Bitcoin is a Ponzi scheme: The Internet currency will ...

Slate: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.

Slate: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse. submitted by EvisGamer to technology [link] [comments]

Slate: "Bitcoin is a Ponzi scheme: The Internet currency will collapse."

Slate: submitted by ham88 to planbshow [link] [comments]

Calm your panties people. ETH overtaking BTC in market cap will not be the end of BTC

If you've visited ethtrader in the last month you've witnessed hysteria. The circle jerk around the price does not come close to that of Bitcoin's circle jerk during good times (of which these are). There's a difference in the attitudes of its holders compared to holders of BTC that feels completely ponzi-ish. People seem totally naive about their investment. Unable to grapple with the truth because the price keeps going up and up and up. They don't want to hear about any problems with the protocol, the governance, or the rough upgrading path that the protocol will have going forward. As someone who has financially benefited by the ETH run-up, I should feel euphoric too. But I'm more tempered, perhaps because I was a holder of BTC during its long down period. ETH has a huge downside risk. And frankly, I just don't see the reserve currency of the digital world being tokens of a monster virtual machine with centralized governance, although the governments of the world would probably prefer it.
ETH is one SEC investigation away from panic. ETH will have a scaling fiasco, and the technology for scaling is two years + out. PoS must be considered a theory at this point, even though it is said to be slated to be deployed late this year.
What ETH does have is a supply shortage. Much of the supply is held in ICOs and by people who have hedged out of BTC, who will hold ETH out of fear that it will become what BTC seemed destined to become. So the price marches higher. The thing about ponzi's though is they are great until they are not.
Edit: and by the way, whoever the deeeeeep pockets are who are dollar cost averaging since March (or the beginning of this year, or whenever they started buying in) are continuing to buy now and they will continue to buy as the price recovers from wherever it bottoms. The smart money sees what BTC is.
submitted by yunvme to Bitcoin [link] [comments]

Why I Think a Tokenized Crypto Index Fund is an Incredible Long-term Investment

Disclaimer: What follows does not aim to be impartial and ultimately just reflects my enthusiasm for the cryptocurrency index fund space, and my personal views on its future potential. So if you don’t feel like getting shilled, you can safely skip this one. This is NOT investment advice, do your own research and don’t hold more Tether than you can afford to lose.
Crypto index funds could be one of the best long-term investments over the coming years. Here’s why:
Cryptocurrencies have grown exponentially since the creation of Bitcoin in 2009. Currently the total cryptocurrency market capitalization is standing at ~550 billion USD. While growth has been remarkable—particularly in the last year—the market cap of all cryptocurrencies combined is still dwarfed by that of the top 500 publicly listed US companies (the S&P 500 index). The market cap of the S&P 500 (as of January 2018) is ~24 trillion USD (which itself is about 25% of the global economy) while the combined cryptocurrency market cap is only a fraction (approx. 2.3%) of this. All bubble talk notwithstanding, there is still abundant room for growth.
However, with 1400+ cryptocurrencies to choose from—and more appearing every day—it is nearly impossible to separate the wheat from the chaff. Add to this high risk, extreme volatility and technical complexity that render trading and safely storing a diverse coin portfolio challenging and time-intensive for most crypto investors.
We are still in the very early stages; and while some of the truly foundational blockchain projects might be here already, some may still be in their infancy or may not even have evolved yet. Despite what this sub wants you to believe at times, predicting the long-term success and failure of cryptocurrencies is extremely difficult—and challenging even for traders in traditional markets with many years of data.
Cue index funds. Index funds are designed to replicate a particular market index, such as the S&P 500, with the goal to match its returns as closely as possible. And they are spectacularly successful. Only 12 percent of actively-managed equity funds have beaten the market since 1970. (In 2017, Warren Buffet famously won a 1 million USD bet that an index fund would outperform a basket of hedge funds over a decade).
One of the reasons why index funds consistently outperform actively managed funds is due to their low annual fees. These low fees are achieved through a mostly automated trading strategy based on a set of hyper-parameters.
Given that traditional index funds outperform actively-managed funds by over 90%, I am extremely confident that well-designed crypto indexes will yield substantial returns as the blockchain landscape as a whole continues to evolve. With that out of the way, let’s have a look at the most serious contender in this space.
WHO IS THE MAJOR PLAYER?
CRYPTO20
CRYPTO20 is a tokenized index fund which autonomously tracks the top 20 cryptocurrencies by market cap. It was launched in November 2017 and with a return of over 200% as of Jan 30, has easily outperformed both the total market cap gains and that of BTC alone. Currently the fund has ~105 million USD in assets under management. So how does it work? From the Whitepaper:
  1. any forked coins selected for divestment (after a stabilizing period of ~1 month);
  2. any staking revenues, e.g. NEO GAS, DASH Masternodes, etc. (in next rebalance); and
  3. any profit from onselling in exchange from the CRYPTO20 Portal (in next rebalance).
The Team Led by brothers Daniel and Luke Schwartzkopff, the team consists of 8 members with backgrounds in computer and data science, statistics, engineering and maths. In nearly the same formation, they have previously launched and scaled up data science firm DataProphet. The firm provides consulting and product development services to a wide range of industries using a machine learning approach to data. Some of the team members have been working together since 2013.
The team is committed to extreme levels of transparency: a third party audit of the smart contract was conducted as well as a full audit (including verification of the vault storage facility and fund holdings across all wallets) by KPMG, one of the ‘Big Four’ accounting firms, investor reports are published on a quarterly basis and rebalancing stats are sent out every week. The team is racing down its roadmap often overdelivering on milestones (weekly rebalancing started well ahead of schedule and new fund types will be introduced already in February instead of in Q3 2018). The team is highly active and listens to investor needs (team members are reachable almost 24/7). Further, all team tokens are vesting over 2 years via a smart contract 'vault' to align team incentives with investors.
Currently the token can be traded at Bibox, IDEX, HitBTC and ED.
SUMMING IT UP
Among the currently performing index funds, CRYPTO20 offers a unique and, I believe, the most promising investment opportunity. It is the only fund that combines no broker fees, no exit fees, full transparency and control over assets with the lowest annual management fees and a lower price bound. It is well worth keeping an eye out for additional fund types that will be announced in February. Finally, here is a useful table created by the CRYPTO20 community showing C20's unique offering compared to other funds.
TL;DR: With cryptocurrencies having seen exponential returns in 2017, 2018 is poised for further (though perhaps a bit more measured) growth as the market matures and the truly foundational blockchain projects emerge. In this still volatile and high-risk environment, the value proposition of a crypto index fund is to offer investors exposure to stable returns while maintaining a broad, limited risk profile. Among the currently existing funds, CRYPTO20 is slated to be the overall best-performing. It is the only fund that combines no broker fees, no exit fees, full transparency and control over assets with the lowest annual management fees as well as a lower price bound. The team is racing down its roadmap and is in constant touch with community and investors. Therefore, I believe holding C20 will be one of the best long-term crypto investments.
Complete disclosure: I am neither associated with the CRYPTO20 team nor being compensated in any way. I am however invested in C20 and in it for the long haul.
submitted by accountaccumulator to CryptoCurrency [link] [comments]

As financial giants and crypto industry leaders convene with lawmakers in Washington to discuss regulation, cryptocurrencies are largely down

Crypto News

Sources:
https://bitcoinist.com/cryptocurrency-trading-volume-2019-study/ https://www.newsbtc.com/2018/09/25/sec-and-fbi-eye-blockchain-analysis-services-money-launderers-watch-out/ https://www.coindesk.com/in-wake-of-major-failure-bitcoin-code-review-comes-under-scrutiny/ https://cointelegraph.com/news/andreessen-horowitz-invests-15-million-in-stablecoin-firm-makerdao https://www.cryptoninjas.net/2018/09/25/bitwala-pulls-in-e4-million-to-develop-companys-new-blockchain-banking-service/ https://bitcoinist.com/cryptocurrencies-not-financial-risk-bis/ https://cointelegraph.com/news/ibm-cto-tells-us-congressmen-lets-get-government-ready-for-blockchain https://www.coindesk.com/wallet-provider-blockchain-sues-crypto-startup-days-before-ico/ https://www.ccn.com/crypto-giant-circle-lists-eos-stellar-0x-and-qtum/ https://bitcoinist.com/winklevoss-gemini-uk-market-launch/ https://btcmanager.com/cryptocurrency-exchange-gemini-eyes-move-to-united-kingdom/ https://cointelegraph.com/news/us-crypto-industry-reps-lawmakers-venture-capitalists-to-discuss-regulatory-landscape https://bitcoinist.com/financial-giants-gather-in-d-c-for-crypto-roundtable/ https://www.coindesk.com/sbi-aims-for-cashless-society-with-mobile-payments-token-trial/ https://cointelegraph.com/news/south-american-crypto-exchange-budacom-seeks-help-of-colombian-president-for-reopening https://www.coindesk.com/regulation-news-moves-bitcoin-prices-bis-report-says/ https://cointelegraph.com/news/walmart-requires-certain-produce-suppliers-to-deploy-blockchain-technology https://bitcoinist.com/walmart-to-suppliers-start-using-blockchain-to-track-lettuce/
submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

A challenge to /r/Buttcoin - Use the "valuable blockchain technology" to start your own coin that outcompetes Bitcoin

As we all know, /Buttcoin has (like many critics) had to collectively shift its criticism of Bitcoin away from accusations of Ponzi schemes, "it'll never work" and so on to a grudging acceptance that maybe the blockchain invention has some value. It's not that crypto currency won't work, it's because Bitcoin has too many problems which will only be solved in a later iteration.
A recent exchange with a brand new troll account prompted me to realise how ironic it is that despite the name /Buttcoin hasn't started up their own crypto currency yet, even if just as a joke/scam to deter people from Bitcoin or to make their genius selves millionaires.
Commonly cited reasons for Bitcoin's guaranteed failure / inability to "break into the mainstream" include:
Well, with a fresh slate, anyone in /Buttcoin could start their own crypto with whatever changes deemed necessary by their community to "fix" Bitcoin.
Bitcoin already has a huge handicap, since it's known globally for being a scam and failure among the multitude of "issues" listed above. If the Buttcoin lot are all such a bunch of know-it-all geniuses, they should have no problem convincing the world to adopt their currency, unleashing the full potential of blockchain technology. They can even get rich in the process!
My suggested starting point:
https://www.github.com/bitcoin/bitcoin
Edit: inb4 a lot of reasons they can't/won't, because as well all know mature adults criticise and mock without providing alternatives, the world being improved by passive critics and all
Edit 2: yep.
submitted by Shibinator to Bitcoin [link] [comments]

Why FCoin exchange is NOT a scam

Basically, this post is to debunk everything out there that says its a "Scam".
Misconception No. 1: The exchange is full of bots doing wash trading
Binance has bots trading. So does every other exchange out there. That doesnt classify as a scam. A scam is something that's out to trick you and steal your money. Most of these are third party bots that aren't owned by the exchange. Even if it was, nobody can prove it, except the exchange. Bots provide a valuable function such as liquidity to help traders move in an out of their position.
Misconception No. 2: A lot of pump and dump action, and token manipulation
Again, so does every other exchange out there. There are a lot of pump and dump groups on Binance. Join a pump and dump group on telegram and they all announce their action on Binance. If you fall for the pump and dumps, Fcoin exchange isnt scamming you. You are being scammed by third parties. Get that clear. It has nothing to do with the exchange.
Misconception No. 3: Its a Ponzi Scheme
If you look a bitcoin, and its history, people have been saying that's a ponzi scheme. Well, you shouldnt be in crypto in general if you are saying this.
Also, Fcoin token holders are receiving huge dividends (80% to 100% of revenue). Where did they get that money from it its a Ponzi. Bear in mind that Ponzi Schemes are illegal in China and people have been EXECUTED. It is very serious issue. You would be caught even if your servers are hosted elsewhere. Unless the founder's want a death wish....
Also, Fcoin has strong backing. They are backed by top Venture Capitalist in China. If you check out the profiles of the VCs, they've graduated from top universities, such as Harvard, Tsinghua (China's no.1 uni), and worked in top investment banks such as Credit Suisse. Doesn't make sense to scam someone when you've got so much credibility to loose.
Misconception No. 4: Volume is Fake
No, its real, except its done by third party bots. Fcoin invented a new mining model, where you get rewarded their token everytime someone does a trade. So naturally, that got more people to do trades on that platform.
Misconception No. 5: How they support themselves if they pay out 80% to 100% of revenues.
First of all, its not from all trading pairs. It's only from a few pairs of currencies. Also, new startup tokens listen still need to pay trading fees.
So why the hate?
People hate and spread false rumors when you they realise you are strong and are a threat to their vested interest (and jealousy). Especially other exchanges. Enough said. Also, people not doing enough research as well getting confused. If you are being manipulated by third party bots, that has nothing to do with the exchange.
Fcoin is a community model. Some people are angry and jealous when you are spreading the wealth. For example, they are currently setting up something whereby new organisations listing their coin on the exchange get 10% of the trading fee forever. Then we'd got the Binance CEO slating the new Fcoin business model. The fact he's good at programming/hacker, doesnt make him a genius at investing, or even qualified to comment on economic/token models.
Also, that original post calling Fcoin a "scam" said he'd release evidence. Its been more than a few weeks. Where is it?
submitted by mlsbbe to CryptocurrencyICO [link] [comments]

Removed comments from Economics subreddits - 07/18/18

wow what a commie /s
Comment removed from /Economics - test822 - Created on 07/18/18 00:06:16 UTC - permalink
Very troubling.... That people are catching on
Comment removed from /Economics - wtf_is_taken - Created on 07/18/18 00:15:11 UTC - permalink
I'm certain that the Fed's concern is authentic!
Comment removed from /Economics - Tranejam - Created on 07/18/18 00:25:51 UTC - permalink
Our area has been a hot market, growing for the last 6-7 years, but it’s slowed down significantly this summer. Last summer, houses had several offers the day they went up for sale, but this summer there’s not much movement. We’re either in a bubble or just reached the max price in my area.
Still, our house “value” (theoretical until someone actually forks over the money) is 43% higher than when we bought it 5 years ago. Can’t say we would fork over that kinda cash if we were just buying now.
Comment removed from /Economics - BiffyMcGillicutty1 - Created on 07/18/18 00:33:54 UTC - permalink
I've got a house for ya..
Comment removed from /Economics - MrPractical1 - Created on 07/18/18 00:47:44 UTC - permalink
I wonder if that means they’ll renege some of these planned interest hikes? Probably not.
I’ll bet he also talks about how poor food service employees are treated as he tips 2%.
Comment removed from /Economics - GortonFishman - Created on 07/18/18 00:48:44 UTC - permalink
Incredible! I look forward to nothing being done about it.
Comment removed from /Economics - Yolo420dab - Created on 07/18/18 00:51:59 UTC - permalink
Really? And you are just now realizing this? Oh, that’s right...you are are a card-carrying member of the elite, so your life has been minimally impacted, unlike most of ours.
Comment removed from /Economics - smitty637 - Created on 07/18/18 01:11:29 UTC - permalink
The greatest period of economic growth in U.S. history was when there was no central bank. The Fed Reserve is a ponzi scheme.
Comment removed from /Economics - s4mu8l - Created on 07/18/18 01:11:59 UTC - permalink
they hurt more than they help. tax policy should take more into account than just the government's budget
Comment removed from /Economics - ThereIsReallyNoPun - Created on 07/18/18 01:22:13 UTC - permalink
Were? Latest round has just begun.
Comment removed from /Economics - guisar - Created on 07/18/18 01:41:32 UTC - permalink
You're right still today people are on some bad shit.
Comment removed from /Economics - SporkydaDork - Created on 07/18/18 01:42:53 UTC - permalink
No my friend, there isn’t. Eventually global wages will reach an equilibrium point. It may take 50 years to happen, but if businesses are shopping for the cheapest combination of labor and production costs, their tendency to minimize costs will force wages lower.
Compare this to workers seeking better wages with limited mobility (i.e. they may or may not be able to travel for better pay) and you can see pressure to keep wages higher.
The interplay of these two forces will always mean that eventually wages will be similar everywhere.
Comment removed from /Economics - StormCrow1986 - Created on 07/18/18 01:48:40 UTC - permalink
It'll be real troubling when the guillotines come out
Comment removed from /Economics - maahhkus - Created on 07/18/18 01:57:34 UTC - permalink
That assumes social factors won't interfere. Inefficiencies in the economic development of some countries will negatively affect wages, wars will change the economic standing of some countries and facilitate migration, someone in a particular country will develop technology that drives their economy, etc. Economies are not static, and there will always be outside forces that prevent an equilibrium from forming naturally. On its own, the ocean would eventually stop making waves: but external forces like the tide or geothermal vents will continue influencing it for the foreseeable future. Same thing with economics.
Comment removed from /Economics - lordderpingtonthe3rd - Created on 07/18/18 02:04:19 UTC - permalink
But muh trickle downs
Comment removed from /Economics - antman152 - Created on 07/18/18 02:09:40 UTC - permalink
Heck, this keeps up and they may have to downgrade to 'Concerning'.
Heck, we may even see, in our lifetime, a drop to Vexing.
Truely, a historic moment in time.
Comment removed from /Economics - alanthar - Created on 07/18/18 02:13:34 UTC - permalink
Douglas Holtz-Eakin; Former Chairman of the Presidential Council of Economic Advisors (Bush) & Former Director of the Congressional Budget Office (Republican Congress) said in 2014 that income inequality needed to be addressed at the national level but it wouldn't happen because it had become a partisan political issue - making compromise impossible.
In 2014 Alan Greenspan (Former Chairman of Fed Reserve) & Christine Lagarde (Director of the International Monetary Fund) both addressed income inequality at the National Association for Business Economists.
Greenspan called income inequality "the most dangerous trend affecting the US", and Legarde said "rising inequality and economic exclusion can have pernicious effects"
The NABE's own membership have called for government economic policy to address income inequality because several large businesses refused to acknowledge its existence and were spending more money trying to fight it than a solution would cost.
They aren't "just now realizing" it, they just know that it's political suicide to bring it up while Republicans are in charge - even if they are Republicans.
Comment removed from /Economics - meauho - Created on 07/18/18 02:13:56 UTC - permalink
NAFTA had a negligible effect on employment and wages while it improved net economic welfare.
https://www.usitc.gov/publications/332/ec201406a.pdf
http://faculty.som.yale.edu/lorenzocaliendo/ETWENAFTA.pdf
https://fas.org/sgp/crs/row/R42965.pdf
https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.15.1.125
Comment removed from /Economics - lalze123 - Created on 07/18/18 02:14:32 UTC - permalink
Today is the 100th anniversary of the logical outcome of extreme income disparity: a small number of people shot and thrown down a mineshaft.
I'm not saying that's an ethical or good way of responding to this problem, but it's certainly one standard outcome when it's allowed to go on too long and to a great extent.
Comment removed from /Economics - tomdarch - Created on 07/18/18 02:16:00 UTC - permalink
What is the Federal Reserve saying?
Comment removed from /Economics - cyber_rigger - Created on 07/18/18 02:18:06 UTC - permalink
Mercantilism is the only way! /s
Comment removed from /Economics - mustdashgaming - Created on 07/18/18 02:30:02 UTC - permalink
Wow. Does the federal reserve chair have any thoughts on massively devaluing our currency, bailing out big banks, or fucking with the US economy over and over again with decisions made from unelected officials?
Comment removed from /Economics - waffleezz - Created on 07/18/18 02:32:50 UTC - permalink
I live in Iowa - it's a sellers market on the Iowa side of the river. There are a lot of people moving out of Illinois - something about taxes and unfunded government liabilities...
Comment removed from /Economics - Sam_Fear - Created on 07/18/18 02:37:50 UTC - permalink
Jerome Powell: Man of the People. I guess they did the math and figured out they've screwed the workers so bad there's nothing left to steal from them.
Comment removed from /Economics - wwwwho - Created on 07/18/18 02:44:36 UTC - permalink
Come on the Fed Chair not understanding basic economics isn't news.
Comment removed from /Economics - beyond_hate - Created on 07/18/18 02:59:22 UTC - permalink
NAFTA
Comment removed from /Economics - goofzilla - Created on 07/18/18 03:00:31 UTC - permalink
really now
i'm shocked, this is new information to me
Comment removed from /Economics - DapperMasquerade - Created on 07/18/18 03:01:06 UTC - permalink
I hate long-run equilibrium arguments for two reason:
  1. Perot makes a good point that I think many people would miss. In 15-20 years, wages would equalize. But in the meantime, you've "wrecked the country" (his words, not mine). If harm is done to the country in that 15-20 year period, it's possible that the short-term harm is actually greater than the long-term gain. This is not NAFTA-specific. It applies to a lot of cases.
  2. By the time equilibrium would have been reached after one particular adjustment to some part of the system, many other adjustments, shocks, and changes will have occurred. Therefore, unless equilibrium will be reached quickly (my guess is less than 1 year is probably safe) then you run the risk of the equilibrium you planned for never materializing at all, and something else taking its place. The global economy is a big, chaotic, dynamical system. Shit happens outside of the one particular market you happen to be looking at.
Comment removed from /Economics - nerdponx - Created on 07/18/18 03:04:18 UTC - permalink
I'm sorry. Just trying to maximize efficiency and remove that deadweight loss yknow
Comment removed from /Economics - WMSTEOOPAAFFWC - Created on 07/18/18 03:22:43 UTC - permalink
Yes, many of us are very troubled. Now what?
Comment removed from /Economics - neomech - Created on 07/18/18 03:25:25 UTC - permalink
Average annual wages for workers has increased almost every year, who cares if they make a smaller share if they’re making more money?
economics by the way 😬
Comment removed from /Economics - HitemwiththeMilton - Created on 07/18/18 03:37:55 UTC - permalink
LOL
Federal Reserve chair comments about ANYTHING regarding the state of the USA is ridiculous. -98% value of the dollar since the fed was established to add debt to every dollar printed. But its okay cuz no one is paid in USA currency, right?
Comment removed from /Economics - Anon48529 - Created on 07/18/18 03:52:26 UTC - permalink
You begin to see why cocaine wasn't just a rich person's drug back then
Comment removed from /Economics - SuperHighDeas - Created on 07/18/18 04:23:56 UTC - permalink
yes, but clearly we went the other direction for over 100 years, I'm asking how.
Comment removed from /Economics - SamSlate - Created on 07/18/18 04:24:15 UTC - permalink
Don’t suck Bilderberg, Rothschild and Soros dick then. These guys own most of the money in the world and just want to build a global government, single market, and take 100%. Federal reserve serves the Rothschild, the Rockefellers, not the people.
Comment removed from /Economics - boomBoomcandydoom - Created on 07/18/18 04:30:54 UTC - permalink
Its against the rules to point out the federal reserve has attached debt to every dollar printed, resulting in -98% value of the dollar since 1913?
Adorable.
Comment removed from /Economics - Anon48529 - Created on 07/18/18 04:53:12 UTC - permalink
i mean thats fine but how the fuck do you have a "substantive contribution" to a thread that pretty much says "hey this really obvious thing is really obvious"
Comment removed from /Economics - DapperMasquerade - Created on 07/18/18 04:55:17 UTC - permalink
You know you’re on Reddit when the “economics” sub starts pushing socialist propaganda.
Comment removed from /Economics - HitemwiththeMilton - Created on 07/18/18 05:45:06 UTC - permalink
Shut the fuck up Federal Reserve chair you literal fucking vermin.
I bet America would find things "very troubling" if we ever audited you.
Comment removed from /Economics - sweden_person - Created on 07/18/18 06:16:01 UTC - permalink
It’s referencing and addressing the public figure whom the title quote belongs to. Public figures are not immune to insult or criticism per Reddit rules, Steve Huffman said.
Comment removed from /Economics - boomBoomcandydoom - Created on 07/18/18 07:37:01 UTC - permalink
knuckle dragging Neanderthals
You're goddamn right there.
Comment removed from /Economics - AJGrayTay - Created on 07/18/18 13:18:11 UTC - permalink
No.
Comment removed from /AskEconomics - microgrower40799 - Created on 07/18/18 13:48:55 UTC - permalink
You mentioned the word 'joke'. Chuck Norris doesn't joke. Here is a fact about Chuck Norris:
Chuck Norris does not need to know about class factory pattern. He can instantiate interfaces.
Comment removed from /badeconomics - Chuck_Norris_Jokebot - Created on 07/18/18 17:36:30 UTC - permalink
I'm pretty sure I'm going to have to offer myself of if I ever want to retire.
Comment removed from /Economics - stumpdawg - Created on 07/18/18 17:40:05 UTC - permalink
Terriers and Bariffs everywhere.
So does this mean whirlpool is sick of winning?
Comment removed from /Economics - stumpdawg - Created on 07/18/18 18:21:57 UTC - permalink
According to the article, LG's retail price went up by ~11% and Samsung's ~18%, while Whirlpool's prices shot up by 30% at Lowes. Consumers are looking at the higher prices and are opting to just not buy washing machines rather than buying Whirlpool's, so yeah, I think they're sick of winning, especially if additional tariffs on components continue to raise the MSRP.
Comment removed from /Economics - ddhboy - Created on 07/18/18 18:33:58 UTC - permalink
Or move to a cheaper place for retirement? Damn man, there are plenty of options better than killing yourself.
Comment removed from /Economics - zaccus - Created on 07/18/18 18:56:49 UTC - permalink
Cheaper place? That's not going to do me shit when I'm still working at 80
Comment removed from /Economics - stumpdawg - Created on 07/18/18 19:09:10 UTC - permalink
The COL of rural America is low. Its a lot lower than you think. A dollar goes so much further in rural America than it does in San Francisco.
My grandparents are almost 90 and they live very comfortably on Social Security alone. Just Social Security and nothing else. They recently bought a house. A very lovely home with a nice yard and garden. They're able to do that because rural Oregon is a very cheap place to live.
Comment removed from /Economics - Hyndis - Created on 07/18/18 19:18:26 UTC - permalink
And if social security goes private like the Republican party so desperately wants, then I lose everything?
My comment was hyperbole...but not by much.
Comment removed from /Economics - stumpdawg - Created on 07/18/18 19:30:09 UTC - permalink
Who could have known economics was so complicated?!
Comment removed from /Economics - ZmeiOtPirin - Created on 07/18/18 19:30:38 UTC - permalink
Social Security is a question of votes, not economics. Old people get Social Security. They would like to continue receiving Social Security. Old people all vote.
Any politician who wants to win an election (which is every politician) needs to pander to that voting block. This means don't touch Social Security. Its called the third rail of American politics for a reason. Touch it and die.
Comment removed from /Economics - Hyndis - Created on 07/18/18 19:33:27 UTC - permalink
Still getting my head around why people would want to retire...
Comment removed from /Economics - DxR77 - Created on 07/18/18 19:45:40 UTC - permalink
https://www.nirsonline.org/wp-content/uploads/2018/02/Millennials-Report-1.pdf
From the report itself, 8.8% of Asian millennials have > $100k saved for retirement. Far more than other racial groups.
I guess doing your homework and listening to your parents about what to major in does pay off*.
*Even though college acceptance boards discriminate against you, the odds are good you had to learn to speak English late in life, and your parents probably aren't college educated.
Comment removed from /Economics - whathe2016 - Created on 07/18/18 19:46:23 UTC - permalink
Mass genocide?
Comment removed from /Economics - Magic_Leather_Jacket - Created on 07/18/18 19:46:38 UTC - permalink
But it's going insolvent by 2030-2040, right after the average Boomer being statistically dead. It's a problem, but they're literally fighting to the death to keep unfunded entitlements that their children both have to pay for and likely won't see.
Comment removed from /Economics - cavscout43 - Created on 07/18/18 19:46:53 UTC - permalink
I was thinking old age.
Comment removed from /Economics - HTownian25 - Created on 07/18/18 19:47:51 UTC - permalink
Funny enough, this likely plays into why rural areas tend to be more conservative (as well as the educational differences).
That being said, I absolutely would ditch large urban metros when retirement age rolled around. Save for a Manhattan/Hawaii retirement, then move to rural Idaho or something when the day comes. Live like relative royalty.
Comment removed from /Economics - cavscout43 - Created on 07/18/18 19:48:30 UTC - permalink
wait...18 year olds don't have anything saved for retirement?? What a bunch of idiots.
Lumping a bunch of 18-37 year olds together and talking about statistics across that group is asinine.
Comment removed from /Economics - TDual - Created on 07/18/18 19:52:52 UTC - permalink
Well where’s the fun in that
Comment removed from /Economics - Magic_Leather_Jacket - Created on 07/18/18 19:53:27 UTC - permalink
You can still piss on their graves when they're gone.
Comment removed from /Economics - HTownian25 - Created on 07/18/18 19:57:12 UTC - permalink
I started saving at 25, wish I had started at 18, only one other person in my friend group is saving, a lot of them see it as something they don't have to worry about till they're older, I keep trying to tell them the earlier you start the easier it is, put away what you can afford to now so you're not playing catch up in the future but many people are more interested in spending now and saving later.
Comment removed from /Economics - redsalmon67 - Created on 07/18/18 20:07:43 UTC - permalink
Personally, I'll be defecating. Will save quite the sensory-overloading log for them. Palpably aromatic.
Comment removed from /Economics - Amplifeye - Created on 07/18/18 20:10:01 UTC - permalink
Not a fair comparison. Asian millennials are still from a demographic that was pre-selected coming to the USA from already well off families.
Thats like saying nigerian americans are better off because they are "Better". No, they come from families that are already doctors engineers and lawyers to get to the USA anyway
Comment removed from /Economics - ameriveaux - Created on 07/18/18 20:10:59 UTC - permalink
fewer
Comment removed from /Economics - MrFrode - Created on 07/18/18 20:11:28 UTC - permalink
Eliminating Medicare & Medicaid, maybe.
Comment removed from /Economics - Poguemohon - Created on 07/18/18 20:14:40 UTC - permalink
Basically this.
I’m a millennial. Born late 80s. Most people I know eat out almost every meal, go out drinking a lot, and travel internationally once or twice a year.
I think retirement is the last thing on their mind.
Most of these people don’t really understand the effects of compound interest. 6% a year ain’t no joke.
Comment removed from /Economics - deepredsky - Created on 07/18/18 20:17:43 UTC - permalink
Op trying to be racist lol
Comment removed from /Economics - edwardkirk1231 - Created on 07/18/18 20:18:07 UTC - permalink
yes good point, world population is therefore lower than 40 years ago, and our conundrum can be explained by bad boomers, not population crush
Comment removed from /Economics - pbrettb - Created on 07/18/18 20:20:19 UTC - permalink
from already well off families.
Holy shit you are clueless about the circumstance under which most Asians came to USA!
Comment removed from /Economics - whathe2016 - Created on 07/18/18 20:22:57 UTC - permalink
Educate me
Comment removed from /Economics - ameriveaux - Created on 07/18/18 20:26:51 UTC - permalink
6% is very, very easy to achieve as well. Buy an S&P fund blindly and let it ride for 6%. If you buy dips strategically, maybe you get 8 or 9%, which is the historic average for the S&P anyways.
Comment removed from /Economics - daviddavidson29 - Created on 07/18/18 20:28:36 UTC - permalink
That's a well known cognitive bias - we all think that our future self is much more virtuous and will have much more willpower (and money) to save.
Of course, fast forward 10 years, and you are still the same old you, still no money, but less time to save.
Comment removed from /Economics - bullpup1337 - Created on 07/18/18 20:29:48 UTC - permalink
No, just pointing out the fact that personal choices make a huge difference where one ends up in life.
And that it's not boomers, the rich or fill in the blank _________ scheming to impoverish millenials.
Comment removed from /Economics - whathe2016 - Created on 07/18/18 20:34:40 UTC - permalink
Yeah, but the guy above already explained how your sampling method is highly biased.
Comment removed from /Economics - edwardkirk1231 - Created on 07/18/18 20:36:43 UTC - permalink
That's what Google and Wikipedia is for.
Comment removed from /Economics - whathe2016 - Created on 07/18/18 20:39:00 UTC - permalink
Whew at least there’s that
Comment removed from /Economics - Magic_Leather_Jacket - Created on 07/18/18 20:42:03 UTC - permalink
More than one way to skin a cat
Comment removed from /Economics - Magic_Leather_Jacket - Created on 07/18/18 20:42:38 UTC - permalink
Lol no one can “buy dips strategically” repeatedly. Your overall returns will drop because your capital is underutilized (holding too much cash to wait for the dips), even if it appears your stock portfolio itself is doing 8-9%.
Comment removed from /Economics - deepredsky - Created on 07/18/18 20:44:04 UTC - permalink
Just gotta hope the boomers don't ruin the world any more than they already have before we can affect some change.
Comment removed from /Economics - wangofjenus - Created on 07/18/18 20:44:19 UTC - permalink
I've been fighting this battle since I was 22 making $40,000. I contributed from my first eligible paycheck and never stopped. I certainly do well now but I'm not making crazy money. But I'll hit $100k in retirement savings next month. I also never contributed a double digit percentage of my income.
I've been preaching for 9 working years now. Pale just don't get it. Many of my peers say "I can't afford to contribute." No you don't choose to. There's a big difference. It's pre tax money that you're getting taxed on. More importantly, it's almost always eligible to be doubled (or more) by their employer.
Comment removed from /Economics - x888x - Created on 07/18/18 20:48:41 UTC - permalink
Invest in crypto currencies now, and you’re set. When bitcoin hits a million USD, you’ll be scratching your head, or living the life.
Comment removed from /Economics - xvult - Created on 07/18/18 20:50:44 UTC - permalink
Why would anyone brag about having China's tentacles all over them? Good luck.
Comment removed from /Economics - InTheWhaleRoom - Created on 07/18/18 20:53:55 UTC - permalink
Wrong. My mother and her 6 siblings came here with less than $500 each (they were capped at that amount I believe). The 7 kids and my grandmother lived in name one room house in Taiwan. They worked hard and built their wealth. They all emphasized education in their kids. Almost all of the second gen went to good schools and made good careers.
It's a culture thing. When your family immigrates for economic opportunity, they don't easily take for granted their roots. It's not that "all Asians are good at math" as much as "Asians do math so they don't have to work in a Chinese restaurant like their first gen parents."
Comment removed from /Economics - optimus_maximus - Created on 07/18/18 20:54:59 UTC - permalink
So is this what winning feels like? Trump said we winning right?
Comment removed from /Economics - edwardkirk1231 - Created on 07/18/18 20:55:11 UTC - permalink
I sold most of my portfolio early 2017 to position myself to “buy the inevitable dip”. Instead, I missed an amazing year. I’m mostly all invested again, and who knows? Maybe now the dip comes and I get double whammied.
As they say, time in the market beats timing the market.
Comment removed from /Economics - Williale - Created on 07/18/18 20:55:43 UTC - permalink
submitted by throwittomebro to reconomics_mod_audit [link] [comments]

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