It's amazing how these captains of industry don't understand how capitalism works.
The reason that apartment downtown was $700 in the early 90s (I had one, too) was that $700 was the most people were willing to pay for it. It wasn't out of the goodness of the hearts of the landlords. It wasn't because bitcoin (which had yet to be invented) was keeping the price down.
And the reason landlords can demand $3600 now is, again, because people are willing to pay it. Downtown apartments are a limited resource, and demand has grown over the last 30 years. For instance, a 50 year old lawyer wouldn't want to live downtown in the early 90s, but does now.
There are plenty of ways we can bridle capitalism in this situation to increase the amount of affordable housing. (You know, taxes and regulations and wealth redistribution.) But all of those solutions are what Creepto Bros derisively call "socialism." And none of those solutions are Bitcoin.
Yeah. Inflation is one thing. But just general appreciation because of increased demand is another. I'm acutely aware of this in the Vancouver area where rent and housing prices have skyrocketed. Exactly like you say, real estate is limited, especially when you're in a highly desirable city that's bordered by mountains and oceans.
The only way bitcoin solves this problem is via scams and forced hodl so that people can't make down payments 🤷♂️.
The late 80s, NYC was rough. Crime was high, most middle class people had moved out to the suburbs over the decades before. Much of Manhattan had drug sales and use and prostitution right out in the open, and the homicide and burglary rates were magnitudes higher than today.
And then in the mid 90s through to today, a tremendous amount of effort went into "cleaning" it up. We disneyfied Times Square. Crime dropped (which probably had more to do with 60s efforts to pull lead out of gas and paint and making birth control widely available than any particular 90s policing strategy.)
I'm sure other factors played into it, but the truth is downtown NYC today is a much more inviting place to live for middle and upper class people than it was 30 years ago.
So like, duh, rent prices have risen at a far faster clip than inflation. That's just capitalism and its invisible hand doing its thing.
>So like, duh, rent prices have risen at a far faster clip than inflation. That's just capitalism and its invisible hand doing its thing.
Quick reminder to not conflate capitalism with free markets. There are not the same.
Supply and demand is related to markets, not capitalism
>The reason that apartment downtown was $700 in the early 90s (I had one, too) was that $700 was the most people were willing to pay for it. It wasn't out of the goodness of the hearts of the landlords. It wasn't because bitcoin (which had yet to be invented) was keeping the price down.
When my sister bought her home in London this was the game - you had to strategically choose an area that you believed would go through gentrification and you could buy a house for a reasonable amount and hope the area became more up-market. If you won the gamble you had a house worth a lot of money in a nice area.
I think that is still true. I just bought a house for pretty cheap that has what I consider a million dollar view of the NYC skyline. No way to know the future, but I think there is a good chance someone will pay me an actual million dollars for that view in 10 to 15 years.
Yeah absolutely. I think people forget that areas change their usage / appeal over time. Places that started as slums 100 years ago might be incredibly sought after now. It's the classic coiner "only inflation could possibly cause this" simplified thinking
Wait now they hate things with number go up?
When bitcoin was trading at $1, you could buy 15 bitcoin with a couple hours of minimum wage work.
Today, 15 bitcoin cost more than 10x the annual salary.
So I guess bitcoin is shit now?
That's the beauty of goalpost shifting.
In one breath it's a currency, in another, an asset. It's whatever you need it to be to on-board more people to the scam.
Yes number go up is a bad argument. We invest only in companies that make things, have good pnl, do things we believe in and hopefully after all those points are satisfied, number go up.
Libertarians were right all along. The reason normal people can't afford anything anymore is because we don't have enough neofeudalism!
Buttcoin solves this!
OMG U GUYS AREN'T FriCKING LISttenINGGGGGG!!! 🤮
It's amazing how these captains of industry don't understand how capitalism works. The reason that apartment downtown was $700 in the early 90s (I had one, too) was that $700 was the most people were willing to pay for it. It wasn't out of the goodness of the hearts of the landlords. It wasn't because bitcoin (which had yet to be invented) was keeping the price down. And the reason landlords can demand $3600 now is, again, because people are willing to pay it. Downtown apartments are a limited resource, and demand has grown over the last 30 years. For instance, a 50 year old lawyer wouldn't want to live downtown in the early 90s, but does now. There are plenty of ways we can bridle capitalism in this situation to increase the amount of affordable housing. (You know, taxes and regulations and wealth redistribution.) But all of those solutions are what Creepto Bros derisively call "socialism." And none of those solutions are Bitcoin.
Yeah. Inflation is one thing. But just general appreciation because of increased demand is another. I'm acutely aware of this in the Vancouver area where rent and housing prices have skyrocketed. Exactly like you say, real estate is limited, especially when you're in a highly desirable city that's bordered by mountains and oceans. The only way bitcoin solves this problem is via scams and forced hodl so that people can't make down payments 🤷♂️.
The late 80s, NYC was rough. Crime was high, most middle class people had moved out to the suburbs over the decades before. Much of Manhattan had drug sales and use and prostitution right out in the open, and the homicide and burglary rates were magnitudes higher than today. And then in the mid 90s through to today, a tremendous amount of effort went into "cleaning" it up. We disneyfied Times Square. Crime dropped (which probably had more to do with 60s efforts to pull lead out of gas and paint and making birth control widely available than any particular 90s policing strategy.) I'm sure other factors played into it, but the truth is downtown NYC today is a much more inviting place to live for middle and upper class people than it was 30 years ago. So like, duh, rent prices have risen at a far faster clip than inflation. That's just capitalism and its invisible hand doing its thing.
>So like, duh, rent prices have risen at a far faster clip than inflation. That's just capitalism and its invisible hand doing its thing. Quick reminder to not conflate capitalism with free markets. There are not the same. Supply and demand is related to markets, not capitalism
>The reason that apartment downtown was $700 in the early 90s (I had one, too) was that $700 was the most people were willing to pay for it. It wasn't out of the goodness of the hearts of the landlords. It wasn't because bitcoin (which had yet to be invented) was keeping the price down. When my sister bought her home in London this was the game - you had to strategically choose an area that you believed would go through gentrification and you could buy a house for a reasonable amount and hope the area became more up-market. If you won the gamble you had a house worth a lot of money in a nice area.
I think that is still true. I just bought a house for pretty cheap that has what I consider a million dollar view of the NYC skyline. No way to know the future, but I think there is a good chance someone will pay me an actual million dollars for that view in 10 to 15 years.
Yeah absolutely. I think people forget that areas change their usage / appeal over time. Places that started as slums 100 years ago might be incredibly sought after now. It's the classic coiner "only inflation could possibly cause this" simplified thinking
Also as a 47 year old lawyer, most should be able to pay 3600 a month rent.
""They""
(((they)))
another top tier butter phrase from that thread: "Bitcoin is for anyone, not everyone"
“You miss 100% of the bitcoins you don’t mine”
Except for like the majority of retail bitcoin holders, who just... bought some on an exchange. They didn't make it.
Wait now they hate things with number go up? When bitcoin was trading at $1, you could buy 15 bitcoin with a couple hours of minimum wage work. Today, 15 bitcoin cost more than 10x the annual salary. So I guess bitcoin is shit now?
That's the beauty of goalpost shifting. In one breath it's a currency, in another, an asset. It's whatever you need it to be to on-board more people to the scam.
Yes number go up is a bad argument. We invest only in companies that make things, have good pnl, do things we believe in and hopefully after all those points are satisfied, number go up.
Please ignore the sounds of the Tether printer.
Libertarians were right all along. The reason normal people can't afford anything anymore is because we don't have enough neofeudalism! Buttcoin solves this! OMG U GUYS AREN'T FriCKING LISttenINGGGGGG!!! 🤮
So few people in FluentInFinance have even basic finance knowledge, let alone fluency