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Crypto genius
(lemmy.world)
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this post was submitted on 07 Dec 2023
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You'd still owe that debt. Unless you go to prison for live than the debt's statute length. Generally 7 years.
Also some jurisdictions make you pay for the privilege of going to prison.
Ymmv, choose your state of jurisdiction very carefully.
Also crypto is a bubble IMO.
IMO nothing, it's pure speculation powered by nothing but blind greed. If it isn't a bubble, then nothing is.
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.
You just described all economies
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
Lmao you're working in a barter economy?
I make x dollars per hour
A meal at a restaurant costs roughly x dollars
I trade one hour of labor for x dollars, then trade x dollars for one meal
YOU DO THIS TOO
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?
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
No. Money is a representation of an exchange of value.
Crypto is not money the same way gold is not money.
https://youtu.be/iKYKLgzyF9o?si=o-tMPGpGu-zZPYiM
Remind me again what Bitcoin is
I mean, logically there's something that people need in some of those...
Bro food is a bubble
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.
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.
Don't pay and ignore collectors.... Profit
Couldn't you just leave the country and disappear somewhere with a low cost of living? Not like anyone can catch you moving crypto across borders.