·
18 Posts
^ So is there any aspect of crypto, other than speculating for mad gainz, that I should be aware of that is related to personal finance (like collecting Airmiles)? or is about improving my usual life activities/transactions by increasing efficiency or anything? I still don't know what it's really for or is ("It's all about the block chain" - they say - whatever that is lol :D) or if the laymen should spend any time thinking about it?
For me personally, the only thing that crypto can do better than banks is move money across the border. There's no simple and fast way to move my own cash between my own accounts in the US and Canada. (I can write myself a check, but that takes 3 weeks to clear hahahaha) Other than that, I got nothing. ¯\(ツ)

Eventually they resort to yelling at the sky about the good old days
I used to work for Amazon... I can confirm - we did, in fact, have people yelling at the cloud. ;)

I think that the tracable cryptocurrencies like bitcoin will continue to grow.
Nothing is truly tracable... Every time there's an exchange heist, or someone robs your wallet, those coins end up going through a lot of intermediaries and exchanges, to the point where the money is well and truly gone. "You can trace everything forever" is a great tagline, but there are always ways around it.
 

·
Registered
Joined
·
5,627 Posts
Nothing is truly tracable... Every time there's an exchange heist, or someone robs your wallet, those coins end up going through a lot of intermediaries and exchanges, to the point where the money is well and truly gone. "You can trace everything forever" is a great tagline, but there are always ways around it.
Uhh there was just an example of a Canadian teen arrested for crypto theft. There are many many examples out there

You'd have to go to extreme lengths to not leave any digital fingerprints that can link activity together. There's an entire professional industry around tracking digital finances. Even the recent crypto hacks gave the funds back because there are too many checkpoints of data to track.

The small scams can get away because they aren't worth tracking. Cash is far far harder to track
 

·
Registered
Joined
·
17,139 Posts
And yet.....they rarely find the missing coins.
 

·
Registered
lean-FIRE fan
Joined
·
18 Posts
You'd have to go to extreme lengths to not leave any digital fingerprints that can link activity together.
Oh, I never meant that such obfuscation is easy. But they never did find the people that pulled off the biggest crypto heists, did they? ¯\(ツ)

That's my sole objection to the "perfectly traceable" argument. In most cases, yes. If someone sufficiently sophisticated comes after you, then no.
 

·
Registered
Joined
·
17,139 Posts
Mount Gox, Quadringa, .......there is a long list of exchanges, scams, and thefts with coins still not recovered.

Since it's inception, bitcoin has been a home for the shadiest of characters.
 

·
Registered
Joined
·
9,298 Posts
Nothing is truly tracable..
That's simply not the case.
The whole point behind bitcoin is that every transaction is public and fully disclosed.

Every time there's an exchange heist, or someone robs your wallet, those coins end up going through a lot of intermediaries and exchanges, to the point where the money is well and truly gone. "You can trace everything forever" is a great tagline, but there are always ways around it.
Well the money is still tracable, they just decide to stop tracking it.
 
41 - 60 of 78 Posts
Top