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The problem is that it has potential to change world for the worse, not the better. Fixed supply monetary systems have been tried in the history and there are r
by beefield 9y ago
The problem is that it has potential to change world for the worse, not the better. Fixed supply monetary systems have been tried in the history and there are reasons other than evil bankers wanting to get power for their dismissal.
And claiming that bitcoin's success would be bankers loss indicates that you don't quite get what is the utility finance sector creates. One of the main things banks do is they convert short term deposits to long term loans. There is nothing in bitcoin that reduces the need for that service in our economy. There were banks at gold standard times and there will be banks in the extremely unlikely world where bitcoin is main currency in a society.
There is no mechanism in bitcoin that would manage the volatility of the currency (against the price of bread and butter, not other currencies) That in itself makes it DOA as a proper currency. Further, even if that was sorted out and a society would want to have bitcoin as their currency, why the f*ck (pardon my french) the society would want to give the seignorage to bunch of cryptonerds? It is not like it is difficult to make a fork.
I am not mad about missing one more tulip bubble/ponzi scheme. I am mad that people never seem to learn.
Modern money is debt. It is a marker who in the society is owed and how much. Thinking that those markers should have fixed supply is just not smart.
- stevep98 9y agoI wonder whether scrutiny of those tax avoidance schemes revealed in the paradise papers or Panama papers will lead to those investors moving their funds to bitcoin.
- bringtheaction 9y agoRather they would use a crypto currency with actual anonymity don't you think? I'm not going to mention it by name lest someone thinks I'm here to "shill" it (which btw I'm not, I only hold BTC and ETH currently).
- bitveil 9y agoOr use a Bitcoin mixer.
- omio 9y agoBitcoin may be a finite supply but cryptocurrencies in general are infinite. So can you really say it is a fixed monetary system?
- beefield 9y agoEach one of the cryptocurrencies I have encountered relies on the idea that the supply is somehow predefined. Give me a cryptocurrency whose supply is adjusted based on the needs of their users and I am interested. Give me a cryptocurrency that allows heavily negative interest rates for savings to embrace current consumption in the economy over hoarding of "money" and I am interested. But these are complete anathema for the current cryptocurrency folks.
- omio 9y agoIt can be done easily. I would say it will be done in the future by governments and forced on us. The amount of control a government would have with a forced cryptocurrency is the only problem I see.
- beefield 9y agoYes, easily if it is made by government. But if you wanted to do that without government help enforcing things bit in a distributed manner, I find it a bit more difficult.
- cableshaft 9y agoThere are cryptocurrencies out there that are inflationary, although it's a set inflationary amount. Ethereum and Dogecoin are two of them.
- fenk85 9y ago> The problem is that it has potential to change world for the worse, not the better. Points at Facebook/Twitter and Trump+Russia abuse of this tech
- havetocharge 9y agoWell said. Credit is unlimited and it propelled real growth in the past. The sole use of Bitcoin would make this capability an anti-pattern.