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Coinbase hits number 30 in the top free apps on Apple's mobile store

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Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#61

Post by worik »

krrrh wrote: post #38
encoderer wrote: post #22

There is such a negative emotional reaction to both BTC and TSLA. Sometime over the last 10 years or so we've found ourselves really moving forward from the old guard of the 20th century and we have real new beginnings. It's not that "this time it's different" it's "the times are different". Embrace it, buy a small amount of bitcoin, buy a small amount of tesla, be part of something big, if it pops it will not hurt y…

It’s not even negativity just incredulity. TSLA has a larger market cap than all other car companies combined. I’m tickled to see a new entrant in automotive succeed, but the frothiness around it is based less on fundamentals or realistic growth prospects and more on something approaching religious fervour. The sentiment about turning over the old guard has a very strong “new economy” 1999 feeling to it. All the abov…

Bitcoin is useless for "practical uses that were proposed to justify its early rise"

Unless it is a small group using it (less than a million) there is no way it is ever going to do transactions fast enough.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#63

Post by war1025 »

jo032 wrote: post #39

another round of stimulus checks is going to set bitcoin off on another bull run imo. you could see a drastic effect as soon as the $600 started hitting people's checking accounts

> you could see a drastic effect as soon as the $600 started hitting people's checking accounts

I think it's interesting how true it is that some people just can't stand the feeling of money burning a hole in their pockets.

Based on the furniture set sitting out on the curb at my neighbor's house, they decided a free $1800 was as good a reason as any to get some new furniture.

I guess that's the theory behind stimulus checks, so I suppose it makes sense.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#64

Post by arcticbull »

alphagrep12345 wrote: post #34
arcticbull wrote: post #18

Earlier quoted context omitted.

No. This is incorrect, and a misunderstanding of economics. CPI, price inflation, is tracking at 2% as expected. Housing is actually down. Stocks are up because some people have a bunch of extra cash and nothing to do during the day. These two are not connected.

I'd like to know more about this. I always equated printing money to inflation. Why isn't this the case? Can you point me to some good books for the same? Thanks!

The value of the dollar in terms of a constant basket of goods is a function of both supply and of "velocity." Money is only worth something if it changes hands.

Let's say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing hands? It has not.

Obviously that's a contrived example but it does demonstrate the principal. If economic environmental factors are causing people to spend less money, such as unemployment or a global pandemic, then the velocity of money goes down. This in turn causes merchants to lower prices to incentivize spend. This is how deflation materializes. If they cannot lower prices fast enough to actually incentivize a consistent level of spending you enter a deflationary spiral.

Printing new money offsets the reduction in velocity, and staves off a deflationary spiral. It doesn't however guarantee a commensurate level of inflation.

You can see this on a macro scale. Since the 1970s the M2 money supply has increased 15X however inflation has only increased 7X.

Because the Fed, like most central banks, exercises a positive control mechanism, once velocity is restored, printing will slow or even go negative to ensure a consistent, predictable level of inflation.

[1] https://www.investopedia.com/ask/answers/042015/how-does-mon...

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#65

Post by almost_usual »

BryanBeshore wrote: post #45
bochoh wrote: post #3

And they're now down! https://status.coinbase.com/ edit: added status page

Considering a pending IPO, you would think this would be addressed by now. Far too often they are they are down; especially when big swings are happening in the crypto-currency market.

At this point I don’t think the market will react negatively to anything except interest rates going up.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#66

Post by arcticbull »

lotsofpulp wrote: post #55
arcticbull wrote: post #46

Earlier quoted context omitted.

Taxes are a function of income, so irrelevant [edit] and either factored into CPI or again, not monetary policy. That's fiscal policy. Take it up with congress, not the fed. Real estate, while down, is a supply and demand function. In big cities, supply is artificially constrained to the benefit of existing landowners. On average across the US housing, on an inflation-adjusted dollars per square foot basis, is actual…

Taxes paid can go up even if your income does not. Tolls, car registration fees, property taxes, etc are all taxes. Therefore, they are very relevant when discussing CPI, as it directly affects your bottom line. I specifically wrote the "goods and services I want" so real estate that I'm not interested in doesn't concern me. I have to plan my life around buying real estate that I want, and so if the price of that rea…

That's all fair but not relevant to monetary policy, the Fed, bitcoin or anything else in this thread. That's a matter of fiscal and social policy and something you should take up with Congress and not the Fed.

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#67

Post by dragonwriter »

arcticbull wrote: post #64
alphagrep12345 wrote: post #34

Earlier quoted context omitted.

I'd like to know more about this. I always equated printing money to inflation. Why isn't this the case? Can you point me to some good books for the same? Thanks!

The value of the dollar in terms of a constant basket of goods is a function of both supply and of "velocity." Money is only worth something if it changes hands. Let's say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing…

> Let’s say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing hands? It has not.

Probably, very slightly, because even if you plan to never spend them, the fact that you have a quintillion of them in your mattress probably changes the value you attach to other dollars (because, in extremis, you could break into that stash), which has an effect on the overall value of dollars (but only imperceptibly, because you are a very small part of the market.)

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#68

Post by [deleted] »

dragonwriter wrote: post #67
arcticbull wrote: post #64

Earlier quoted context omitted.

The value of the dollar in terms of a constant basket of goods is a function of both supply and of "velocity." Money is only worth something if it changes hands. Let's say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing…

> Let’s say the Fed prints 1 quintillion dollars, and then gives it to me. I then put it under my very big mattress. I will never spend a single one of those dollars. Has this quintillion dollar print changed the value of the dollars that are actually changing hands? It has not. Probably, very slightly, because even if you plan to never spend them, the fact that you have a quintillion of them in your mattress probabl…

[deleted]

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#69

Post by da02 »

war1025 wrote: post #58
fasteddie31003 wrote: post #47

The pandemic is speeding up change in the world. The transition to crypto currencies is happening faster than ever. Lots of people who are resistant to change are going to miss the boat and are going to be stuck holding the anchor that is the massive over leveraged debt in the fiat currency world.

> The transition to crypto currencies is happening faster than ever Except I have yet to see any convincing indicators that crypto currency is actually being used for day to day transactions. Everything I see suggests people are hoping it's the next gold rush and they'll strike it rich based on timing alone. (Which is not to say I don't sometimes think about how back in 2011 I toyed with the idea of buying 1000 bitco…

How did people buy bitcoins back in 2011? Did you have to send a check to the seller?

Re: Coinbase hits number 30 in the top free apps on Apple's mobile store

#70

Post by wmf »

serial_dev wrote: post #19

It's interesting how regular people rush to buy cryptocurrencies when the valuation is at all-time-high. Then, in a month everybody will freak out that they can't buy a Lambo yet, even worse, they lost around 50% (based on past peaks). Of course, I can't predict the future, so maybe it's the first time a peak will never end? :)

If only they had bought at the all-time high of $20K they would be happy now.
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