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Author Topic: I think the concept of saving has been lost with this generation.  (Read 2722 times)
cbeast
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February 22, 2013, 06:52:18 AM
 #1

I hear people using terms like hoarding, trading, investing etc. Bulls and Bears argue about who predicted the latest rally or trap. A recent thread boasted about selling Bitcoins to buy a new car. I mentioned that I would have financed the vehicle with a low interest rate over years because Bitcoin's ROI outperforms everything. Somehow, I just think that there is a generation that wants everything now and doesn't really think long term.

I see exchanges making microtrades and casinos making microgambles all for microgains. There seems to be an obsession with wanting immediate results. People talk about getting in and out of the market and make ridiculous charts that are supposed to predict when to time these decisions. Here's the thing: Bitcoin doesn't care about any of that.

Bitcoin is designed to grow in value (deflate) as it grows in popularity and usage. The best thing to do with it is save it until you need to spend it. It's about taking responsibility for your actions and having a reliable place to save the money rewarded for your hard work. So lets stop using stock market investment terms and focus on the social benefits and the good Bitcoin does for responsible hard working people. At least I will.

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Herodes
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February 22, 2013, 07:20:17 AM
 #2

The 'instant gratification' thing, is it true that all people seek it, or is it a picture that we get through the media, and that's more visible than other values ? Has not the young always been impatient without thought for the future ? Smiley

The 'long term' saving stuff, doesn't that come with maturity and age ?
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February 22, 2013, 08:05:28 AM
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Long term saving in Bitcoin is riskier than you make it sound.

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February 22, 2013, 08:33:46 AM
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Long term saving in Bitcoin is riskier than you make it sound.

exactly. some would say holding on to bitcoin rather than selling for a real profit is the gamble.
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February 22, 2013, 08:48:36 AM
Last edit: February 22, 2013, 09:06:26 AM by kangasbros
 #5

Long term saving in Bitcoin is riskier than you make it sound.

exactly. some would say holding on to bitcoin rather than selling for a real profit is the gamble.

Holding fiat money isn't a gamble, because you are guaranteed to lose and there is no upside risk. Bitcoin has the the downside risks but it also has a gigantic upside risk.

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February 22, 2013, 10:03:45 AM
 #6

I am 15, and I am doing a bit of trading with Bitcoins. Earning some too.
But to sum up my thought: Life is a gamble

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February 22, 2013, 10:09:23 AM
 #7

I've always had trouble saving, but that has more to do with being generous than instant gratification.

The last decade though I've been forcing myself to save at least 50% of what i earn (if i can). Though disasters strike of course and demolish said savings more than once.

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February 22, 2013, 11:01:14 AM
 #8

Yes, while it's fine looking forward, some people may be happy living in the present and don't think that money is the answer to everything. Also, you may some day die before old age, so if you never enjoyed life to save for when getting old, you've lost out on a lot. Perhaps a golden middle way is the way to go.
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February 22, 2013, 12:36:03 PM
 #9

There is nothing wrong with saving or spending by itself, what's wrong is getting in debt and fucking about with other peoples money and then getting in even more debt which is why we're in this mess in the first place. I'm well aware of how to save, in fact I'm looking forward to being able to save for the low low prices that Bitcoin provides because of its deflationary nature. You'll find that this generation is actually pretty damn open minded and I find I get along with people my age most of the time, much better with people younger, the people I do have a problem with are the baby boomer generation because they wilfully bankrupted their countries and their children ( which is what devaluing a currency does ) for the sake of benefits, pensions and wars to gain more resources.

The stock market can actually be a viable force for the economy, much like banks, in fact you could argue they work better than banks in some ways for their purpose because the people giving money actually own portions of the companies they invest in, what we need is a properly decentralized version for Bitcoin that isn't rigged in the blue chip companies' favour.
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February 22, 2013, 01:14:44 PM
 #10

Although bitcoin is still an "experiment", I'd trust it more than any other sovereign currency on the planet right now. Especially since the G20 met to make sure nobody debases faster than any other country. (Which means of course, they will all attempt to do so, posthaste.)

I'll take an algorithm over a politician, any day.

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February 22, 2013, 04:59:22 PM
 #11

Debt based monetary system do not allow saving, one man's saving is another one's debt, you have to spend every dollar you earned to keep the balance of whole society, only man allowed to save is central bankers

Bitcoin bring the possibility of saving back

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February 22, 2013, 05:28:04 PM
 #12

I agree with the title, but disagree with the post.
How the average person my age treats money is depressing to me. They go into debt for stupid status-seeking trinkets, don't save or invest, and rely on others for their retirement and hard times (if they think about such occurrences at all). But, I don't see that as a sudden break true for this generation only. It's been so for the last few decades at the least, perhaps a century back depending on how you look at it. It just gets a little bit worse as time goes on, so as one gets older it's noticeable in the younger generation, but self-examination for such traits isn't considered. In short, whatever undesirable tendencies you're seeing have been a long time coming.
That said, I don't consider people using bitcoin or anything else as an investment vehicle part of that group. I don't distinguish between 'saving' and 'investing.' What is commonly referred to as saving is just a more passive form of investing with a longer timeframe, lower risk and lower reward. There's nothing wrong with that strategy, and there's nothing wrong with a shorter-term, higher-risk/higher-reward one. It's just a matter of preference and life situation. Younger people benefit more from short-term strategies that would destroy a more established set of finances. To say that that means the younger person is being fickle is to try to judge the rain for falling. To be investing in any form, short or long, at this age and with such low real incomes compared to the past is laudable and should be celebrated, not scolded.
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February 22, 2013, 05:38:46 PM
 #13

I'll take an algorithm over a politician, any day.

lol, this says it all really...
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February 22, 2013, 05:42:52 PM
 #14

The title of this thread reeks of blaming the victim.

The concept of saving was punished out of existence by central bankers.
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February 22, 2013, 05:46:31 PM
 #15

[devil's advocate]
Why save when the future is so unclear and I can get credit?
[/devil's advocate]

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February 22, 2013, 07:14:14 PM
 #16

I'll take an algorithm over a politician, any day.

lol, this says it all really...




zing.

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February 22, 2013, 08:46:53 PM
 #17

It's like saying, "the government is the cause of xyz problems," while ignoring the fact that if the citizens didn't legitimize the government, it wouldn't have such power to begin with.

So many people blame central banks or governments while they happily pay taxes with fiat money.
Governments impose themselves by force, not by citizen consent.
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February 22, 2013, 08:56:01 PM
 #18

Where did slave owners get the power to force people to pick cotton without their consent?

Where did George Washington get the power to impose a tax on the Appalachian corn farmers?

Where does the mafia get the power to shakedown store owners?
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February 22, 2013, 08:57:33 PM
 #19

Where did slave owners get the power to force people to pick cotton without their consent?

They consented themselves Grin  And the trend hasn't changed as far as I've seen.

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February 22, 2013, 09:28:11 PM
 #20

The title of this thread reeks of blaming the victim.

The concept of saving was punished out of existence by central bankers.

+1

I feel very sorry for those who are retired or close to retiring that "saved."  They'll make maybe 30-100bps on that savings, significantly less than inflation. 

I'm not advocating people going into debt or spend foolishly, I'm just saying ZIRP is terrible monetary policy.

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