moon
Satire for Sanity
Well- who wants to post here and then spend time fielding the false accusations, filth and threats of a bunch of inarticulate low-life lemmings.
Haw, haw......................................haw.
Change the world. Use cash.
- Thread starter moon
- Start date
Well- who wants to post here and then spend time fielding the false accusations, filth and threats of a bunch of inarticulate low-life lemmings.
Haw, haw......................................haw.
Neoclitorus
Best
Did you see andrew tate is becoming a muslim?
moon
Satire for Sanity
He's retired from combat sports. Maybe he's a different man.
Althea
Althea told me...
Read the thread before you take my comment out of context. The issue on the table is whether or not a restaurant owner saves money on 'fees' by paying cash. They might save tax, which is unrelated.
Some companies charge more for credit than cash (gas stations), but the market regulates that. People will go to the one station that doesn't charge the fee, and soon they all drop the fee.
Why the hell would anyone pay a fee to carry a card? These cards typically offer good perks to people that spend $100k/year, but I have no need for that.
Althea
Althea told me...
So the banks are run by the govt? How can they survive if they don't earn money?
There are no checks. People use debit cards linked to a checking account.
The CC companies. If they charge a vendor 3%, and give me 5%, then they are eating the 2%.
But...they're loaning that money out at 10%-25% to those who carry balances, so it's worth it to them. In essence, they need 'deadbeats' (their term for those who don't pay interest) like myself in order to remain liquid.
And I stated that I use cards for paperwork reduction. I don't need to save receipts. In fact, it's great when I return something to Home Depot and only need my card instead of a paper receipt. No. I have never been a victim. I have had one or two flukes, but the CC company notified me and I wasn't charged for the phony transactions.
Also...cards keep the vendors honest. I can dispute a charge and not be charged for fraudulent charges or faulty merchandise.
So they might as well use cards. Most small vendors are happy to take instant payment in exchange for paying $3 per $100.
I don't 'read threads' - I scan them and if i see an interesting post - I read it.
You typed in your post:
'There are no fees for using credit cards unless you don't have the cash to pay at the end of the month
I love my cards. I earn tons of cash each year.
Of course, at the expense of those who don't use cards.'
And that is what I referred to.
So my response DOES apply to what you typed.
As for why would someone pay a fee to use a card?
Because if you want higher end, credit cards - like some AmEx cards - you have to pay fees.
I just quoted the investopedia article on fiat currency and even bolded the part that makes it clear that most cryptos are not fiat currency. If it's not issued by a government, it's not a fiat currency. Now, that doesn't mean that crypto currencies can't lose value just like fiat currencies, but it -does- mean that their value isn't determined by said government or the banks that generally create more of it in things like "quantitative easing". This isn't to say that cryptos are by default better holders of value than fiat currencies, but there's also plenty of evidence that some cryptos have been much better holders of value than any fiat currency out there over time.
Now, I will admit that just because some of these cryptos have been great holders of value over time doesn't mean that this trend will always hold. And thinking about it, I think that ultimately, the highest markept cap cryptos may eventually be backed by physical assets. That certainly isn't the case yet, but for those who'd like their cryptos backed by assets, there are some out there.
Ironically, the strongest of them are backed by fiat currencies, namely the U.S. dollar. The Tether and USD Coin, both backed by the US dollar, come in 3rd and 4th place in terms of market cap, with 66 Billion and 44 Billion market caps, right after Bitcoin and Ethereum. I understand the reasoning- if cryptos are going for a plunge, but you think they'll do better soon enough, I think it makes sense to put your cryptos into a crypto that's tethered to the U.S. dollar, so that you can buy non US based cryptos as soon as the market improves.
But there are also cryptos that are backed by assets other than the US dollar, such as gold, oil (Venezuela's Petro) and even real estate. Some examples can be seen here:
Top 5 Physical Asset-Backed Cryptocurrencies | coincodex.com
Other than Venezuela's Petro, which I'm currently not impressed with, I won't vouch for their quality, but regardless of their current quality, I think they're on the right track. Because while having actual physical assets of value to do trade or give someone something of value can be good, they can be a drag. Whether for personal reasons or for business, when you want to send money to someone or some entity that's far away, sending them something like gold is a drag, both in terms of expensive of transport and time it takes for the recipient to get it. Up until cryptos came along, the only alternative was using the banking system. Cryptos provide another option, one that I think will become ever more popular in the future.
Neoclitorus
Best
Neoclitorus
Best
crypto is the bankings systems way of getting otherwise smart libertarian types to embrace digital cash.
Well, I'm glad that you now acknowledge that most cryptos are not fiat
. And I certainly agree that -some- cryptos are worse than many if not all of the fiat currencies out there. But certainly not all of them. There's no question that if you bought a significant quantity of Bitcoin or Ethereum in the early days and sold it now, you'd walk off with a significant sum of money.Now, that doesn't mean that buying any particular crypto today would be a good choice. I think a lot of it has to do with your current monetary situation. As mentioned previously, I have debts, and if I had any extra money, I'd rather try to pay off some of said debt then invest on a crypto whose value in the near future I simply don't know.
But if I had no debts and owned my own home, I'd certainly consider investing in cryptos.
moon
Satire for Sanity
The same vendors that charge cash-paying customers extra to cover card fees that the vendors haven't been charged ?
No- cash-payers should demand that any card charges are openly displayed . Then they can go elsewhere.
Neoclitorus
Best
Well, I'm glad that you now acknowledge that most cryptos are not fiat
Now, that doesn't mean that buying any particular crypto today would be a good choice. I think a lot of it has to do with your current monetary situation. As mentioned previously, I have debts, and if I had any extra money, I'd rather try to pay off some of said debt then invest on a crypto whose value in the near future I simply don't know.
But if I had no debts and owned my own home, I'd certainly consider investing in cryptos.
they are backed by nothing, not even a government.
if you have no debts and own your own home, you should buy more real estate or gold.
crypto is for fools.
I don't know how you came to that conclusion, but I strongly disagree with it, when it comes to -most- cryptos. There are some cryptos that certainly have ties to the traditional banking system and I know that banks are working on making cryptos of their own, but at present, those cryptos are in the minority.
Now, just because most cryptos are not tied to the current banking system does not mean that they are therefore good by default. I used to hold on to cryptos for my mother and would sometimes give her suggestions on what cryptos to hold. I definitely came to believe that some cryptos were a -lot- better than others. I've also thought that Bitcoin has been overvalued for a long time, but despite that, it stubbornly refuses to be budged from its top spot in terms of market cap. But I think that others, including Ethereum, have a lot of potential.
One thing that many are concerned with is that a lot of cryptos are fairly easy to track, especially if you don't have a hardware crypto wallet. This can be an issue if you'd rather not have governments track the cryptos you own. There's certainly evidence that the U.S. government has been involved in this:
The U.S. Government Has Spent Millions Trying to Track Cryptocurrency Users | CNN
To counter this, there are cryptocurrencies that are harder to track. Now, much has been made about these cryptos being used for illicit purposes, and that's fair, but if one doesn't trust one's government I think it's understandable that many want to use harder to track cryptos because of that fact. Some articles on this subject:
Hard-to-Track Cryptocurrencies Are Funding the Opioid Crisis | governing.com
The Taxman Cometh: Crypto Tax Enforcement is on the Rise | coinbureau.com
Some cryptos that focus on privacy:
The 6 Most Private Cryptocurrencies | investopedia.com
As to governments creating cryptos to more closely control what people do with their money, there is certainly evidence that this may happen:
'DANGEROUS' DOLLAR Warning ‘Fedcoin’ is coming – and it may ‘replace cash and hurt savers as well as allowing gov to track your payments’ | the-sun.com
It's just not there yet.
Well, I'm glad that you now acknowledge that most cryptos are not fiat
Now, that doesn't mean that buying any particular crypto today would be a good choice. I think a lot of it has to do with your current monetary situation. As mentioned previously, I have debts, and if I had any extra money, I'd rather try to pay off some of said debt then invest on a crypto whose value in the near future I simply don't know.
But if I had no debts and owned my own home, I'd certainly consider investing in cryptos.
they are backed by nothing, not even a government.
All cryptos are essentially backed by what people are willing to pay for them. That value can ofcourse change, and does frequently, but it's clear that the value of the top 2 cryptos has risen significantly since their inception. Furthermore, as I mentioned previously, some cryptos are in fact backed up by more traditional forms of value. Currently, the most popular asset is the US dollar, but others are pegged to gold and to real estate. I linked to an article on these cryptos in post #27.
Real estate can lose value, be seized, vandalized or even destroyed. Gold can be seized or stolen. There is no safe harbor when it comes to assets of value, all assets have risks. They are also generally harder to liquidate than cryptos, especially real estate.
Neoclitorus
Best
Althea
Althea told me...
And you look silly when you have no idea what the discussion is about, but you choose to jump in with responses that have no merit.
What does a higher end credit card do for me that my free cards don't?
I don't need a $100,000.00 credit limit. I have multiple cards with credit limits over $25,000
Althea
Althea told me...
By law, if you are charging cash customers less, then the CC users have to see what the fee for cards is. Like gas stations.
You are correct. Then they go elsewhere, which is why most vendors don't increase prices to cover fees.
And how do you rent a car/hotel room without a card? Make online purchases?
You look pretty pathetic that you have so little in your life that you spend it reading dozens of meaningless posts on a chat forum.
Unlike you apparently - I have a life.
And even if I did not (or was bored - as I am now) - I have no interest in wading through the waves of moronic blather that seems to emanate from most of the people on this site.
This is a perfect example.
I said one post about your comment?
About a subject I barely care about.
And now - you won't shut up about it.
If you don't know?
There is no point in me trying to explain it.
I have already wasted too much time on this silliness.
We are done here...for now.
Good day.