Posted: Nov 14, 2020 9:56 am
jamest wrote:OlivierK wrote:
Look, james, there's a reason I never pursued a career as a teacher (as many mathematicians do). It's because my teaching style is to explain things once, then if that doesn't work, try again using smaller words, and then if that doesn't work, lose my temper and call the recalcitrant student an idiot. As I've got older and more mellow, I've just come to the conclusion that teaching isn't my best skill, so I just tend to give up after the first two steps.
Then by your own admission, you're arrogant and grumpy.
No, james; it's not hard if you just read. By my own admission I'm a poor teacher of poor students. That's acknowledging the lack of a particular skill, so quite the opposite of arrogant. And I also noted that my response to students who stubbornly fail to learn is no longer grumpy, but more mellow these days. I'm not really fussed if anyone thinks poorly of me for being incapable of getting you to understand a simple concept. As I said, teaching's not my forte.
jamest wrote:
I started typing an explanation for you using even smaller words, but deleted it from this post because it ended up pretty much identical to what I've already posted. I have nothing to add, except that perhaps you might look up your own country's level of reserves. It's historically high at about £180b. Probably about £100b of that is USD denominated, and £50b EUR (for strategic reasons, most countries don't disclose their holdings). If the USD failed, let's just assume for the sake of argument a worst case scenario: that the UK government is so incompetent that the value of their USD denominated reserves falls to £0 before they can sell any of them at any price.
If you understand what foreign exchange reserves are, you should have no trouble at all answering the following questions:
1) What is the effect of losing that £100b on the UK budget?
2) What is the effect of losing that £100b on the value of the GBP against the world's remaining currencies?
If you can't answer those straight off the top of your head, then you need to go do remedial reading. If you can, do so, and we can continue our conversation.
You're full of shit, since there are no absolute answers to those relative questions.
OK, thanks for giving your point of view. As expected, it's wrong.
The effect on the UK's £100b of USD reserves falling to zero would be a loss of £100b.
The direct effect on the value of Sterling would be nothing, because the value of Sterling is not determined by the value of the UK's foreign exchange reserves, of any currency, in any way.
jamest wrote:Instead of boring the arse off of me, why don't you explain to the members here precisely why you're being arrogant and grumpy whilst my portfolio for the last 18 months has made my dick look four+ times bigger than yours.
Look james, if you want to make this personal, you work for a courier company to make ends meet, and I'm independently wealthy to the point where the only paid work I've done in the last 19 years is to be an extra in a movie. Hope that's not too deflating for your dick.
jamest wrote:At some point here, presumably within 2021, I will either (as promised in 2019) concede that I've been a dick, or will be here DEMANDING that the likes of yourself and Thommo state that you are dicks wrt everything I've said here.
Given that bitcoin is worth more than 4 times what I advised this forum's members to buy it at back in February of 2019 and given a 'bull run' is now official in terms applicable to technical analysis, I would now almost guarantee that my initial prediction for bitcoin to hit 50-100k towards the end of 2021 was a certainty, if it wasn't for this SCAMdemic.
