Quote from: sandiman on June 02, 2016, 09:17:03 PM

Quote from: pariahbit on June 02, 2016, 02:33:54 PM

That's why some might cash out into USD. Either directly, or via BTC. Zero reason to be stuck in BTC.
That said, "rich people" don't store their wealth in ~~fiat~~ money. Because it's stupid, that's not what money's for. Rich people who think that keeping their money in a mattress is smart become poor people, with or without 0.5% yuan depreciation.

Sometimes keeping your usd in a mattress is a wiser choice that risking it in some risky investment. If your goal is to store your money and not increase your saving, just use fucking saving account, which are like mattress.

My ~~savings~~ checking account pays me interest, not much, but better than my mattress. Bonus: If my bank catches on fire or gets burglarized, my money is insured by FDIC. FDIC doesn't extend the same courtesy to my mattress.

That, of course, isn't the point. The only money that's kept in my bank account is money that I plan to spend in the immediate future. The bulk of my wealth (lol) is invested in stuff -- house, investments, cars, toys, etc.

But we're not talking about stiffs like me either -- we're talking about "rich people," who can afford to manage their risks. If even index funds overstep their risk tolerance, bitcoin is the last fricking thing they'll toy with.

Quote

Quote

Devaluation of yuan rel. USD & USD becoming weak rel. yuan are mutually exclusive.
Try logic.

Idk if you are not understanding his words on purpose, but is is written USD rel. Eur or franc swiss. American would be in a much better situation with a weak dollars vs euros regarding the huge amount of stuff that they export there...

1. American being/not being "in a much better situation with a weak dollars vs euros regarding the huge amount of stuff that they export [to Europe]" is neither here nor there, we are talking about the 0.5% (zero point five percent, half a percent) devaluation of RMB vs. USD triggering capital flight. Are you suggesting that USD buying power has dropped as a result of RMB devaluation?
2. By devaluing the dollar, America would be "in a better position" re. exports, but only if "better" is enumerated in (now devalued) dollars.