Posted on 12/07/2018 12:31:23 AM PST by 867V309
So much for that early week recovery. The bitcoin price touched a fresh yearly low on Friday morning, driving the crypto market even further into the red as financial markets across the board continued their recent downtrend.
(Excerpt) Read more at ccn.com ...
I offered you the chance in on crypto at 867V309crypto.com a while back, and look what you done gone and done.
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Have a correction now rather than during the Election!
When Election time comes around, have the stock market going up again! I like that scenario!
We’ll see. The Dow was only down by a little over 79 points at the end of the day yesterday. The future is down 136 points now.
Do you really think the economy is going to drop like a debt ridden rock and have it turn around in ten months? Because it won’t. We are 8-12months from the start of an economic downturn.
The recession in 2007 was 1929. This next election cycle is more akin to 1937.
We are living in interesting times.
Real economic activity is continuing to look good.
Last year was good. This year is better so far. There’s quite a bit of truck traffic out there now, but I don’t have a report, yet. Can the somewhat disconnected stock markets slow an economy as easily as before? Not if there are sufficient savings out there (or safer investments added to portfolios). We’ll see. Bonds are up, which is a good sign that we didn’t see much during the Obama years.
https://www.bea.gov/data/consumer-spending/main
Bureau of Economic Analysis
Consumer Spending
October 2018:
0.6 percent
September 2018:
0.2 percent
August 2018:
0.4 percent
July 2018:
0.5 percent
Bitcoin is the dot com of 2000. Companies that produced nothing but speculation went to nothing.
...very easily cleanly and changing out and planting surface mount ICs on boards by hand. [Little correction there.]
From last year, but it shows that anything as good or better this year is great.
Trucking Industry Revenue Topped $700 Billion in 2017, ATA Report Shows
https://www.ttnews.com/articles/trucking-industry-revenue-topped-700-billion-2017-ata-report-shows
Agreed with Sequoyah101. Bitcoin looks like a waste of time and resources relative to truly beneficial economic activity. Another example would be dope.
An old acquaintance of mine who was a lineman for decades said that younger folks are “too busy starin’ at those little screens and fingerin’ ‘em to do anything useful.”
;-)
I had a little bitcoin and sold it when it became clear to me that it was speculation driving the price up. Bitcoin was originally intended as an alternative medium of exchange and except for speed and technical issues, it would have done really, really well at that.
When the IRS classified it as property, all of the Bitcoin exchanges were required to track and report bitcoin as property, subject to capital gains tax. That killed Bitcoin. You technically couldn’t buy a pack of gum with bitcoin without making a spreadsheet entry that was audit-able by the IRS. That transaction record had to be FIFO with buy and sell values.
A viable blockchain currency would have locked the government and the banks out of money control because anyone who possessed the currency would be their own bank. No savings or checking account, no fees, no government printing of money.
So sad that things are now where they are at.
Depends on the feds. If they do back off interest rate rises I think the downturn will be more than 8-12 months out.
I like your analysis, familyop. I was not aware of the local roadblocks to home building.
On the technical innovation front, another trend: people who ran internal businesses inside tech giants like telecoms are breaking away from these stultifying bureaucracies, teaming with others in the same field, and starting up companies.
The new and agile software tools make it possible for these startups to gain terrific force. They are: talent-rich, have the business connections, and can rely on a skeleton crew of techie geniuses.
In my view, America and Germany are the countries best positioned to take advantage of these trends.
The big drop on Tuesday was because the yield curves inverted ... short term T Bills are paying more than the long term ones are ... this has been a precursor to recession in 7 out of the last 8 times it has happened.
The bitcoin pump and dump crowd here at FR was almost as entertaining as the old Peak Oil crowd was. (Wonder if there was much overlap). Then there were the gold bugs who got quiet after a couple of the trusted dealers took the money and ran, leaving investors holding worthless paper. (They forgot the old ‘gold rule’ - if you can’t touch it, you don’t own it).
I’ve always wondered how many were gullible, and how many were scamsters in their own right.
The bit coin pump and dump was the first ponzu scheme to really use technology and the internet... and chat forums as their driving force.
They did fool some, but Bitcoin was just a little too obvious in being pure bs.
Was super annoying, glad it is getting its comeuppance
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