The Jet Cash coffee lounge thread.

[Jet Cash]

I thought this was an interesting fun video about crypto and cash in Australia.

https://www.youtube.com/watch?v=q6D2EfnbiBI

[crwth]

I like how it used the memoji as an intro and during the time she talks. It's just an awesome way to use face technology.

As a gist to what I watched, it's like they are forcing the citizens to use middlemen (banks) which translates to fees, etc. I don't know what to feel.

[jackg]

Surely this idea justeans people will be buying cars in parts rather than the full car or doing something different but like that...

Today, I'll buy the bonnet of the car, tomorrow tgw wheels and the frame and then the furnishings. Each $9999.99.

Also this probably means that you can g wet a great discount on something being sold for $11000 😂.


It is a nice win for crypto. Maybe they should make drugs seem more expensive too. A lot of common illegal drugs can be bought for half a daily food budget in this country... I think a weed joint costs about £5 here (not that I've ever actually taken it but I seem to be one of the few who haven't).

[Jet Cash]

I see the Bitcoin price is  creeping up for the weekend pump and dump. I've got a sell order open at £8,996, and it's only £100 off. I'm hoping it will trigger, and the price will dump tomorrow, so that I can buy back in ready for the price increase next week. I'm not too good at forecasting though, so the price will either go to £8,995 and I'll miss the sale, or go exponential, and rush up to £12,000. That way I'll miss the big gain. Still, it's only a small trading account, my main holding wallet won't have any withdrawals for at least two years.

06/08 update:

Well the contract completed, and the price promptly went up, so I lost out on the potential gain. I think that we are on the edge of another substantial rise, so I bought back in again at £9,542. I'm down in Bitcoin terms with regards to just having held the coins and done nothing, but I've made a profit in real fiat terms, but again, not as much as if I had done nothing, but just HODLed.

[paxmao]

Hi Cash...how´s that Brexit going? Still the devilish Etonians to be blamed for the 40% drop in the pound this year or may be is the world telling you that you may actually be mistaken?

[Jet Cash]

I think it is good news. Most countries are trying to drop the value of their currencies to improve their trading positions. Trump is trying to drop the US dollar, and China is pushing down the value of the Renminbi to compensate for the Washington sanctions. It's mad that the Euro is staying strong - it has no future, especially as the current pillars - France and Germany, are on the skids.

They're stalling the judgement on the Robin Tillbrook case, and it looks as if it does have some merit. The application is based on the presumption that we actually left the EU last March. It will be interesting to see if Boris gives it a quiet push, as  a favourable ruling would get him off the hook over Brexit, and he could blame everything on the treasonous remainer - Theresa May.

[jackg]

I'm not sure how likely they are to get anything through parliament. Hopefully the EU won't offer another extension as it's killing businesses more in the termoil, than it would if we left without a deal (under WTO rules and the other treaties we have)...

A lot of financial institutions seem to be struggling too internationally. I asaw yesterday, a bank in denmark were offering negative interest rates on mortgages (-0.5%) I'm guessing this is because it's better to lend to people and get them stuck in debt or to have it so people think they're getting a good deal and add other charges to them... In the UK the banks seem to be happy to lend with a bit more risk too (and seeming to try to give people money at lowish interest rates - 1.5% or less - while offering no interest on accounts or a maximum of 0.5% - I'm starting to wonder if any of the interests will go negative at some point...)

[Jet Cash]

Chase bank in Canada has just written off all credit card debts, and they are withdrawing from the credit card market. I wonder if any other major banks will do this. Somehow they need to lose the toxic debt in Deutschbank derivatives, and also the bad debts in the EU central reserve. They didn't pay anything for it in the first place, so I guess they can afford to just write it off. Maybe they need to steal a few more national assets and pensions first though.

[paxmao]

Most countries are trying to drop the value of their currencies to improve their trading positions. Trump is trying to drop the US dollar, and China is pushing down the value of the Renminbi

So the devaluation of the pound is a good effect because it makes UK economy more competitive. It is like saying that if people are not willing to pay for my oranges, I just have to drop the price and that is good because I will sell more oranges. It is an argument I´ve read many times, in my own country, every time it looked bad they had to devalue, and every time it meant that our standard of living was once again lower than before.

So...I assume you plan a summer escape to Dorset if any, because in you leave the island you´ll be set back around 15% more compared to last year. Welcome to good news.

But I guess that if came to rationality there would have never been a Brexit anyway or, at least, it would have been an orderly retreat as opposed to a chicken farm. Rather than the news in the USA you may want to check about the numbers against Brexit. Boris can just try to force a crash for a closer view to those.

I'm not sure how likely they are to get anything through parliament.

As likely as they were before the referendum and as likely as they were during May´s. Actually a bit less because they lost one seat to Liberals. Boris is just doing a finger point exercise because he knows it well.

Let´s be honest for once, leaving the EU was neither a bad not a good idea, as long as there was something to replace it with. It was surely going to be damaging short term, but now looks that it is going to be damaging short, middle and long term because the Brexit idea has not ever been even half baked and now the UK economy has to be sacrificed to the pride of the mediocre.

I asaw yesterday, a bank in denmark were offering negative interest rates on mortgages (-0.5%) ...

Rates have been negative for quite a while. Obviously Europe is also trying to play tricks to give some warmth to the Eurozone. There needs to be an economic downturn and a strong one, the indexes are sky high and there isn´t sufficient fundamental background for it.

[jackg]

There was the other issue that if you buy something in the UK it's rarely converted for the rate. If you pay 50 cents for something in Europe or the US, you'll likely pay 50 pence here (a but more than it is there) because people can't be bothered adjusting rates and it seems the same psychologically...


I've had some sad cakes that still taste nice without much work so I don't think brexit will be all bad. It can't really be denied too that Europe was a way for the richer countries to subsidise the countries that were bigger (how the rebate was decided) while oceans or any other assets a country had weren't taken into consideration...

[Jet Cash]

The real disaster for the UK was letting the City of London take overt control in the 1970s, and sneaking us into the EU to strip the country for the new Anglophone empire ( formally the British Empire ). Keeping a currency low is a rime honoured way to expand an economy. China did it by buying US bonds and other asset such as mining companies. The devaluation of the Rouble helped Russia to build its economy, and the Euro was created to avoid the revaluation of the Deutschemark. Our biggest problem after Brexit is that we will still be under the control of the City of London, and they will do everything they can to continue to damage the UK. The good news is their treasonous agents are becoming obvious. For example, John Bercow is an ex-Hambros banker, and was given the freedom of the City of London. His country of allegiance is the City of London, and not Great Britain.

[paxmao]

There was the other issue that if you buy something in the UK it's rarely converted for the rate. If you pay 50 cents for something in Europe or the US, you'll likely pay 50 pence here (a but more than it is there) because people can't be bothered adjusting rates and it seems the same psychologically...

You must be joking!

[jackg]

The real disaster for the UK was letting the City of London take overt control in the 1970s

None of the people involved in the government do anything particularly beneficial for anyone other than themselves.

The bus travel in london is probably the cheapest anywhere in the UK (because it's subsidised by the government)... I've seen busses so full they've rolled back down a hill in order to get a running start before they go up it from the stop (and that company is certainly making tremendous profits).

I am beginning to think that the government ought to be split up (along with the country). We can probably split England into 6 pieces, it'd probably make things better if everything was handled locally as it should be. Currently, MPs spend most of their times in london - they're not going to work out what the problems are that they have to answer to and push towards parliament if the problems are 200 miles away.


I'm testing out bybit, it seems quite a nice platform compared to bitmex it's just a shame I can't trade well :-).

I saw some news on the incorporation of bitcoin in the samsung phones recently - I'm guessing they've given up on their foldable screens that were too difficult to maintain in non-lab conditions...

[Jet Cash]

Today's topic is "amor fati" this is Latin for the ancient stoic concept of loving your fate. and adapted by Nietzsche as an acceptance of the trials and tribulations that life throws at you. You should accept that any adversity is sent by fate to strengthen you, and you should embrace it willingly. An extension to this is the facing up to your fears, and confronting them for brief period. Many of us have a fear of poverty for example, but by living a life of poverty for a week or so, we can learn that it isn't as life threatening as we may have thought. Of course this is written as an Englishman living in England, and for me, poverty would be a life choice option in my opinion.

[friends1980]

Today's topic is "amor fati" this is Latin for the ancient stoic concept of loving your fate. and adapted by Nietzsche as an acceptance of the trials and tribulations that life throws at you. You should accept that any adversity is sent by fate to strengthen you, and you should embrace it willingly. An extension to this is the facing up to your fears, and confronting them for brief period. Many of us have a fear of poverty for example, but by living a life of poverty for a week or so, we can learn that it isn't as life threatening as we may have thought. Of course this is written as an Englishman living in England, and for me, poverty would be a life choice option in my opinion.

God I wish there was a manual with step-by-step instructions for reaching this kind of zen dimension - although I'd rather endeavor liberty and not depending of materialism than poverty... The fear of losing everything I've worked for - i.e. not the possession of money an sich - and therefore the urge to work and gain more, is a stress factor of giant proportion in my daily life.

edit: for a coffee lounge, this is a very profound and serious conversation topic indeed...

[jackg]

I'm not sure on the type of pverty you're thinking of.

If you have enough money to keep going (or getting a fixed income) then I guess material poverty might not be a bad thing as you are still able to survive. All you really need for survival is food and water, the latter is free if you can find a good source (the first is harder to come by free but it's still possible).


An experiment was done a while ago where they gave a homeless guy £100,000. He had no neeed for the money and thus didn't really care where it went so he just started giving it out to other people and spending it (as far as I can remember)... What your fate is is based a lot on you, if you have some sort of shelter, some sort of food source and water then you're pretty much sorted...


It's better than what I'd have turned the topic to, I was trying to leverage trade on 100x and decided that I could put a small amount in and then keep incrementing it if it went the other way. It started off as a good idea but I managed to keep alternating between hitting the buy and sell button so I was just absorbing the losses rather than adjusting the position to make for a greater profit...

[Jet Cash]

Actually food is easier to find than potable water if you are not in the towns. You can obtain it in the towns, but that is a different skill.

There are degrees of poverty, and I guess mine is an assumed role. I've got a credit card with several thousand pounds available, and no debt on it. A debit account, savings and Bitcoin also add to my reserves. What I realised was that you don't own things, but things own you if you seek the trappings of wealth. For example, I have 8 garages full of stuff that I need to sell, and I keep putting off starting this as a project. Maybe I should post some items here - does anyone want a collection of stationary engines - you can have the lot for a Bitcoin.

I decided to focus on good health and a better lifestyle, and that is why I became a digital nomad. I can park on the beach, and swim naked in the sea when I wake up. Alternatively, I can park in the woods, and watch a couple of fox cubs at play under the watchful eye of their mother. I can harvest stinging nettles ( the healthiest vegetable in England ), and I even eat the raw young shoots. I sit in McD or KFC and watch fat parents feed their fat kids, and then use their crutch to help them to the disabled parking bay. Sometimes I see them throw away a half full bottle of Coke, and I may pick that up and use it as a lavatory cleaner. Coke is one of the most effective lavatory and coin cleaners, so goodness knows what it does to people's insides.

[jackg]

Actually food is easier to find than potable water if you are not in the towns. You can obtain it in the towns, but that is a different skill.

Ah, in my home town water is easier to come by as our town is built atop of a load of natural springs/water ways and I'm a couple of miles away from Buxton (the town has springs, the water might not use that water but there are certainly a lot of springs)...
You can drink water from reservoirs normally too (they don't filter it from there to tap normally).

There are degrees of poverty, and I guess mine is an assumed role. I've got a credit card with several thousand pounds available, and no debt on it. A debit account, savings and Bitcoin also add to my reserves.

Monetary poverty and material poverty are different things. Material poverty is much easier to live with and one you can have a choice over. I see no use for a credit card anymore, they used to offer cashback but now all there is is a promise you'll have to pay interest if money doesn't come out of another account in time...

[Jet Cash]

I usually get £20-£30 cashback at Christmas time, and I don't have a charge for making US dollar payments. I tend to use it a lot, even fo a single cup of coffee, and it lets me monitor my spending. I make sure that the balance is cleared by the due date, as they charge around 14% if it isn't. In fact, if it isn't cleared by the due date, they just take it out of my debit account, so there are never any arrears. The reason I decided to start using a credit card was the result of finding I had a bad credit rating. This was the result of paying cash for everything, and never needing any credit.

I guess I'm really a bit of a fake, as I had to pay several hundred for a new clutch, and much the same to rebuild the rear braking system, so it is handy to have a few thou for those immediate emergencies.

I had a friend who said that true wealth is having time to spend on yourself. He was quite rich financially, but drank too much, looked ill, and had to multi-task a lot of the time. I lost touch, but I suspect that he is no longer with us.

[jackg]

I don't see why you'd want/need a good credit score. A lot of the time it's normally only bad if you pay in cash for everything and don't pay by card (even though its nicer to pay with cash)...


It's probably the acidity of coke that's good for that, much like the acidity in your stomach (only about half a pH weaker than stomach acid) so probably quite a bit...


There are a lot of cases where too much money seems to be a curse. If you've ever looked at case studies of anyone winning the lottery that'll tell you an extreme version of it. Other things are like how wealthy people buy cigarettes and drugs which also do a lot of damage to your mouth and throat (especially if smoked/snorted)... Even alcohol can cause a lot of issues if you can't work out your limits.