Recession

[Bat Man]

The only changes are to plan trips farther out to counter the increase in airfares, and to cut back on consumption of non-necessities while at home.

Just discontinued Hulu, Disney Plus, Netflix and a news subscription to save money. Focusing on paying off debts these next couple of months so I can get my tricking off stronger in the new year.

For streaming, Amazon Firestick and Kodi is a huge money saver.

I use firestick as well

I got rid of that and watch movies for free on F-Movies

I cut back on eating out and drinking sugary drinks. That wasn't because of the recession but for health reasons.

That being said I watch my spending as prices have gone up and you'd be amazed on what we throw away money on.

Tell people this all of the time

Yeah most people in the west don't have a money problem they have a spending problem.

[stinqu]

The service in DR has never been good, so 10% is all I give. The only times I've had good service is when the waitress wants me to take her home. lol

[Jazzy2019]

If I’m happy with the service I typically give another 10% on top of the 10% built into the check.

[stinqu]

The first time I went to DR was 2012(4 yrs after the market crash of 08). Canadian $ was trading above US$ because Canadian Banks and brokers were forbidden from trading in Junk Assets in the US. The chic prices were fair, yes there were some that aimed high, that has always been the case. That said, a good GFE was still 2000 pesos/24hrs. Inflation has change every, thing world wide. Here is a simple rule I learned from world mongers to know what to pay ST in any country, 10x the price or a beer to start the convo , the rest is up to you.

[Jazzy2019]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

[MACK]

The only changes are to plan trips farther out to counter the increase in airfares, and to cut back on consumption of non-necessities while at home.

Just discontinued Hulu, Disney Plus, Netflix and a news subscription to save money. Focusing on paying off debts these next couple of months so I can get my tricking off stronger in the new year.

For streaming, Amazon Firestick and Kodi is a huge money saver.

I use firestick as well

I got rid of that and watch movies for free on F-Movies

I cut back on eating out and drinking sugary drinks. That wasn't because of the recession but for health reasons.

That being said I watch my spending as prices have gone up and you'd be amazed on what we throw away money on.

Tell people this all of the time

The number one thing that everybody overspends on is tipping. Everyone over tips and they don’t even realize it. Everywhere you go in the Dominican Republic they add 10% for a tip. They called a service charge. And then everyone tips 20% on top of that when the customary tip for locals is only 10%. So instead of giving them a customary 10%, you end up giving them 30%. How crazy is that?

Yea kats tippin on top of that shit are dummies...and nothing more..smh Americans think they are the smartest but really they are one of the stupidest 

[Jazzy2019]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

I had no idea that Binance froze withdrawals.  And I say this as someone with money in Binance.   I bought some crypto over a year ago.  For me it was (and still is) a set it and forget it type of deal through the good and the bad. 

Markets are cyclical.

They halted trading for three hours this morning. Up and running again under a cloud of nervousness.

[MACK]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

I had no idea that Binance froze withdrawals.  And I say this as someone with money in Binance.   I bought some crypto over a year ago.  For me it was (and still is) a set it and forget it type of deal through the good and the bad. 

Markets are cyclical.

They halted trading for three hours this morning. Up and running again under a cloud of nervousness.

That's a mere blip considering the fukkery from years past.

Side note: The worst thing people can do is make a run on exchanges and withdraw their money.   Buying high and selling low (buying low and selling for a tiny profit) is silly.  I get though... Many people are impatient and worried.

In the end, people ought not invest money the can ill-afford to lose.

Your not losing anything..it isn't real

[Viva La Vega]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

The elephant is going to slide past 20k tomorrow and with any luck start to settle before 15K. But really, as it's value was built on trust, if folks no longer trust it, where will it end up?

[Hobby]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

I had no idea that Binance froze withdrawals.  And I say this as someone with money in Binance.   I bought some crypto over a year ago.  For me it was (and still is) a set it and forget it type of deal through the good and the bad. 

Markets are cyclical.

They halted trading for three hours this morning. Up and running again under a cloud of nervousness.

That's a mere blip considering the fukkery from years past.

Side note: The worst thing people can do is make a run on exchanges and withdraw their money.   Buying high and selling low (buying low and selling for a tiny profit) is silly.  I get though... Many people are impatient and worried.

In the end, people ought not invest money the can ill-afford to lose.

Your not losing anything..it isn't real

It is real if you transferred your hard earned money into bitcoin at say when bitcoin was trading at 60,000 and now need your money for something else.  I understand money is not created nor destroyed but people have lost some assets during this downturn.  Don't invest what you cannot lose.  I know of people taking out loans to buy bitcoin at 45,000 and 50,000.  One of my favorite bartenders did exactly this-being he is a bartender that should tell you all you need to know.

Hobby

[Tex1988]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

The elephant is going to slide past 20k tomorrow and with any luck start to settle before 15K. But really, as it's value was built on trust, if folks no longer trust it, where will it end up?

Bitcoin is slowly manipulated through opinion pieces and the anticipation of regulation. Right now they're just weeding out the chicken-hearted. Ten years from now they're gonna be worth well into the 6 figures.

[MACK]

You guys are contemplating the impact of a recession that’s yet to happen when the elephant in the room is the crypto melt down. As of today bitcoin is down 66% from it’s November high. Too many folks, including people here, were pushing crypto and marveling at their profits. To go from a $1 to $.34 got to hurt like all hell. Additionally you might not be able to get at that $.34 even if you wanted to. Both Celsius and Binance froze withdraws today and yesterday.

I had no idea that Binance froze withdrawals.  And I say this as someone with money in Binance.   I bought some crypto over a year ago.  For me it was (and still is) a set it and forget it type of deal through the good and the bad. 

Markets are cyclical.

They halted trading for three hours this morning. Up and running again under a cloud of nervousness.

That's a mere blip considering the fukkery from years past.

Side note: The worst thing people can do is make a run on exchanges and withdraw their money.   Buying high and selling low (buying low and selling for a tiny profit) is silly.  I get though... Many people are impatient and worried.

In the end, people ought not invest money the can ill-afford to lose.

Your not losing anything..it isn't real

It is real if you transferred your hard earned money into bitcoin at say when bitcoin was trading at 60,000 and now need your money for something else.  I understand money is not created nor destroyed but people have lost some assets during this downturn.  Don't invest what you cannot lose. I know of people taking out loans to buy bitcoin at 45,000 and 50,000.  One of my favorite bartenders did exactly this-being he is a bartender that should tell you all you need to know.

Hobby

YEA that guy is foolish ...smh

[Henny White]

It is real if you transferred your hard earned money into bitcoin at say when bitcoin was trading at 60,000 and now need your money for something else.  I understand money is not created nor destroyed but people have lost some assets during this downturn.  Don't invest what you cannot lose. I know of people taking out loans to buy bitcoin at 45,000 and 50,000.  One of my favorite bartenders did exactly this-being he is a bartender that should tell you all you need to know.

Hobby

YEA that guy is foolish ...smh

In this situation, there's a fine line between foolishness and insightfulness.  That fine line is timing.

Now, would have been the time to take out a loan to buy Bitcoin.   Buy when the herd (i.e., those who take their cues from talking-heads) doesn't want to buy.  If the herd is buying, it's too late to get in.

I know this sounds crazy, but if dude's credit is good, he should take out another loan and average down.  That way, he won't have to wait as long to recoup his unrealized losses.   Since dude is a bartender, he probably can't afford to take out another loan.

When it comes to investing in assets, one has to earn the right to profit.  Going back to what I said earlier, one earns that right by buying when everyone refuses and are heading to exit.  Conversely, one doesn't earn the right when he jumps on the bandwagon.

Holders of Bitcoin (and other cryptos) are at a crossroads-- do they eat losses (by cashing out at a loss), or do they double-down?  Again, there's a fine line between foolishness and insightfulness.  That fine line is timing.

I can only speak for myself. I'm in all the way & buying more on every dip!

Portfolio bleeding like a bitch on her rag rite now lol -But my objective was a 5 to 10 year hold anyway.

Bitcoin
ETH
Cardano

Scary times rite now. Sh!t will likely be twisted till the elections in 2024. Maybe even longer 😖

[MACK]

It is real if you transferred your hard earned money into bitcoin at say when bitcoin was trading at 60,000 and now need your money for something else.  I understand money is not created nor destroyed but people have lost some assets during this downturn.  Don't invest what you cannot lose. I know of people taking out loans to buy bitcoin at 45,000 and 50,000.  One of my favorite bartenders did exactly this-being he is a bartender that should tell you all you need to know.

Hobby

YEA that guy is foolish ...smh

In this situation, there's a fine line between foolishness and insightfulness.  That fine line is timing.

Now, would have been the time to take out a loan to buy Bitcoin.   Buy when the herd (i.e., those who take their cues from talking-heads) doesn't want to buy.  If the herd is buying, it's too late to get in.

I know this sounds crazy, but if dude's credit is good, he should take out another loan and average down.  That way, he won't have to wait as long to recoup his unrealized losses.   Since dude is a bartender, he probably can't afford to take out another loan.

When it comes to investing in assets, one has to earn the right to profit.  Going back to what I said earlier, one earns that right by buying when everyone refuses and are heading to exit.  Conversely, one doesn't earn the right when he jumps on the bandwagon.

Holders of Bitcoin (and other cryptos) are at a crossroads-- do they eat losses (by cashing out at a loss), or do they double-down?  Again, there's a fine line between foolishness and insightfulness.  That fine line is timing.

Do you consider Bitcoin as an investment...?

[MACK]

It is real if you transferred your hard earned money into bitcoin at say when bitcoin was trading at 60,000 and now need your money for something else.  I understand money is not created nor destroyed but people have lost some assets during this downturn.  Don't invest what you cannot lose. I know of people taking out loans to buy bitcoin at 45,000 and 50,000.  One of my favorite bartenders did exactly this-being he is a bartender that should tell you all you need to know.

Hobby

YEA that guy is foolish ...smh

In this situation, there's a fine line between foolishness and insightfulness.  That fine line is timing.

Now, would have been the time to take out a loan to buy Bitcoin.   Buy when the herd (i.e., those who take their cues from talking-heads) doesn't want to buy.  If the herd is buying, it's too late to get in.

I know this sounds crazy, but if dude's credit is good, he should take out another loan and average down.  That way, he won't have to wait as long to recoup his unrealized losses.   Since dude is a bartender, he probably can't afford to take out another loan.

When it comes to investing in assets, one has to earn the right to profit.  Going back to what I said earlier, one earns that right by buying when everyone refuses and are heading to exit.  Conversely, one doesn't earn the right when he jumps on the bandwagon.

Holders of Bitcoin (and other cryptos) are at a crossroads-- do they eat losses (by cashing out at a loss), or do they double-down?  Again, there's a fine line between foolishness and insightfulness.  That fine line is timing.

Do you consider Bitcoin as an investment...?

It depends on one's perspective and one's definition of investment. 

I define an investment as the purchase of an asset for the long haul (beyond one year) with an expectation of a return on investment.  That asset could be stock, a house, an education, crypto, etc. 

So, yes, in the terms I specified, I consider Bitcoin as an investment, albeit a very risky one.

Thinking crypto as an investment is strange...but to each is own