OT: Hurricanes Lounge XL. 99 Luftballons

[Boom Boom Apathy]

Delete as prior post was edited and explained.

 

[The Stranger]

With all due respect, what a rude response.

"this is hogwash"
"plebs like you"

I get it. you mainly live on the OT thread to respond to others when you disagree and almost never post about hockey related stuff, but seems a bit over the top.

Apologies if it came off as rude. 100% not my intention.

The "with all due respect" was something mentioned earlier in a thread here...I thought it would be picked up as tongue-in-cheek.

Also note I said "plebs like you and I".

 

[Boom Boom Apathy]

Apologies if it came off as rude. 100% not my intention.

The "with all due respect" was something mentioned earlier in a thread here...I thought it would be picked up as tongue and cheek.

Also note I said "plebs like you and I".

fair enough. It's always hard to discern intent from internet posts so I may have read it worse than you intended. My apologies.

 

[The Stranger]

People have been saying stuff like this for years even when BTC was at 50k.

Guess what? The vast majority of people are still using fiat and the regular banking system. In fact, if anything they are even more distrustful of crypto than they were before. Crypto bros are absolutely delusional.

It's also hilarious because crypto's value is still based on what it's worth in, guess what... fiat currency. And it's even more volatile than fiat.

Just look at the valuations of different cryptocurrencies on graphs and tell me with a straight face how it's more stable than fiat currency.

Blockchain doesn't mean anything when it's tied to these clown cryptocurrencies.

Yep, coins like BTC are created out of thin air and backed by nothing, just like standard central bank issued fiat.

Yep, the prices have been super volatile.

Yep, there are many shitcoins, rug-pulls, frauds, etc.

All the above is true, but my first post on this subject is still valid.

 

[The Stranger]

fair enough. It's always hard to discern intent from internet posts so I may have read it worse than you intended. My apologies.

You were right. I deleted the "with all due respect" and "hogwash"...I think many would read that as me being a dick.

The hogwash thing was just my attempt at using an old-timey disagreement figure of speech.

 

[Navin R Slavin]

Crypto is here to stay in one form or another. Everyone will eventually be operating on a blockchain ledger to keep track of transactions and account balances (unless we nuke ourselves back to commodity currency)...

The question for plebs like you and I is; do you want to use a public blockchain, with tokonomics based on code, and complete permissionless peer-to-peer trasnactions...or do you want a CBDC run by global central bankers on private blockchains, all purchases tracked/controlled, and the continued inflation of currency like the US dollar which is been devalued by 99% since the creation of the FED?

Additionally, layer 1 blockchains that handle peer-to-peer contracts will be the basis for web 3.

I'm not going to go into the details of this, because I'm tired of these conversations. I am at least happy that ETH is now proof of stake instead of proof of work, so that at least one of the ponzi schemes won't also burn up the earth in the process.

If you want a Blockchain with federal oversight, fine. You're gonna need it for reasons exactly like this. But in the end, that's just called banks.

 

[tarheelhockey]

I feel like the weed conversation and the “things you pay cash for” conversation will dovetail eventually.

 

[NotOpie]

They failed because they got to aggressive with investing more money than they could return. SVB is a very tech customer heavy bank. With tech industry not doing great lately, the bank customers started withdrawing money. More than they could make liquid to give to their customers.

Unless other banks have a mass rush of withdrawals and can’t liquidate quickly enough, then they could too. But that is every bank. I mean it was the whole premise of Its a Wonderful Life.

My understanding is that the main reason their reserves value declined so much is that they made a bad bet on 3 year Treasury bonds and the related interest rate(s).

grocery stores I avoid doing so, but when I go out to say breweries or food trucks (if they have tax pre-built in to the prices) I prefer using cash. I hate carrying coins.

You sir are exactly why I got out of the vending machine business. Several years ago, I bought a bunch of "bulk" vending machines. Those are the mechanical ones where you put in a quarter and get a handful of whatever candy is in the machine. It was a nice little business that I ran on the side and basically worked a couple of Saturdays a month collecting and restocking.

Then, one week when I was working my real job I got into a discussion with some "late stage millenials/early stage Gen Z" folks. None of them, and I mean not a single one of them, ever carried coins and almost never actually used cash. It made me realize that the coin-operated vending business probably didn't have long-term staying power.

I sold the machines the next week. Still looking for a side hustle that was as easy and as profitable, though. Incidentally, electronic vending machines that accept credit/debit cards are incredibly lucrative and equally frustrating to maintain. The mechanical ones, I could open up, fix, replace parts, whatever....everything I needed was on eBay.

Funny thing is now, when I look at my "old guy" wallet, I've got about $16 dollars in there that's been there for months. Hell, when I can, I use Apple Pay as much as possible.

 

[Chrispy]

I can't remember the last time I used cash at any store, restaurant, etc..

I pay cash at sawmills where I buy lumber, but other than that, I really can't remember.

Same here. Only reason I have cash anymore is to tip the house cleaners or as an emergency on road trips.

And I can’t tell you the last time I was in a situation where cash was the only option on a road trip.

Even among friends, paying them back means Venmo or PayPal.

 

[Svechhammer]

Pam's Restaurant near the fairgrounds is probably the only place I use cash anymore. They don't take any other forms of payment.

And is it me or is it always sound like someone rattling off cult talking points when speaking about crypto and how it's the future. So many pseudo intellectual buzzwords strung together to make it sound more complex than it is, which is really just a Ponzi scheme where the value of your investment is heavily reliant on you finding more suckers to invest after you.

 

[Boom Boom Apathy]

grocery stores I avoid doing so, but when I go out to say breweries or food trucks (if they have tax pre-built in to the prices) I prefer using cash. I hate carrying coins.

Yeah, food trucks, events/festivals where there are a lot of vendors, etc... I will use cash. Haven't been to one of those in a while though.

For restaurants, I have a dedicated credit card that I only use at restaurants. Knock on wood, it's the only credit card that I have that's been hacked and it's been hacked 3 times. Restaurants are the only time a credit card is out of my view which is why I do it this way.

 

[DaveG]

My understanding is that the main reason their reserves value declined so much is that they made a bad bet on 3 year Treasury bonds and the related interest rate(s).

You sir are exactly why I got out of the vending machine business. Several years ago, I bought a bunch of "bulk" vending machines. Those are the mechanical ones where you put in a quarter and get a handful of whatever candy is in the machine. It was a nice little business that I ran on the side and basically worked a couple of Saturdays a month collecting and restocking.

Then, one week when I was working my real job I got into a discussion with some "late stage millenials/early stage Gen Z" folks. None of them, and I mean not a single one of them, ever carried coins and almost never actually used cash. It made me realize that the coin-operated vending business probably didn't have long-term staying power.

I sold the machines the next week. Still looking for a side hustle that was as easy and as profitable, though. Incidentally, electronic vending machines that accept credit/debit cards are incredibly lucrative and equally frustrating to maintain. The mechanical ones, I could open up, fix, replace parts, whatever....everything I needed was on eBay.

Funny thing is now, when I look at my "old guy" wallet, I've got about $16 dollars in there that's been there for months. Hell, when I can, I use Apple Pay as much as possible.

yep, very young Gen X here but aside from the occasional can/bottle of soda from a machine or if I feel like screwing around at a barcade I rarely have use for coins anymore. And most of those sodas are now a dollar (or more) anyway from the machines.

 

[Navin R Slavin]

yep, very young Gen X here but aside from the occasional can/bottle of soda from a machine or if I feel like screwing around at a barcade I rarely have use for coins anymore. And most of those sodas are now a dollar (or more) anyway from the machines.

The barcades I go to don't even use real coins anymore.

I'm waiting for the homeless folks to catch up and get some QR codes together.

 

[Blueline Bomber]

I use cash a lot, just because it keeps my spending in moderation. When I can physically see how much cash is in my wallet, I can better judge how much I should be spending on each trip. If I rely on my card too much, I tend to overspend.

 

[MinJaBen]

I keep cash in my wallet when I have too much money. Then I buy a lottery ticket, give some to the panhandlers on the street corner, the panhandlers that live in my kids rooms, and the kid’s selling school candy door to door in my neighborhood.

After that, I have the correct amount of money.

 

[Navin R Slavin]

the panhandlers that live in my kids rooms

You need to tell them to get a job.

 

[LostInaLostWorld]

Use cash a lot. Almost always at non chain places. Restaurants, etc. where you tip, especially. My auto repair place. Try to use independent folks for misc. repairs and services. Don't ask about discounts.

 

[Boom Boom Apathy]

I use cash a lot, just because it keeps my spending in moderation. When I can physically see how much cash is in my wallet, I can better judge how much I should be spending on each trip. If I rely on my card too much, I tend to overspend.

I'm the opposite. We have a defined budget on a spreadsheet and I track expenses every month. By using a credit card, it's simple to download all the expenses and plug the numbers into the spreadsheet. Takes 15 min - 30 min. to do this. When using cash, I need to keep all the receipts, and then try and figure out what we spent and where.

It's not a perfect systems because a couple of places, such as Walmart and Target, could be different categories, such as clothes, home goods, groceries, etc... but for the most part, it works very well. If we go over our budget one month, then we realize we have to come in under the budget next month so that by year end, we hit our target.

 

[Anton Dubinchuk]

I'm the opposite. We have a defined budget on a spreadsheet and I track expenses every month. By using a credit card, it's simple to download all the expenses and plug the numbers into the spreadsheet. Takes 15 min - 30 min. to do this. When using cash, I need to keep all the receipts, and then try and figure out what we spent and where.

It's not a perfect systems because a couple of places, such as Walmart and Target, could be different categories, such as clothes, home goods, groceries, etc... but for the most part, it works very well. If we go over our budget one month, then we realize we have to come in under the budget next month so that by year end, we hit our target.

Yep - I do this too. Cash makes it tougher. Cash ends up as a big, generic, “ATM” expense in my miscellaneous bucket the few times we do have cash (unless the ATM withdrawal is for something very specific in which case it gets categorized accordingly).

I do like when I’m given cash for whatever reason, though. It’s nice to be able to give folks a $10 or a $20 if they’ve got a sign asking for it at a stoplight or whatever. But very few things are cash only at this point, 90% of the time the last 5 years my wallet’s had no cash at all.

 

[Sens1Canes2]

Yep - I do this too. Cash makes it tougher. Cash ends up as a big, generic, “ATM” expense in my miscellaneous bucket the few times we do have cash (unless the ATM withdrawal is for something very specific in which case it gets categorized accordingly).

I do like when I’m given cash for whatever reason, though. It’s nice to be able to give folks a $10 or a $20 if they’ve got a sign asking for it at a stoplight or whatever. But very few things are cash only at this point, 90% of the time the last 5 years my wallet’s had no cash at all.

Funny story - going to my son’s hockey (he’s 9) in Garner about a month ago, we get off the 40 at the South Saunders exit to turn right. There’s a guy who is asking for money at the stoplight. Under his breath my son mutters “get a job….”

 

[The Stranger]

They will have their money on Monday, because the FDIC guarantees funds up to $250k per individual account holder.

If you had "money" in FTX, it's just gone.

Today's paper says 90% of SVB deposits were not FDIC insured. I'm sure some of those big-money folks will be lobbying their buddies in the gov't for a special bailout...will be interesting to see how it plays out.

On this note, the book "The Creature from Jekyll Island" has a great historic accounting of many prominent special public and private bailouts over the past century.

Money printing>debt>interest payments>bailout>inflation>more money printing>more debt>more interest payments>more inflation>ad infinitum.

If you want a Blockchain with federal oversight, fine. You're gonna need it for reasons exactly like this. But in the end, that's just called banks.

I do not want blockchain with federal oversight. The entire point of BTC was to eliminate third parties/banks and allow for peer-to-peer transactions. If anyone is interested, the bitcoin whitepaper offers the best explanation.

Most developed countries are working to their own central bank digital currency along with digital ID. My initial post was in reply to "And this is why crypto isn't actually a thing"...it's here for good...just depends upon who/what is issuing it and particulars like transparency of blockchain, required use of third parties, tokonomics, centralized or decentralized, etc.

 

[cptjeff]

You need to tell them to get a job.

Arkansas now allows kids to work in mines, make the little leeches do something productive.

(Yes, really, as long as its part of a 'work education' program).

 

[tarheelhockey]

Funny how fast old folks stopped complaining about youngsters not knowing how to balance a checkbook.

 

[DaJackal]

Got the hospital bill for the birth of our 2nd child this week. Even though I think our country has way too high tax rate and all that, I have to say that I'm very pleased to pay only ~$160 for a 3-day all inclusive hospital visit without any health insurance needed. I'll try to keep my murmurs to a minimum at least until summer.

 

[skipnjump]

I guess I'm fortunate. Every time I've had an opioid (only prescription, never done that recreational) I end up feeling sick to my stomach. My body just does not react well to them at all.

Mine too. I was prescribed Oxy after foot surgery and it made me feel dizzy and nauseous, which is not something you want to feel when you are having trouble walking. I'm allergic to all NSAIDs and after my recent dental surgery, insurance wouldn't fill my Tylenol 3 prescription, so I just too 650 mg. Tylenol and dealt with the pain. Sigh.