Jack Dorsey, USA, Hyperinflation and Cryptocurrency

[rodericb]

So Jack Dorsey (US billionaire, co-founder and CEO of Twitter and Square) has tweeted:

Jack Dorsey said:

Hyperinflation is going to change everything, It’s happening.

and then:

Jack Dorsey said:

It will happen in the US soon, and so the world

A rogue CEO who could be getting on the nerves of the US administration with silly talk? I wouldn't think that the US government would be overly enamoured with a billionaire spooking the public. But on that, if anyone here is on US-based forums where the subject of prices comes up, there seems to be a reasonably common thought that things really are either going up in price or simply aren't available so I think the public might have a sneaking suspicion that things might go pear shaped.

Another interesting angle is that Square is into crypto currencies and crypto currencies are seen by some as a store of value which won't be affected by inflation (or hyperinflation). Will the US government let non-government crypto save the day? Will Jack get called for a meeting in Washington and then go very quiet on the matter? Will some of his billionaire crypto-fan friends stoke the fire even further?


https://www.cnbc.com/2021/10/23/twitter-and-square...

[RichTT]

fesuvious said:

Inflation is officially over 5% in the US.

Officially. Unofficially it's likely much higher, perhaps double, same for the UK and every other economy that printed themselves out of the last two years.

[Gecko1978]

I wonder if those with crypto who say have a a fee k now wake up in 12 months and have house buying amount how much will Rishi want and will he find the young a free folk (no kids, not in a fixed career, no mortgage) will just up an leave.

There is a famous early adopter (netflix show) who left the US lives in Japan has nice apartment and a lambo. I think this might be more of a worry for the state print cash to point its worthless and people switch but for the first time in history they have moved to something the state do not control

[RichTT]

Gecko1978 said:

I wonder if those with crypto who say have a a fee k now wake up in 12 months and have house buying amount how much will Rishi want and will he find the young a free folk (no kids, not in a fixed career, no mortgage) will just up an leave.

There is a famous early adopter (netflix show) who left the US lives in Japan has nice apartment and a lambo. I think this might be more of a worry for the state print cash to point its worthless and people switch but for the first time in history they have moved to something the state do not control

Given the amount of money ready to flow in to crypto i think it would be wise for anyone with an investment portfolio to put in a token amount. Say even 1% of net worth or portfolio value as a high risk hedge.

As a bit of a proponent of crypto I've stopped all my regular investment funding and I'm full in on the crypto train.

[andy_s]

Don't, I have [most of] a bitcoin in a defunct laptop, was about 100 quids worth iirc, back in the day when you had to manually sort it out. I remember saying to my lad that someone needs to make an app or something to make the process easier and it'll shoot up. And here we are. I console myself I didn't spend 10K bitcoins on 2 pizzas back in '11 tho'...

[Jiebo]

Gecko1978 said:

I wonder if those with crypto who say have a a fee k now wake up in 12 months and have house buying amount how much will Rishi want and will he find the young a free folk (no kids, not in a fixed career, no mortgage) will just up an leave.

There is a famous early adopter (netflix show) who left the US lives in Japan has nice apartment and a lambo. I think this might be more of a worry for the state print cash to point its worthless and people switch but for the first time in history they have moved to something the state do not control

Bitcoin already has the market cap of Silver. It’s not going to 100x in the next year!

The smaller ones have room to grow, but I think the 100x days are well over, and now its moving into maturity.

[BorkBorkBork]

Jiebo said:

Gecko1978 said:

I wonder if those with crypto who say have a a fee k now wake up in 12 months and have house buying amount how much will Rishi want and will he find the young a free folk (no kids, not in a fixed career, no mortgage) will just up an leave.

There is a famous early adopter (netflix show) who left the US lives in Japan has nice apartment and a lambo. I think this might be more of a worry for the state print cash to point its worthless and people switch but for the first time in history they have moved to something the state do not control

Bitcoin already has the market cap of Silver. It’s not going to 100x in the next year!

The smaller ones have room to grow, but I think the 100x days are well over, and now its moving into maturity.

The wider Defi ecosystem is still very much in its infancy and hasn’t even started to mature. As long as it’s not regulated out of existence, I suspect the future of finance will be a lot different to what it is now.

[JagLover]

The issue with current USA inflation is not so much its current level, but that it seems to be being deliberately created and there is more stimulus to come.

Here we have a similar inflationary problem, and a BOE deliberately turning a blind eye, but the government is at least seeming to want to try and regain control over public finances.

[alabbasi]

I have no idea where 5% comes from. It's closer to 30% from where I stand. There's a serious supply problem. I stop by the store to get motor oil yesterday and this is what the isle looked like. Nothing to do with ships in Longbeach.

[andy_s]

^ I was reading about the CEO of Flexiport that went and hired a boat for 3hrs to see what the actual problem was at the ports, a lot of it was a case that lorries couldn't stack empty containers and empty the rig and the whole system jammed up. The Governor [iirc] got his quick report and ordered containers to be stacked 4 high instead of 2 plus a few other small adjustments the same day. What was interesting was that for a few months now no one actually got out of the boardroom to see the actual state of affairs for themselves. Within 24hrs substantial change.

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Goto 00:40

[aparna]

It is a bit weird a billionaire is so obsessed with pushing Bitcoin. First time I noticed his tweets I googled ‘Jack Dorsey Twitter hacked’

[Gecko1978]

BorkBorkBork said:

Jiebo said:

Gecko1978 said:

I wonder if those with crypto who say have a a fee k now wake up in 12 months and have house buying amount how much will Rishi want and will he find the young a free folk (no kids, not in a fixed career, no mortgage) will just up an leave.

There is a famous early adopter (netflix show) who left the US lives in Japan has nice apartment and a lambo. I think this might be more of a worry for the state print cash to point its worthless and people switch but for the first time in history they have moved to something the state do not control

Bitcoin already has the market cap of Silver. It’s not going to 100x in the next year!

The smaller ones have room to grow, but I think the 100x days are well over, and now its moving into maturity.

The wider Defi ecosystem is still very much in its infancy and hasn’t even started to mature. As long as it’s not regulated out of existence, I suspect the future of finance will be a lot different to what it is now.

I don't think BTC or any other crypto having a market cap comparable with another resource matters. Silver gold the USD who cares if its acceptable as a medium of exchange

[Jiebo]

Gecko1978 said:

I don't think BTC or any other crypto having a market cap comparable with another resource matters. Silver gold the USD who cares if its acceptable as a medium of exchange

It’s looking like the direction of travel is Bitcoin is going to be a similar medium of exchange as gold or silver. I.e. you will always need to convert it to the local fiat currency to carry out a transaction. This conversion will get easier, with credit cards that allow payment in cypto and such like. But no government on earth will allow a decentralised currency to replace fiat in our lifetime, as it takes all power away from them.

[Gecko1978]

Jiebo said:

Gecko1978 said:

I don't think BTC or any other crypto having a market cap comparable with another resource matters. Silver gold the USD who cares if its acceptable as a medium of exchange

It’s looking like the direction of travel is Bitcoin is going to be a similar medium of exchange as gold or silver. I.e. you will always need to convert it to the local fiat currency to carry out a transaction. This conversion will get easier, with credit cards that allow payment in cypto and such like. But no government on earth will allow a decentralised currency to replace fiat in our lifetime, as it takes all power away from them.

If governments knew what www. Would become, and social media, and camera phones I suspect they would have been banned to. Tesla accepted BTC for a while, it was likely a stunt but what happens if Amazon accepted it....

[RichTT]

Jiebo said:

It’s looking like the direction of travel is Bitcoin is going to be a similar medium of exchange as gold or silver. I.e. you will always need to convert it to the local fiat currency to carry out a transaction. This conversion will get easier, with credit cards that allow payment in cypto and such like. But no government on earth will allow a decentralised currency to replace fiat in our lifetime, as it takes all power away from them.

But that's the thing, you don't. You only have to look at El Salvador as an example. People are using the state mandated Chivo app to make payments to businesses all over the country through the Lightening network.

Yes they still use USD as a backup currency for the time being but you essentially have a large portion of the country using digital gold as a method of currency.

More and more countries that depend on the USD, and as a result, struggle when sanctions are imposed, will be watching carefully.

[rodericb]

Yes. There's nothing to stop people from transacting to each other with crypto, especially Ethereum or Dogecoin. I wonder if Jack will get some Jack Ma type re-education, or if there's some larger plan - to get a wider level of acceptance of crypto in preparation for Fedcoin (the USA flavour of the G7 crypto project of which the UK has its own central crypto).

[liner33]

I called this a year ago , its the result of printing money like it was going out of fashion . I read that the true rate of inflation in the US was 13% but that was last month it’s likely higher now .

Not going to be helped by Bidens budget plans

When America sneezes …………..


Mind you kinectic conflict with China is going to make all this a minor concern

[RichTT]

rodericb said:

Yes. There's nothing to stop people from transacting to each other with crypto, especially Ethereum or Dogecoin. I wonder if Jack will get some Jack Ma type re-education, or if there's some larger plan - to get a wider level of acceptance of crypto in preparation for Fedcoin (the USA flavour of the G7 crypto project of which the UK has its own central crypto).

Don't confuse a CBDC for a decentralised blockchain crypto like BTC. It's not even close. Its the exact opposite of the concept behind BTC.

I can guarantee you it scares the hell out of the central banks and the current financial sector.

[Biggy Stardust]

Does all this inflation suggest gold is a good idea?

[rodericb]

I do know the difference between decentralised block chain crypto currencies and the government central crypto. A lot of people don't know the difference. Facebooks own crypto was a bit scary to the average Joe but if some crisis gives "electronic currency" a kick along then that's a part of the learning curve done and social acceptance nudged along toward the goal of central bank accounts, the IRS (in the case of the US) seeing your transactions, linking it to your central ID.....