Went to monitor property listings, and dear me the amount of forclosures is insane. In Colorado its almost 9/10 new listings. I can't even get prices because they are pre-auction.

Welp...

    • Yaweh [xey/xem]
      ·
      4 years ago

      Please do not on so many levels (hopefully you jokin lol). If you are not let me know and I'll give you the 411 on why it's a scourge to society and technologically flawed beyond repair.

        • Yaweh [xey/xem]
          ·
          4 years ago

          No problem. First and foremost its tech is bad. The concept is sound and blockchain tech is viable*, but BitCoin has a median single transaction time of 3.3-7 seconds. Compare that to Visa and Mastercard at 5,000/sec and it's clear it could never replace those existing systems out right.

          As for the scourge on society part, it takes an exponential amount of computing power to produce a single BitCoin. That needs a lot of energy, and that gives it a carbon footprint of 22 Megatons/Year. Once capitalists thought they could get rich off it, they drove up prices on existing computer parts, causing massive inflation and limiting supply for years while it was first exploding into the mainstream. Because of the high price/return ratio on it, became only profitable for only either companies or already wealthy individuals.

          At the end of the day, it's the 21st century's Tulip Mania equivalent. Hope that helps you out somewhat.

          • coolandbad [he/him]
            ·
            4 years ago

            The concept is sound and blockchain tech is viable

            *doubt

            The only proven use for it is for facilitating transactions that are largely anonymous (in that you can't see who controls any given account) but otherwise public and irreversible. In principle this could be used for good, but mostly it seems to be used for scams, money laundering, selling child pornography, and that kind of thing. And it's not as if it's the first method ever developed for moving money around secretly, it's just often more convenient than carrying around suitcases full of cash or setting up fake businesses or whatever.

            It also has a massive flaw in that it relies on 50+% of the community (defined by mining capacity or current funds, depending on the particular cryptocurrency) agreeing on what the correct set of transactions and balances are. Which is fine in an ideal world where the community is made up of thousands of ordinary people, but in our capitalist world the entire system is under the control of a few big companies who can easily fuck everyone else over if they agree with each other.

            At the end of the day, it’s the 21st century’s Tulip Mania equivalent.

            It honestly seems far stupider than Tulip Mania. The big thing in recent years is Tether, a cryptocurrency that is pegged to the US dollar by means of a shady company which supposedly holds vast dollar reserves in a tax haven. It's everything that cryptocurrency isn't supposed to be - it's under the centralized control of a particular company and it's directly tied to US monetary policy. But all the other cryptocurrencies are so volatile that it now dominates the whole ecosystem.

      • joshuaism [he/him]
        5·
        4 years ago

        Don't listen to this guy dinosaurtoaster. Crypto is the future. But buy etherium instead.

        • Yaweh [xey/xem]
          ·
          4 years ago

          Damn it Elon, I don't know how you keep getting past the mods but please stop! No one wants your Etherialism!

    • WIIHAPPYFEW [he/him, they/them]
      ·
      4 years ago

      No you should invest in my companies which are not only totally not scams but also all happen to each be the next Amazon

          • MiraculousMM [he/him, any]M
            ·
            4 years ago

            You're not wrong. It's just very few posters here have "piles of money" in their bank accounts. The ability to meaningfully invest at all is privilege. So using terms like "diversify" and "return on investment" here will get the big downbears.

              • warped_fungus [she/her]
                1·
                4 years ago

                So I would have to subject myself to listening to/reading about a bunch of capitalist money moves to learn about da monie, just to make fifty dollars in one year? Sure, sounds worth it

                  • TreadOnMe [none/use name]
                    ·
                    4 years ago

                    You really don't realize that the return on investments are generally speaking a part of the surplus labor that is taken from the working class? The fact that we are forced to invest into these ponzi schemes in order to retire is absurdity, and that is why people are down voting you.

                      • TreadOnMe [none/use name]
                        ·
                        4 years ago

                        I'm not disagreeing with you here. However, pretending that this will be popular advice with ideological leftists is hilarious, given how poor most of us are.

                        However, I will point out that, getting very materially invested in the current system will, inevitably, lead to changes in your ideology that serve to protect the status quo.

                          • TreadOnMe [none/use name]
                            ·
                            4 years ago

                            I assume you have some cash to move around as you said 'net worth', but many people I know don't even have liquidity of $1000 let alone a positive net worth. As for financial advice, I get enough of that shit from my dad, I definitely dont need it on chapo.chat, lol.