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Bitcoin does absolutely not get rid of monetary policy. It just has it's own kind of monetary policy. Which, to be clear, has been tried and tested in the form

Bitcoin does absolutely not get rid of monetary policy. It just has it's own kind of monetary policy. Which, to be clear, has been tried and tested in the form of gold standard and deemed not satisfactory. Further, bitcoin has absolutely nothing to say about amount of currency in circulation in a world where credit is used to create currency (i.e. modern world).

ur-whale 6y ago
> has been tried and tested in the form of gold standard and deemed not satisfactory. I believe the comparison is unfair: - Gold can't be transfered in under 10 minutes halfway round the planet - Gold can rather easily be confiscated - Gold is very hard to subdivide to tiny quantities - Gold can easily be "faked", especially for tiny amounts. - Gold's supply is not really finite - [edit]: carrying 100kg of gold across a border is - to say the least - problematic
- beefield 6y ago
  Those have very little to do with monetary policy (https://en.wikipedia.org/wiki/Monetary_policy https://en.wikipedia.org/wiki/Monetary_policy) Plus, in the modern credit-money world, an IOU from a bank worth 1 BTC, IOU worth one ounce of gold and IOU worth $1[1] have precisely same technological properties and limitations. [1] A.K.A "Money in your bank account"
- paras2594 6y ago
  I do believe these statements as the best way anyone could have defined. And when it comes to Buying Bitcoin over gold https://www.buyucoin.com/buy-bitcoin-india https://www.buyucoin.com/buy-bitcoin-india this is the apt choice
thorwasdfasdf 6y ago
Which is exactly why, over the long term bitcoin will continue to go up in value. As more and more countries debase/devalue their currency bitcoin will just keep going up and up.
apta_ 6y ago
> Which, to be clear, has been tried and tested in the form of gold standard and deemed not satisfactory Deemed unsatisfactory by who? The money printers? The banks? Yes, the people who make money off of lending money, something clearly prohibited in Islam, Judaism, and Christianity. Clearly people want no part of this anymore, that's why bitcoin and other crytpocurrencies have a significant value proposition for many.

ur-whale 6y ago

> has been tried and tested in the form of gold standard and deemed not satisfactory. I believe the comparison is unfair: - Gold can't be transfered in under 10 minutes halfway round the planet - Gold can rather easily be confiscated - Gold is very hard to subdivide to tiny quantities - Gold can easily be "faked", especially for tiny amounts. - Gold's supply is not really finite - [edit]: carrying 100kg of gold across a border is - to say the least - problematic

beefield 6y ago
Those have very little to do with monetary policy (https://en.wikipedia.org/wiki/Monetary_policy https://en.wikipedia.org/wiki/Monetary_policy) Plus, in the modern credit-money world, an IOU from a bank worth 1 BTC, IOU worth one ounce of gold and IOU worth $1[1] have precisely same technological properties and limitations. [1] A.K.A "Money in your bank account"
paras2594 6y ago
I do believe these statements as the best way anyone could have defined. And when it comes to Buying Bitcoin over gold https://www.buyucoin.com/buy-bitcoin-india https://www.buyucoin.com/buy-bitcoin-india this is the apt choice

thorwasdfasdf 6y ago

Which is exactly why, over the long term bitcoin will continue to go up in value. As more and more countries debase/devalue their currency bitcoin will just keep going up and up.

apta_ 6y ago

> Which, to be clear, has been tried and tested in the form of gold standard and deemed not satisfactory Deemed unsatisfactory by who? The money printers? The banks? Yes, the people who make money off of lending money, something clearly prohibited in Islam, Judaism, and Christianity. Clearly people want no part of this anymore, that's why bitcoin and other crytpocurrencies have a significant value proposition for many.