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It's because US monetary policy has created an enormous transfer of wealth to the wealthy and out of the general economy. They do this by extending credit at lo

by javert 5y ago

It's because US monetary policy has created an enormous transfer of wealth to the wealthy and out of the general economy. They do this by extending credit at low interest rates with the collective understanding that the value of the dollar will continue to be printed away. The wealthy (like me...) buy stuff on credit now and pay it back later with much cheaper future dollars. COVID threw a wrench in the scheme temporarily and caused a lot of that money to start trickling down, which is why we're seeing wages rise rapidly and high consumer-level inflation. By the way, bitcoin fixes this.

colinmhayes 5y ago
Monetary policy and fiat currency are unequivocally good things. Deflation is what caused the 50 year recession from 1860-1910. Not being able to control inflation leads to mass unemployment.
- javert 5y ago
  My comment explains in detail the specific mechanism I'm concerned about in a way that everyone can understand it. Your comment regurgitates something from a textbook that people have on reason to actually trust. I don't have a problem that you disagree with me. I have a problem that it's an argument from authority. Also, I wonder if you're conceding that the Fed steals from the economy in general and gives to the super wealthy, and simply think that that's a necessary side effect of having a well-functioning economy. It seems like it.
  - colinmhayes 5y ago
    Bitcoin is not a viable currency. It's value is not anywhere near stable enough. It's honestly incredible that you haven't even thought of the very first problem with using bitcoin as a currency. Yes, the rich abuse the current system. They will do the same with any system. Saying "we shouldn't ensure that our currency has predictable value because that would make the rich even richer" is insane when the rich will be richer no matter what you do. > I have a problem that it's an argument from authority. https://danluu.com/cocktail-ideas/ https://danluu.com/cocktail-ideas/ you are the developer who thinks building a bridge is easy. Please just admit that you don't understand what you're talking about.
    - javert 5y ago
      > Bitcoin is not a viable currency. It's value is not anywhere near stable enough. It can't go from zero to stable overnight. It has to start somewhere and gain stability over a long period of time. > It's honestly incredible that you haven't even thought of the very first problem with using bitcoin as a currency. You're behaving like a troll. There is an absolutely obvious objection to your prior sentence, but rather than see that, you pretend like it isn't the case, and attack me personally. You don't know me and you don't know my thinking. You're also behaving as a troll because you've totally changed the topic instead of answering my direct objections to your prior comments. I'm done talking to you. I assume your next comment will also be trollish, and I hope people see through it. But please just don't answer.
      - ipaddr 5y ago
        Wealth and power get transferred over to the blockchain. You end up with the same structures in a less controllable currency.
  - tibyat 5y ago
notahacker 5y ago
Ah yes, nothing says egalitarianism quite like the distribution of Bitcoin. Why allow one percenters to borrow money they actually have to reinvest in giving people jobs when we can just give them the printing press?

by javert 5y ago

colinmhayes 5y ago

Monetary policy and fiat currency are unequivocally good things. Deflation is what caused the 50 year recession from 1860-1910. Not being able to control inflation leads to mass unemployment.

javert 5y ago
My comment explains in detail the specific mechanism I'm concerned about in a way that everyone can understand it. Your comment regurgitates something from a textbook that people have on reason to actually trust. I don't have a problem that you disagree with me. I have a problem that it's an argument from authority. Also, I wonder if you're conceding that the Fed steals from the economy in general and gives to the super wealthy, and simply think that that's a necessary side effect of having a well-functioning economy. It seems like it.
- colinmhayes 5y ago
  Bitcoin is not a viable currency. It's value is not anywhere near stable enough. It's honestly incredible that you haven't even thought of the very first problem with using bitcoin as a currency. Yes, the rich abuse the current system. They will do the same with any system. Saying "we shouldn't ensure that our currency has predictable value because that would make the rich even richer" is insane when the rich will be richer no matter what you do. > I have a problem that it's an argument from authority. https://danluu.com/cocktail-ideas/ https://danluu.com/cocktail-ideas/ you are the developer who thinks building a bridge is easy. Please just admit that you don't understand what you're talking about.
  - javert 5y ago
    > Bitcoin is not a viable currency. It's value is not anywhere near stable enough. It can't go from zero to stable overnight. It has to start somewhere and gain stability over a long period of time. > It's honestly incredible that you haven't even thought of the very first problem with using bitcoin as a currency. You're behaving like a troll. There is an absolutely obvious objection to your prior sentence, but rather than see that, you pretend like it isn't the case, and attack me personally. You don't know me and you don't know my thinking. You're also behaving as a troll because you've totally changed the topic instead of answering my direct objections to your prior comments. I'm done talking to you. I assume your next comment will also be trollish, and I hope people see through it. But please just don't answer.
    - ipaddr 5y ago
      Wealth and power get transferred over to the blockchain. You end up with the same structures in a less controllable currency.
- tibyat 5y ago

notahacker 5y ago

Ah yes, nothing says egalitarianism quite like the distribution of Bitcoin. Why allow one percenters to borrow money they actually have to reinvest in giving people jobs when we can just give them the printing press?