I Have A Full-Time Job!

Ha, yeah SSI running out of money has been the big boogeyman my whole life. I don't think the feds would actually let that happen but it's best to have to rely on it as little as possible. Unfortunately that's not really possible for a lot of people.

It was never supposed to be fully relied upon, only a safety net. I'm not banking on it being there in fourty years for me just to be safe.

Any of you boys know anything about crypto currencies like bit coins? Just wondering if you think they have a future or will it all collapse in a few years time. I'm still trying to get my head around how it all works.

I have a buddy that's big into it. He buys miners and has multiple tens of thousands invested. For me it's too risky. Bitcoin is essentially supposed to be a replacement for cash, but for me it's got none of the benefits of cash. Transactions with it are slow and expensive, mining it uses a ton of energy, and no merchant really accepts it as tender. There are hardly any merchants that accept bitcoin and the transaction fees for it are crazy.

I think if you got in really early it was a great way to make some money. But now it's too late, the cat's out of the bag, simultaneously too many people are involved and it isn't backed by anything. It's so volatile, in the past year it's gone up and down like 50%. Plus it's starting to get regulated and taxed. Too risky for me, it's like a stock with absolutely nothing backing it.

It's not for me. I think if you put a little money in you can probably make some gains short term. In the last month it's gone from 54k per bitcoin to 67k. But back in July it crashed to 30k. So you just never know. Plus the culture around it is kind of annoying. There are so many "crypto bros" that are so sure they're going to be millionaires. Better off throwing your money into some kind of total stock market mutual fund and forgetting about. Less sexy, less returns, but less risk too.

I am right there with Mike. I feel like it is built on basically nothing, except, of course, the desirability of others. I tend to stay away from anything not physical or from a real company (with given protections).

Yeah. Bitcoin is stuck in this rut where the only people that have any exposure to it are 20-30 guys that are mostly into tech. And the thing is that these guys aren't actually even using it. They're just holding it. It's never going to be a replacement for cash until everyone starts using it and the transaction fee stops being the same as running 1000 credit card transactions. and at that point you might as well just use cash.

I think most people that are into are just treating it like a stock where they can make a quick buck and avoid paying some taxes and that window is quickly closing. On the tax forms now there's a line for cryptocurrency sales, and as soon as you move that crypto money into Paypal or your bank account or whatever, the IRS knows about it.

I don't think anyone that is trying to make money off of crypto is actually invested into the future of crypto as a real currency.

Exactly. It's basically a stock that's not a stock imo. The price only goes up the more people buy it. Again, it really isn't anything. It's not like buying stock in a company or plan or product because there is nothing behind it.

We actually had a presenter come into work and talk about crypto. Even after the 1 hour presentation I'm still a bit confused. But simply, if you know what you're doing and understand crypto, you can make a fair bit of money. What Mike & Warrior said is spot on.

Yeah, I see it as a stock without a company behind it affecting the price. I'm honestly confused as to the wider application of crypto too. I do see a bit of a crash in the future as more countries ban or heavily regulate it, especially coming from the environmental angle as crypto is terrible for the environment.

I also hear a lot of people are investing it in the US atm because of high inflation. Now that makes more sense to me than just investing in something that is nothing.

Yeah, I saw something that inflation is at 6.5% year-over-year. So if you didn't get at least a 6.5% raise you actually got a pay cut. And the cost of staple goods keeps going up... Crypto has gone up massively in the last year so if you invested this time last year and held till now you'll have a nice profit. It's the long term viability that bothers me.

Same here, which is why I do not invest in it.

Yeah, I heard inflation is up 6.5% too. However, I think it is actually quite higher than that since most goods and services have gone up between 35-50% in the last ten months or so. Pretty bad right now. Gas is getting crazy again. People are selling their used cars and making a profit off of them.

My mom just traded in her 2018 Camry that she just paid off and got 28k for it, 110% of the Blue Book value. Put it towards a brand new Lexus and only had to finance like 15k. Just couldn't pass up that kind of deal. The entire used market is insane right now. PC Parts are out of control. My PC is 5 and a half years old and I could probably get 80% of what I paid for it.

Yeah, it is absolutely insane right now with some products / goods. The US has got to find the equilibrium or it could spiral out of control.

Thanks guys for your input about crypto currencies, it's helpful. I'm weary about it but at the same time see it as an opportunity to maybe make some money without investing heavily into it.

I had no idea computers and cars were retaining their value in the US. That is news to me.

It's because of inflation, so it's not such a good thing. Like Mike said, Cars and PCs are unlike anything I've ever seen. In terms of Christmas Items (I'm shopping for six nieces and nephews), Pokemon Cards are outrageous. Some of those products are going for 3x retail on the secondary market. Imma buy some of those if they are ever in stock at my Walmart. XD

I heard about the trading card and comic boom that's currently going on brought on by Covid. Basically people investing in hobbies instead of using the money to dine out and go on holidays. Marvel trading cards in particular have gone through the roof and also Pokemon cards like you say.

You would think people would be saving their money in times like this... lol

Well a ton of people are still coasting off the extra $600 a week they received for over a year in addition to normal unemployment. I know people that made 2X of their 2019 salary in 2020 just staying home.

Computers are just insane right now because of this global chip shortage. Back in 2020 I was looking at building a new PC in the summer of 2021 but now that's pushed back to 2022 or 2023 because graphics cards are going for 2 or 3x their MSRP and I might as well wait for a new generation of parts. I'm not shelling out 3k for a PC with an MSRP of $1800.

Yes, lets pay people double to do nothing. Why was that ever a thing? Could the government not just match what they had been making? Complete asininity by the people that are suppose to be among the smartest we have. And because of such, most places still have a work shortage. I just cannot. lol

Mike, I have no idea what you just said. lol You make me feel embarrassed to have just the basic of basic laptops. XD XD XD