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We will not pursue the potential acquisition of FTX

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Re: We will not pursue the potential acquisition of FTX

#431

Post by PathOfEclipse »

mstipetic wrote: post #429
PathOfEclipse wrote: post #423

Earlier quoted context omitted.

From Merriam-Webster, wealth is: a: all property that has a money value or an exchangeable value b: all material objects that have economic utility I'm not sure what' you're talking about with regards to "ensuring" or "guarding" it. But in general, wealth is produced in various forms by people. That's generally the goal of work! Just as important, wealth decays over time. And, like with everything else in this univer…

Yeah go tell Jack Ma or any Russian “billionaire” how great their wealth is. There are people (police, army) that ensure ownership is respected. What happens when they refuse to do it? You have such a naive understanding of things I don’t know why I’m even having this discussion.

They're billionares. How much they have and how secure they are in keeping it are not the same thing. Countries with a stronger, more just, and neutral rule of law tend to prosper more than those who don't, all other things being equal. This is just another case of the conditions for maintaining wealth not being equal. I don't understand how anything I say contradicts anything you are saying.

Re: We will not pursue the potential acquisition of FTX

#432

Post by mstipetic »

PathOfEclipse wrote: post #431
mstipetic wrote: post #429

Earlier quoted context omitted.

Yeah go tell Jack Ma or any Russian “billionaire” how great their wealth is. There are people (police, army) that ensure ownership is respected. What happens when they refuse to do it? You have such a naive understanding of things I don’t know why I’m even having this discussion.

They're billionares. How much they have and how secure they are in keeping it are not the same thing. Countries with a stronger, more just, and neutral rule of law tend to prosper more than those who don't, all other things being equal. This is just another case of the conditions for maintaining wealth not being equal. I don't understand how anything I say contradicts anything you are saying.

There is no objective wealth. People use money as a record of bookkeeping until it serves them a purpose. Once people feel the system is unfair or they go hungry all your numbers on a screen mean nothing. Once a fascist is elected and everything is nationalized all those numbers mean nothing. Once birthrates drop, once a billion people start migrating, once you piss of somebody with actual power (guns, mob, crony system…) see if your money or a record in some ledger that you own something means anything. Unequality is one of the major signals for a system toppling down, people don’t say well I don’t have money I guess I’ll let my children starve, too bad

Re: We will not pursue the potential acquisition of FTX

#433

Post by PathOfEclipse »

mstipetic wrote: post #432
PathOfEclipse wrote: post #431

Earlier quoted context omitted.

They're billionares. How much they have and how secure they are in keeping it are not the same thing. Countries with a stronger, more just, and neutral rule of law tend to prosper more than those who don't, all other things being equal. This is just another case of the conditions for maintaining wealth not being equal. I don't understand how anything I say contradicts anything you are saying.

There is no objective wealth. People use money as a record of bookkeeping until it serves them a purpose. Once people feel the system is unfair or they go hungry all your numbers on a screen mean nothing. Once a fascist is elected and everything is nationalized all those numbers mean nothing. Once birthrates drop, once a billion people start migrating, once you piss of somebody with actual power (guns, mob, crony sys…

I'm not saying wealth == money. Look at my previous definition of wealth. And, I don't think anyone would argue with you that when governments and people take the actions you prescribe, wealth gets destroyed. What many don't realize, is that when you destroy the producers of wealth, you end up shooting yourself in the foot. When Stalin killed all the productive "bourgeoise" farmers, millions died of starvation. When the Spaniards kicked out the productive Jews and stole their property, the net result over time was that Spain became far poorer than before. In fact, what you are describing has happened time and time again throughout history and has resulted in greater poverty for theaggressors every time!

One of the preconditions of the level of prosperity we experience today is government stability and essentially British or Western European laws and cultural and Christian values. As those things erode, prosperity decreases. And, there is a great threat of worldwide prosperity taking a nosedive on many fronts, including the global ESG movement, WEF great reset, socialist/communist/fascist/authoritarian government movements, etc. We are very fortunate to have experienced the overall wealth that we do today, and, unfortunately, it's probably only going to get worse from here the way things are going.

Re: We will not pursue the potential acquisition of FTX

#434

Post by mstipetic »

PathOfEclipse wrote: post #433
mstipetic wrote: post #432

Earlier quoted context omitted.

There is no objective wealth. People use money as a record of bookkeeping until it serves them a purpose. Once people feel the system is unfair or they go hungry all your numbers on a screen mean nothing. Once a fascist is elected and everything is nationalized all those numbers mean nothing. Once birthrates drop, once a billion people start migrating, once you piss of somebody with actual power (guns, mob, crony sys…

I'm not saying wealth == money. Look at my previous definition of wealth. And, I don't think anyone would argue with you that when governments and people take the actions you prescribe, wealth gets destroyed. What many don't realize, is that when you destroy the producers of wealth, you end up shooting yourself in the foot. When Stalin killed all the productive "bourgeoise" farmers, millions died of starvation. When…

Mate it’s like you’re paraphrasing “American Captialist Patriot 101”, but I really don’t feel like having this discussion atm

Re: We will not pursue the potential acquisition of FTX

#435

Post by PathOfEclipse »

mstipetic wrote: post #434
PathOfEclipse wrote: post #433

Earlier quoted context omitted.

I'm not saying wealth == money. Look at my previous definition of wealth. And, I don't think anyone would argue with you that when governments and people take the actions you prescribe, wealth gets destroyed. What many don't realize, is that when you destroy the producers of wealth, you end up shooting yourself in the foot. When Stalin killed all the productive "bourgeoise" farmers, millions died of starvation. When…

Mate it’s like you’re paraphrasing “American Captialist Patriot 101”, but I really don’t feel like having this discussion atm

Then don't respond. My goal is to convince you and other readers of something that I believe to be true and valuable to our society. If you have no similar motivation, then there's certainly no reason to respond. You're certainly not going to convince me of anything by making baseless statements like that I'm paraphrasing some non-existent textbook, and then failing to give me, or anyone else, anything meaningful to think about.

Re: We will not pursue the potential acquisition of FTX

#436

Post by everforward »

funstuff007 wrote: post #274
naveen99 wrote: post #127

Earlier quoted context omitted.

mtgox was bigger too. There are other reasons for a crypto winter like high interest rates and a newly credible us central bank. Rest of the world is not bigger when it comes to non residential real estate: private equity, venture, tech, finance.

speaking of mtgox, where's a good place to sell my MtG cards now?

Europe is usually CardMarket. In the US TCGPlayer seems the most popular with CardKingdom behind them. I've used both TCGPlayer and CardKingdom on the buy side without issues, but you can also list cards for sale (no idea what the process is like).

If you want to get maximum value in exchange for doing more legwork and probably assuming more risk, Ebay or Facebook groups.

Re: We will not pursue the potential acquisition of FTX

#437

Post by PathOfEclipse »

throw474374383 wrote: post #369
JackFr wrote: post #303

Earlier quoted context omitted.

Do you think there was a sea change in the base level of greed in the run up to the financial crisis? (Remembering of course that it’s impossible for a corporation to be greedy, only a human being can be so.) I’ve been beating this drum for more than 10 years. The big story of the financial crisis is that while there was fraud and corruption at the margins, the bulk of the economic dislocation was caused by well inte…

the bulk of the economic dislocation was caused by well intentioned people making good faith decisions that in hindsight proved very foolish I agree with that. But that comes about because we've arranged our economic activity into monolithic 'corporations' that are immortal, have the legal status of persons, and are compelled to chase shortsighted profit above all else, show no remorse, and any moral wrongdoing is ju…

Here's the thing. Most corporations today believe in "stakeholder" capitalism . Most follow ESG. This means they explicitly state that they are not all about profit but instead also about making the world a "better" place. And what is the result of that? I would argue that corporations are now more evil than ever.

Capitalism is great, but it only works when founded on a strong moral framework. Christianity served that purpose for the history of capitalism. However, once you abandon or corrupt your morality, then you'll see the majority of corporations do evil things, no matter whether they claim to only care about profits, or whether they claim that they also want to save the environment and bring about equity, inclusivity, or whatever Marxist Utopian ideal is in vogue at the moment.

Re: We will not pursue the potential acquisition of FTX

#438

Post by sicp-enjoyer »

sgt101 wrote: post #56
sicp-enjoyer wrote: post #19

Earlier quoted context omitted.

An exchange explodes almost every year. I doubt anything substantial has changed. In fact, binance looks better than ever.

Well, absent the implosion of general confidence in crypto and the likely hawkish reaction of regulators - I agree.

Looking like I am wrong on this one, as the media coverage grows.

Re: We will not pursue the potential acquisition of FTX

#439

Post by mstipetic »

PathOfEclipse wrote: post #435
mstipetic wrote: post #434

Earlier quoted context omitted.

Mate it’s like you’re paraphrasing “American Captialist Patriot 101”, but I really don’t feel like having this discussion atm

Then don't respond. My goal is to convince you and other readers of something that I believe to be true and valuable to our society. If you have no similar motivation, then there's certainly no reason to respond. You're certainly not going to convince me of anything by making baseless statements like that I'm paraphrasing some non-existent textbook, and then failing to give me, or anyone else, anything meaningful to…

I would have this discussion but not with somebody whose understanding of the world fits in a 12 minute based YouTube video

Re: We will not pursue the potential acquisition of FTX

#440

Post by TheHappyOddish »

eitland wrote: post #421
Godel_unicode wrote: post #418

Earlier quoted context omitted.

Nope, just smaller apples and bigger apples. There’s no such thing as a mortgage that isn’t a gamble. At best you can say there are mortgages which are safer (even much much safer) than others. “There’s no risk here” is what causes financial crises and bank runs, which is the larger point.

If I cannot pay my bank get my house, which is worth significantly more than what I have borrowed. It means the bank can be sure to recover their money and their costs. That isn't a gamble.

The real estate market is just that - a market. Your house can absolutely become worth less than the amount you borrowed over the period of your borrowing.

Just because the odds are currently in their favour, doesn't make it not a gamble.

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