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>>The economy goes from boom to bust, bust to boom, it does not have to. boom and bust is a direct result of fiat currency and manipulation of that currency b

>>The economy goes from boom to bust, bust to boom, it does not have to. boom and bust is a direct result of fiat currency and manipulation of that currency by central banks

contravariant 3y ago
Currency is the lifeblood of the system known as a state, what exactly would you consider an alternative? Surely you're not suggesting a gold standard would solve the issue?
- truSo 3y ago
  [flagged]
- born2L8 3y ago
  [dead]
- myownpetard 3y ago
  No, they are almost certainly suggesting crypto would solve the issue...
  - SV_BubbleTime 3y ago
    See… it’s a database… but no one owns it! And then…
  - contravariant 3y ago
    I mean that's just a gold standard with internet gold. Anyway I'd also like to express my sympathies to the moderators here, as I seem to have upset a whole botnet of them.
    - Turskarama 3y ago
      Crypto is the opposite of the gold standard. Instead of backing currency with a physical object with inherent value, it's backed by absolutely nothing and grows at a pace governed by people whose primary goal is to benefit off a pyramid scheme. Fiat currency gets a bad rap because it can be mismanaged, but a metal backed currency isn't compatible with rapid growth and we've yet to find a better alternative.
      - Ekaros 3y ago
        And with gold. Dealing with actual physical gold is lot of work. And with any type of certificates be it paper or digital someone will immediately start playing games... And thus you can not trust them.
      - contravariant 3y ago
        I'm not saying crypto is like a gold standard, I'm saying it behaves more as a commodity (like gold) than a currency. There's a couple of properties that make gold really useful as a form of money (rare but available, easily divisible, easy to transport) some of which are shared by crypto. The main difference is that gold also has some intrinsic value, but I reckon most of its value comes from its use a store of value. If not convincingly gold looking jewellery should have a similar price, and I don't think that's the case. Not sure if a metal backed currency is harder to mismanage. Lowering the metal content in coins or simply lowering the corresponding amount of metal have both happened. I'm pretty sure the US simply reneged on their promise to exchange promissory notes for gold at some point. Frankly I think that no matter the currency bankers are going to abstract it into something that they can work with eventually.
- kgo6 3y ago
  [dead]
- hejrj 3y ago
  [dead]
- nfkfkfk 3y ago
  [flagged]
- phpisthebest 3y ago
  >>Currency is the lifeblood of the system known as a state, Correct, which is the primary reason I oppose it. I consider the state to be part of the problem with human society >>what exactly would you consider an alternative? I dont proscribe a single "alternative" nor do I believe an single alternative should be mandated by a state, nor do I believe it is the proper role of a state to control the medium of exchange
  - johnnyanmac 3y ago
    So you're just blaming a Complex and ingrained societal concept without offering a better model(s)? It's fun to do it with small tech projects but world commerce probably needs a bit more thought considered before attacking it.
OkayPhysicist 3y ago
Fiat currency and the central banks were the direct result of the boom-bust cycle.
- WalterBright 3y ago
  Fiat currency is the result of trying to finance WW1. The propaganda reason was to even out the boom-bust cycle, of course that promise was never fulfilled.
  - JetSpiegel 3y ago
    The US only left the Gold Standard in the Nixon administration.
BLKNSLVR 3y ago
It's the management of the fiat currency that's part of the problem, not the fiat currency itself. Fundamentally it's human laziness and corruptablility, both actively and passively. But it's also basic human nature in reaction to stock market bubbles and the fomo of getting rich quick. There aren't enough rules and regulation around stock market trading, or at least they're not enforced well enough, to maintain some kind of rationality. ... and it still may not actually be possible. But there's little effort to reign it in because the powers that be tend to massively profit from the status quo.
JumpCrisscross 3y ago
> boom and bust is a direct result of fiat currency Because there was no boom and bust before fiat…
connicpu 3y ago
Ah yes, back in the days when money was based on the gold standard we never had recessions or depressions!
- Ekaros 3y ago
  Yes, the currency was always entirely trustworthy... No one lied or played games... I wonder how many of modern day businesses would be ready to deal with real physical gold, silver or whatever. As any digital or paper based one can't really be trusted in long run.

>>The economy goes from boom to bust, bust to boom, it does not have to. boom and bust is a direct result of fiat currency and manipulation of that currency by central banks

contravariant 3y ago

Currency is the lifeblood of the system known as a state, what exactly would you consider an alternative? Surely you're not suggesting a gold standard would solve the issue?

truSo 3y ago
[flagged]
born2L8 3y ago
[dead]
myownpetard 3y ago
No, they are almost certainly suggesting crypto would solve the issue...
- SV_BubbleTime 3y ago
  See… it’s a database… but no one owns it! And then…
- contravariant 3y ago
  I mean that's just a gold standard with internet gold. Anyway I'd also like to express my sympathies to the moderators here, as I seem to have upset a whole botnet of them.
  - Turskarama 3y ago
    Crypto is the opposite of the gold standard. Instead of backing currency with a physical object with inherent value, it's backed by absolutely nothing and grows at a pace governed by people whose primary goal is to benefit off a pyramid scheme. Fiat currency gets a bad rap because it can be mismanaged, but a metal backed currency isn't compatible with rapid growth and we've yet to find a better alternative.
    - Ekaros 3y ago
      And with gold. Dealing with actual physical gold is lot of work. And with any type of certificates be it paper or digital someone will immediately start playing games... And thus you can not trust them.
    - contravariant 3y ago
      I'm not saying crypto is like a gold standard, I'm saying it behaves more as a commodity (like gold) than a currency. There's a couple of properties that make gold really useful as a form of money (rare but available, easily divisible, easy to transport) some of which are shared by crypto. The main difference is that gold also has some intrinsic value, but I reckon most of its value comes from its use a store of value. If not convincingly gold looking jewellery should have a similar price, and I don't think that's the case. Not sure if a metal backed currency is harder to mismanage. Lowering the metal content in coins or simply lowering the corresponding amount of metal have both happened. I'm pretty sure the US simply reneged on their promise to exchange promissory notes for gold at some point. Frankly I think that no matter the currency bankers are going to abstract it into something that they can work with eventually.
kgo6 3y ago
[dead]
hejrj 3y ago
[dead]
nfkfkfk 3y ago
[flagged]
phpisthebest 3y ago
>>Currency is the lifeblood of the system known as a state, Correct, which is the primary reason I oppose it. I consider the state to be part of the problem with human society >>what exactly would you consider an alternative? I dont proscribe a single "alternative" nor do I believe an single alternative should be mandated by a state, nor do I believe it is the proper role of a state to control the medium of exchange
- johnnyanmac 3y ago
  So you're just blaming a Complex and ingrained societal concept without offering a better model(s)? It's fun to do it with small tech projects but world commerce probably needs a bit more thought considered before attacking it.

OkayPhysicist 3y ago

Fiat currency and the central banks were the direct result of the boom-bust cycle.

WalterBright 3y ago
Fiat currency is the result of trying to finance WW1. The propaganda reason was to even out the boom-bust cycle, of course that promise was never fulfilled.
- JetSpiegel 3y ago
  The US only left the Gold Standard in the Nixon administration.

BLKNSLVR 3y ago

It's the management of the fiat currency that's part of the problem, not the fiat currency itself. Fundamentally it's human laziness and corruptablility, both actively and passively. But it's also basic human nature in reaction to stock market bubbles and the fomo of getting rich quick. There aren't enough rules and regulation around stock market trading, or at least they're not enforced well enough, to maintain some kind of rationality. ... and it still may not actually be possible. But there's little effort to reign it in because the powers that be tend to massively profit from the status quo.

JumpCrisscross 3y ago

> boom and bust is a direct result of fiat currency Because there was no boom and bust before fiat…

connicpu 3y ago

Ah yes, back in the days when money was based on the gold standard we never had recessions or depressions!

Ekaros 3y ago
Yes, the currency was always entirely trustworthy... No one lied or played games... I wonder how many of modern day businesses would be ready to deal with real physical gold, silver or whatever. As any digital or paper based one can't really be trusted in long run.