[Finance] The cryptocurrency (Bitcoin etc) thread

[Half Time Pies]

you're suppose to use the argument its to pay for services and core functions of the state. "redistribution" is quite different and politically biased argument.

I wouldn't argue that because that's not how it works in practice, taxation does not directly fund government spending.

Im not sure where the 'argument' is around redistribution because that's what happens, tax policy ensures that the lowest income earners are left with a larger slice of their earned income than the rich. The level of redistribution varies from country to country but the principle applies pretty much across the board.

 

[dsr-burnley]

Your framing those aspects as 'cons', whereas lots of other people see them as 'pros'. There is also more to it than that.

I also question the inherently worthless aspect. Whilst on the one hand a bitcoin is inherently worthless, on the other it isn't, although its not an easy argument to make (but that doesn't necessarily mean its wrong)!

Its only worth is that someone in future will pay for it. It's not like, say, a share where there are assets and potential future income that provide value, or cash that is backed by (to some extent) gold and by future government taxes. That's what I mean by inherently worthless - its value is not based on any asset, only on future demand.

 

[beorhthelm]

I wouldn't argue that because that's not how it works in practice, taxation does not directly fund government spending.

Im not sure where the 'argument' is around redistribution because that's what happens, tax policy ensures that the lowest income earners are left with a larger slice of their earned income than the rich. The level of redistribution varies from country to country but the principle applies pretty much across the board.

that's not redistribution, that's progressive tax.

 

[Half Time Pies]

that's not redistribution, that's progressive tax.

"Increasing the progressiveness of the tax system to ensure that the marginal tax rate is rising will redistribute income from the higher paid to the lower paid."

Equity and policies to redistribute income and wealth | Learn economics

There are various policies that can be adopted to redistribute income and increase fairness in an economy.

www.learn-economics.co.uk

"Redistribution is quantified as the relative reduction in market income inequality achieved by personal income taxes, employees' social security contributions and cash transfers, based on household-level micro data."

https://one.oecd.org/document/ECO/WKP(2017)85/En/pdf#:~:text=Redistribution%20is%20quantified%20as%20the,on%20household%2Dlevel%20micro%20data.

 

[beorhthelm]

"Increasing the progressiveness of the tax system to ensure that the marginal tax rate is rising will redistribute income from the higher paid to the lower paid."

Equity and policies to redistribute income and wealth | Learn economics

There are various policies that can be adopted to redistribute income and increase fairness in an economy.

www.learn-economics.co.uk

"Redistribution is quantified as the relative reduction in market income inequality achieved by personal income taxes, employees' social security contributions and cash transfers, based on household-level micro data."

https://one.oecd.org/document/ECO/WKP(2017)85/En/pdf#:~:text=Redistribution%20is%20quantified%20as%20the,on%20household%2Dlevel%20micro%20data.

the first one is expressed wrongly. by taxing me more than someone else doesnt redistribute any income from me to them. the second one makes sense, the key word used being transfers. redistribution expects money to be taken from someone and given through benefits subsidy or expenditue to others. which to many sounds a lot like taking from Peter to pay Paul. carry on if you like, was trying to help frame the case for taxation on better grounds.

 

[Seagull58]

 

[Tom Hark Preston Park]

Totally true, that.

Who's the dullard next to the speaker by the way?

 

[deletebeepbeepbeep]

Totally true, that.

Who's the dullard next to the speaker by the way?

Dunno looks like a right dimwit though

 

[A mex eyecan]

Totally true, that.

Who's the dullard next to the speaker by the way?

is he the bloke who lost 2k and rides a bike?

 

[Pevenseagull]

90minute Panorama documentary about Sam Banking-Fraud up today.

Looks fun.

 

[MattBackHome]

Oi DULLARD, (or anyone else who knows)... Do you get paid for attending commons committees. Expenses?

 

[schmunk]

Oi DULLARD, (or anyone else who knows)... Do you get paid for attending commons committees. Expenses?

FRITTERING away the taxpayers' money...?

 

[Tom Hark Preston Park]

90minute Panorama documentary about Sam Banking-Fraud up today.

Looks fun.

Made for very decent viewing IMHO. Probably didn't tell you very much you didn't know before, but nice to see the man-child SBF in the flesh, as it were. His greatest error IMHO was making an enemy of Anthony Scaramucci. That won't end well...

Looking forward immensely to the trial that starts next week. Also the Michael Lewis book which is due out the week after. Also the Netflix series of the book which will be already hurtling down the pipeline. Tremendous Autumn entertainment right there!

 

[Pevenseagull]

Made for very decent viewing IMHO. Probably didn't tell you very much you didn't know before, but nice to see the man-child SBF in the flesh, as it were. His greatest error IMHO was making an enemy of Anthony Scaramucci. That won't end well...

Looking forward immensely to the trial that starts next week. Also the Michael Lewis book which is due out the week after. Also the Netflix series of the book which will be already hurtling down the pipeline. Tremendous Autumn entertainment right there!

Ooh, I do like a Michael Lewis book. Thanks for the heads up.

 

[GrizzlingGammon]

The ocash airdrop launch is coming. Join the ocash airdrop and claim your free domain https://oca.sh/lbk110.ol

 

[Berty23]

It seems the ruling in America is having a positive impact on Bitcoin. Up 80% over 12 month period. Not bad returns!

 

[Tom Hark Preston Park]

It seems the ruling in America is having a positive impact on Bitcoin. Up 80% over 12 month period. Not bad returns!

FOMO herd behaviour (aka 'market sentiment') is gaining the upper hand at the moment. Number Go Up! It's still the same fake number based on the square root of f*ck all that it always was tho. And Number Go Down just as quick as Number Go Up, wiping out the JCLs with it

 

[RandyWanger]

Who's holding? My pnl chart looks like my heart rate

 

[DJ NOBO]

A healthy resurgence in the past fortnight.
I‘ve reached the dizzy heights of only being £300 down (7k at its worst).
Tempted to cash in.
Any thoughts as to how long this pump will last ?

 

[CheeseRolls]

A healthy resurgence in the past fortnight.
I‘ve reached the dizzy heights of only being £300 down (7k at its worst).
Tempted to cash in.
Any thoughts as to how long this pump will last ?

I don't know anymore than anyone else, but my best guess is not long before another dip. My exit date is before end of 2025 and I still think there is the possibility of big gains in that timeframe.