Inflation etc

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  • Originally posted by V_Thirteen View Post

    Fair enough, I'll give it a try.

    Let's say you're good at carving wood. You find a chunk of tree, you get busy with your chisels, and you produce a beautiful carved fish. It has value; you can sell it for cash, or trade it for something you want. You carved it.

    Who did you carve it from? No one. Why does it have value? People consider it valuable. Is it money? Only if it is so desirable that it could be traded to anyone, for anything - so no, probably not money. Even valuable fine art doesn't qualify as money, under that standard.

    Now take Bitcoin. You want to mine some. You set up the appropriate computer and software (your chisels) and you put in a bunch of energy- in this case, electricity. And, if you're lucky, you solve a block, and are awarded a Bitcoin.

    Who did you mine it from? No one. Why does it have value? People consider it valuable. Is it money? Only if it is so desirable that it could be traded to anyone, for anything - so yes, it's money. And because of its characteristics (somewhat private, completely portable, not subject to inflation, usable worldwide without the need for exchange, and really hard to steal), it's better money than pieces of paper printed by grifters with the ability to make you work for yours, make you give half of it back in taxes, and then to print all they want for themselves, for free.
    Need to point out crypto is also taxable as property - stocks/bonds/real estate/etc so short and long term capital gain rates apply. They can also be taxed as ordinary income in certain situations.

    Digital currency is still a bit mysterious to many, but make no mistake the tax boyz are always watching, pay da man ...

    Sanibel FL
    Axopar 28 Cabin, 2 x 200 Merc 3.4L V6 - SOLD

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    • Must be a Democratic thing.
      Give value to something that does not exist.
      It's like gambling to me, I don't understand it, so I stay away from it.
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      • Originally posted by Parker Yacht View Post
        Must be a Democratic thing.
        Give value to something that does not exist.
        It's like gambling to me, I don't understand it, so I stay away from it.
        Consider the dollar. Like Bitcoin, in that it exists mostly as computer entries. Unlike Bitcoin, as it can be created at will by crooks aka the Federal (it's not) Reserve (there aren't any) Bank(it's not).

        When you think of a dollar, you think of a green piece of paper. You think it has intrinsic value.. It does not. It's a Federal Reserve Note (says so right on it). It represents a debt of the Fed, who is broke, and is an untrustworthy debtor. Except for one thing: the Fed can print dollars out of thin air.

        Once upon a time, a dollar was a claim on a certain amount of gold (until 1971, 1/35 of an ounce), and it could be redeemed for that gold. That is no longer true. Now, it represents crossed fingers and closed eyes.

        On a dollar bill, it states "This is legal tender for all debts, public and private". This is because the money has no intrinsic value, and people knew that, and refused to accept government money for their goods and services. To perpetuate its scam, the government passed "legal tender" laws, making it illegal not to accept the bills. In other words, we are compelled by law to act as if the dollar is valuable. And so, we consider it to have value, making it "money".

        You might think of a dollar as currency. The vast majority of dollars are computer entries. There's about $2.1 trillion "cash" in circulation, including Federal Reserve notes, coins, and currency no longer issued.

        If you add the above, plus the money deposited in savings and checking accounts, there's about $40 trillion.

        Add in mutual funds, money market securities, and other time deposits, the amount rises to over $90.4 trillion.

        Money in the form of investments, derivatives, and cryptocurrencies exceeds $1.3 quadrillion, ofwhichcryptocurrencies represent about $2 trillion. .

        So the cash bills that we see as money are only a tiny fraction of the dollars that are used. The rest exists only as bits and bytes... like Bitcoin. Something that does not exist? I'd have to say that it does.

        But I do agree, if you don't understand it, stay away from it. I don't understand it, which is why I have only a small crypto investment, to learn on. My investment tripled in value within a few weeks of getting in, then slowly dropped back to my purchase price. Maybe that's my lesson!

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        • RaceTrac.
          Ice $2.99 for 7#'s.
          Engine Sales and Service
          Ph +1 954.463.1515
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          954.463.4904
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          • Ol Mucky
            Ol Mucky commented
            Editing a comment
            Until a few weeeks ago Gwal Mar sold 10# for $2

            I bet it’s 7# now. I’ll have to check

          • Boat Bum
            Boat Bum commented
            Editing a comment
            I can give you guys the recipe.

          • Ol Mucky
            Ol Mucky commented
            Editing a comment
            @boatbum

            Lol

        • Originally posted by V_Thirteen View Post

          My investment tripled in value within a few weeks of getting in, then slowly dropped back to my purchase price. Maybe that's my lesson!
          Sounds like gambling.
          I did it one night. Went up a bunch, shoulda quit, end of night I was even. Geothermal for the 10 hrs I spent doing it.
          I guess BitCoin is no different that anything else. Something to trade.
          Engine Sales and Service
          Ph +1 954.463.1515
          Fx +1
          954.463.4904
          Toll Free: 800.622.6747

          [email protected]
          www.parkeryacht.com

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          • I May while in Marathon fishing, has to go in and get more ice, 2.00 a bag, same as ice machine in Okeechobee, however, it was 16 lb bags in Marathon, same price per bag though!

            BWP

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            • Damnit man
              I was at Gwal Mar picking up some items and remembered to grab a couple bags of my Cafe Bustelo coffee.

              $3.48
              It was $2.98 last trip

              Yeah man inflation only up 6%, riiiiiiiight

              Here’s a question for any of the olds on here, does anyone remember how things were after the Carter years? I remember a bit during it, but general shopping and prices and stuff…did they go back down?

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              • Originally posted by Ol Mucky View Post
                Damnit man
                I was at Gwal Mar picking up some items and remembered to grab a couple bags of my Cafe Bustelo coffee.

                $3.48
                It was $2.98 last trip

                Yeah man inflation only up 6%, riiiiiiiight

                Here’s a question for any of the olds on here, does anyone remember how things were after the Carter years? I remember a bit during it, but general shopping and prices and stuff…did they go back down?
                We bought our first house during Carter. Borrowed $23,900 @ 18% APR.😩

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                • Ol Mucky
                  Ol Mucky commented
                  Editing a comment
                  Jeezuz

                • Tiretyme
                  Tiretyme commented
                  Editing a comment
                  Borrowed $33k in ‘84 at 11% on my first place, a 2 Bd & 1.5 condo…………crazy to even think we paid that.
                  My first house was like 7.75% and we refinanced at 7.25% and also got rid of PMI.

                • Coastboater
                  Coastboater commented
                  Editing a comment
                  I don’t recall the exact purchase price, but it was just under $30k. Payment was $190/mo, iirc. We were wild eyed! Back then that bought you 3 1/2 acres with a 900 sq. ft. cinder block house in New Bern, NC. I was working at Hatteras. All we had for heat was a Baby Bear woodstove. We did manage to conceive a couple of babies in that house, so there are some advantages to having to snuggle to keep warm 😀

              • Originally posted by Coastboater View Post

                We bought our first house during Carter. Borrowed $23,900 @ 18% APR.😩
                Yup, we built a new house for $82k in 1980 16% APR. With 20% down (required!), 30 year fixed payments were ~$875. In today's rates (3%) that payment would be only $275. Variable rate became quite the charm and a financing trap when your loan turned into a pumpkin.

                The latest generations are so used to these low rates and being able to buy so much more house, if it ever returned to those levels, we'd hear the victim card for those too. I got "tricked" into buying this expensive house! Now I can't afford it, blah blah blah.
                Sanibel FL
                Axopar 28 Cabin, 2 x 200 Merc 3.4L V6 - SOLD

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                • Ol Mucky
                  Ol Mucky commented
                  Editing a comment
                  Nailed it.

                • jmike
                  jmike commented
                  Editing a comment
                  Sounds like 08

              • I bought my first house in '81. $54,900, assumed the seller's mortgage of about 50% of the price at 12%, owner financed the rest at 12%. Only cash I had to bring to the table was closing costs, which were minimal. I thought I was getting the deal of the century.

                We had been building a similar house, and had a clause in the contract that said we could opt out if the going rate went above 14.5%. It did and we got out. That house sat as an unfinished shell for several years.

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                • Hey, I know ya'll are high rollers on this site.
                  But damn, food is getting expensive.
                  Engine Sales and Service
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                  Fx +1
                  954.463.4904
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                  [email protected]
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                  • Originally posted by Parker Yacht View Post
                    Hey, I know ya'll are high rollers on this site.
                    But damn, food is getting expensive.
                    My wife just came back from Publix, quite stunned actually. Besides the shelves being nearly empty what they had was $$$$. She spent her whole career buying food for nursing homes, negotiating food bids and contracts, etc. She said she's never seen anything as scary as this.
                    Sanibel FL
                    Axopar 28 Cabin, 2 x 200 Merc 3.4L V6 - SOLD

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                    • Originally posted by TomS View Post

                      My wife just came back from Publix, quite stunned actually. Besides the shelves being nearly empty what they had was $$$$. She spent her whole career buying food for nursing homes, negotiating food bids and contracts, etc. She said she's never seen anything as scary as this.
                      Wait for the meat prices we will see this summer and forward..
                      As of April 2nd, boatless for the first time in many years.
                      2019 Tidewater 252 CC Twin F150's- SOLD
                      2016 Tidewater 230 CC VF250 SHO- SOLD
                      Mobile, Al.
                      Dauphin Island, Al.

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                      • Originally posted by Parker Yacht View Post
                        Hey, I know ya'll are high rollers on this site.
                        But damn, food is getting expensive.
                        Yes it is
                        I’ve always been a BOGO searcher, will use a coupon in a second, and I’m still getting hammered at the register
                        2021 Blackwood, twin 300 Mercs
                        Fairhope & Orange Beach, AL

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                        • Originally posted by Tiretyme View Post

                          Yes it is
                          I’ve always been a BOGO searcher, will use a coupon in a second, and I’m still getting hammered at the register
                          I only get hammered if I have to go clothes shopping, I'm normally sober at the grocery store.

                          Comment


                          • Parker Yacht
                            Parker Yacht commented
                            Editing a comment
                            Couple of "Yachties" were shopping at Publix yesterday and had Four (4) tall boys (Empty) checking out the register, the registerette was explaining to them the error of their ways. The Aussies were not impressed.

                          • Tiretyme
                            Tiretyme commented
                            Editing a comment
                            What’s wrong with having one or two while you shop?

                          • V_Thirteen
                            V_Thirteen commented
                            Editing a comment
                            "What’s wrong with having one or two while you shop?"

                            The munchies kick in, and I come home with all sorts of blubber-inducing contraband.
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