Someone actually did this, then built a nuclear fallout shelter in their backyard in the middle of some city, but he did it all redneck and it blew up or something while building an underground generator or something and killed a 17 year old kid, he went back to jail, got out after another crypto spike, tried to cash out and immediately got sued by the family of the dead kid for wrongful death and got sued by the IRS for back taxes. It’s a fucking rabbit hole of a story.
Come to that you fucked up in step 1. Do you really think the credit card companies are gonna let that debt just sit there not accruing interest and not send debt collectors to your house while you’re in jail?
Lmao yeah me trading an hour worth of work for a meal that I will consume is the same thing as me trading an hour of work for a nebulous pile of 1s and 0s and hoping some dipshit will pay 2 hours worth of work for them later
So you’re working in hope to get a nebulous pile of 1s and 0s or a some colorful pieces of paper. On top of that those numbers and papers have no intrinsic value, but are instead valuated by some dipshits and can become worthless overnight.
What’s your point there buddy?
Lmao yeah me trading an hour worth of work for a meal that I will consume is the same thing as me trading an hour of work for a nebulous pile of 1s and 0s and hoping some dipshit will pay 2 hours worth of work for them later
The money I work for has value because its almost entirely held in banks insured by the United States Federal Reserve and those dollars are backed by the full faith and credit of the United States. If that money becomes valueless overnight the whole world is in for a very rough time, and I definitely won’t be alone in my plight. You can’t say any of that about cryptocurrencies
Economics is simply a study in how to allocate scarce goods. It does not need to result in hoarding scarce goods in the hope of getting more for them later.
How many bubbles pop 3 three times and then proceed to blow up bigger than the last time? I know of exactly zero. Looks more like an adoption curve when expressed logarithmically
Adoption for what? There’s no indication that it’s becoming interconnected to the economy at large. Just the opposite, in fact. FTX, one of the biggest crypto banks, completely collapsed and the rest of the economy didn’t care. If it was Goldman Sachs or BoA, everyone would be sounding alarm bells, because they are actually integrated into the rest of the economy. Crypto just isn’t.
Adoption as a hedge against fiat debasement, primarily. FTX wasn’t a bank BTW, it was a shady exchange that mostly laundered money and stole customers’ funds. It was more analogous to a precious metal dealer like JM Bulion or similar, except run by criminals.
The purpose of crypto isn’t to integrate with the existing system anyway. The purpose is to provide a parallel system that isn’t subject to the kind of manipulation present in the legacy system. Unfortunately, crypto has become completely overrun with scammers and charlatans just looking to take advantage of rubes. The fundamental principals of Bitcoin are still intact in the code and network though, and IMO will win out simply because it is incorruptible and indestructible. The legacy system seems to have decided the same, and is currently adopting a ‘if you can’t beat em, join em’ attitude by pushing for ETF products to offer bitcoin to their customers though more traditional means.
I don’t expect my post to change anyone’s mind, but I would encourage anyone reading to look into why bitcoin has crashed multiple times and come roaring back each time.
Wait if you can avoid debt collectors for 7 years they just forget about you?? Like I could fuck off to another country where they can’t garner my wages and come back and they can’t do shit about it?
It’s not that clearcut: they have various tricks to keep it alive, if they know where you are. This is why you never admit to a debt nor pay the token amount they offer; both are tricking you into legally claiming responsibility, so they can keep the debt alive
Debt is super weird. In some cases you can have thousands very much just disappear after 7 years, in others they’ll hunt you down mercilessly over a $25 copay they mailed you a “this is not a bill” letter about 2 years ago. My wife was pretty deep in debt when we first started dating and I literally have seen both extremes and everything inbetween.
Well, not exactly. The debt is still there, they just can’t force you to pay it. Exceptions apply, like student loans, and they can probably still claim property in the case of bankruptcy or inheritance.
Not empty just extremely low. Low is worse then nothing. Good luck getting any credit after this. Then again, if the crypto actually grew, it may not matter. You would need at least half a million in profit to be worth all the effort of this scheme. Still only making about 70k a year at that level. Assuming you did 7 years and didn’t have to pay anything like prison rent. Seems like a bad investment.
Low is not worse than nothing with credit. Low credit means you exist. When you have no credit score everyone starts to question if you even exist. I may have personal experience with that.
Well it works where if it’s non government debt and you don’t pay for 7 years, it falls off your credit report. Of course if you had a car/home tied to it they would have taken it at that point.
But honestly at 5 years the collector will have mostly given it up and sold it to a debt collector for pennies on the dollar who call from time to time when they have nothing else to do.
Just so you know you don’t need to go to prison in order to get your butthole destroyed. It’s much easier to just go on Grindr, which is only an emotional prison.
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