sj_zero on Nostr: Doesn't matter how much you earn or how much you save if the spending power of your ...
Doesn't matter how much you earn or how much you save if the spending power of your savings plummets faster than you can put it away. Inflation hasn't been 2% in a lot of places no matter what they claim.
I've been strongly against cryptos because they aren't the thing that they claim to be. They don't meet the definition of it a currency in any way, so all they are is a speculative investment. I'm not saying that anyone should put their money in cryptos, I didn't because I don't believe in them. You could have made a lot of money on pets.com stock too, right up until you lost it all. The only way that people make money off of a crypto is by having more people invest in crypto, making it the definition of a Ponzi scheme. Virtually nobody buys these things because they intend to use them as anything but a place to maybe make more money.
What I'm really saying here is I get it. In the broken financial environment that has been created, holding dollars means losing buying power. In that case, people have to take more risk just to keep their heads above water. People watch the value of new vehicles skyrocket. People watch the value of homes skyrocket. People watch their rents skyrocket. People watch the cost of heating their homes skyrocket. People watch the cost of food skyrocket. In an environment like that, even if you're making good money and putting a bunch of it away, you're losing it all to the inflation tax unless you do something to keep it from shrinking.
I've been strongly against cryptos because they aren't the thing that they claim to be. They don't meet the definition of it a currency in any way, so all they are is a speculative investment. I'm not saying that anyone should put their money in cryptos, I didn't because I don't believe in them. You could have made a lot of money on pets.com stock too, right up until you lost it all. The only way that people make money off of a crypto is by having more people invest in crypto, making it the definition of a Ponzi scheme. Virtually nobody buys these things because they intend to use them as anything but a place to maybe make more money.
What I'm really saying here is I get it. In the broken financial environment that has been created, holding dollars means losing buying power. In that case, people have to take more risk just to keep their heads above water. People watch the value of new vehicles skyrocket. People watch the value of homes skyrocket. People watch their rents skyrocket. People watch the cost of heating their homes skyrocket. People watch the cost of food skyrocket. In an environment like that, even if you're making good money and putting a bunch of it away, you're losing it all to the inflation tax unless you do something to keep it from shrinking.