grinnbearit

11 ms·

91.
by grinnbearit 13y ago
unless you forget where you buried it
92.
by grinnbearit 13y ago
Gold has monetary utility, value as a store of value, besides being useful because of its shininess. Moldbug puts it better than I can in this comment, take a look here http://unqualified-reservations.blogspot.in/2011/0
93.
by grinnbearit 13y ago
Enforcement of contracts and control over the money supply can be (and imo should be) independent.
94.
by grinnbearit 13y ago
I don't understand, they made a very risky bet and it paid off. Would you have considered compensating them if the value went to 0?
95.
by grinnbearit 13y ago
Its an awesome store of value. Bitcoin, like gold, is it's own counterparty. If you own bitcoin, you own it irrevocably unless you choose to give it to someone else. Combine that with the fact that it is globally accessible, globally t
96.
by grinnbearit 13y ago
No, it was a serious question. Have you heard about the MMO Wakfu? They faced a problem a while back where their player base grew faster than the supply of virtual currency. And since the currency was not divisible (integer values only) all
97.
by grinnbearit 13y ago
So who should get access to this newly minted currency? How about we just increase everyone's bank accounts and the price of all dollar denominated assets/goods by a factor of 10, would that solve your problem? Inflation for ever
98.
by grinnbearit 13y ago
I'd add http://unqualified-reservations.blogspot.in/2011/04/on-monet... to round it off
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by grinnbearit 13y ago
There are 2 paths a populist government can follow, left and right. Both governments persecute outsiders to the benefit of insiders. Both realise that taxation isn't a viable strategy. In the leftist case, the outsiders are the rich an
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by grinnbearit 13y ago
Mencius Moldbug expands on this concept http://unqualified-reservations.blogspot.in/2011/04/on-monet...
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by grinnbearit 13y ago
If I had a minimum basic income I would never have to work for anyone else ever again! :) I would absolutely start that Lhasa Apso matrimonial site I've always dreamed of.
102.
by grinnbearit 13y ago
> - and that's a really bad thing, people die etc. I'm all for saving people, lets call it charity though and not investment. > It's either savings or new wealth, it can't be both. True, I meant currency, its new c
103.
by grinnbearit 13y ago
The problem isn't investment in houses, its the monetization of houses. Unlike gold or bitcoin with finite supply, demand for houses creates a corresponding increase in supply which is a waste of resources which could have gone elsewhe
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by grinnbearit 13y ago
> We make safe assets more expensive to lower the risk/reward ratio for commercial activities: we make bank holdings very unrewarding (lower interest rates) Wouldn't this force people already worried about the future to buy int
105.
by grinnbearit 13y ago
> Now at time T+t you want to have X+d value where d=0 is okay, but (d < 0) is unacceptable. > ... a better return than the rest of the aggregate efforts of human-kind If a venture produces a lower return than the rest of human kin
106.
by grinnbearit 13y ago
A venture with a 75% chance of providing 5000 utils of value is not the same as a 100% chance of producing 3750 utils. Put another way, inflation motivates gambling and deflation motivates saving - it points out a serious consequence of for
107.
by grinnbearit 13y ago
You're not taking risk into account, the company is not guaranteed to produce 5000 utils of labour, it could produce less or worse go bankrupt and produce nothing. With no inflation, my risk free investment of money under a mattress pr
108.
by grinnbearit 13y ago
Inflation encourages a flight to other stores of value, houses for example, the problem is you're not encouraging investment based on ROI, its simply a drive to preserve value. All you end up with is another monetized good which isn&#x
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by grinnbearit 13y ago
> as long as the cost of the debt isn't growing faster than the revenues But that can't hold true forever since the size of their debt is increasing, unless interest rates are 0, eventually the cost of holding onto debt will c
110.
by grinnbearit 13y ago
Who 'we'? And why do they feel its better than the alternative? I can see why the digital dollar trumps gold, the transaction costs are way lower but I don't think bitcoin has the same problem. It will be interesting to see h
111.
by grinnbearit 13y ago
The primary function of bitcoin is as a store of value, its utility as medium of exchange comes after that. The only reason people choose to store their labour in bitcoin today is that they predict the same amount of bitcoin will buy the sa
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by grinnbearit 13y ago
The only way it can be removed from circulation is by providing the labour in the first place. That effect has already been accounted for. On another note why would this a problem?
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by grinnbearit 13y ago
But that leads to the monetization of houses which skews the market to produce way more houses than required eventually leading to a bubble. http://www.news.com.au/travel/travel-ideas/inside-china8217s...
114.
by grinnbearit 13y ago
Network effect, why would you store any of your wealth in AT&T's blockchain over a globally distributed one? And even if a large number of people use AT&T's blockchain, it ceases to belong to them once they sell their coin
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by grinnbearit 13y ago
The entire economy can run just fine with 1 infinitely divisible bitcoin in circulation. Any bitcoins held can only have an effect if they are spent. The buyer who converted his labour into bitcoin has, in effect, provided free labour unles
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by grinnbearit 13y ago
> Well, that or banning usury. Or banning maturity transformation, http://unqualified-reservations.blogspot.in/2008/01/straight...
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by grinnbearit 13y ago
Right but they can issue their own equity which is what a country's currency really is.
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by grinnbearit 13y ago
Bonds are a contract saying, "I'll pay you a fixed amount of money after a fixed amount of time". They then try to sell that contract on the open market. Depending on how risky the market perceives the contract to be, the pri
119.
by grinnbearit 13y ago
Instead of a household budget, why not compare it to a company's balance sheet? A company perpetually spending more than it takes in will eventually go bankrupt.
120.
by grinnbearit 13y ago
How are race and culture the same thing? Multiracial groups where everyone has near similar beliefs probably work "better" than groups where everyone belongs to the same race and have radically different beliefs.

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