Perhaps you should add https://fiatcoin.net to the list.
Central bank cryptocurrencies
11–20 of 51 posts
Re: Central bank cryptocurrencies
#12Earlier quoted context omitted.
And that is exactly what is playing out with Bitcoin becoming a speculative investment vehicle rather than a currency.
Research before talking. Bitcoins are being spent more than ever: the transaction rate keeps increasing and is roughly doubling every 18 months https://blockchain.info/charts/n-transactions?timespan=all&d... Preemptive reply to those who think speculators cause the tx rate to increase (often an invalid comment thrown out in HN): no they don't. Speculators typically leave the coins in an exchange wallet (they are not…
> Speculators typically leave the coins in an exchange wallet (they are not sufficiently technically savvy or motivated to run their own wallet)
Source? After the Mt. Gox disaster the recommendation I've encountered most is to have the bulk of the digital assets in your own cold wallet, and only trust the exchange with the assets you can afford to lose. Since the deposits are near instantaneous, there's really no good reason to entrust the exchange with large chunks.
Re: Central bank cryptocurrencies
#13Very interesting. I'm intrigued by Fedcoin and how it incorporates the possibility of monetary policy into the cryptocurrency framework. The rigidity and hard ceiling on liquidity of Bitcoin is a major weakness of the currency (I know that Bitcoin enthusiasts see it as a strength) but if technology like Fedcoin can overcome that weakness I'm more bullish about cryptocurrency becoming part of the monetary scheme.
Deflationary currencies are hoarded, not spent in circulation. Even Aristophanes described it thousands of years ago. That's what advocates of "sound money" need to understand. Sound money is good, but for savings. On top of this you build other, less sound money, which circulates. This is also known as "Gresham's Law".
Nobel prize winner F.A Hayek wrote a great defense of deflationary currency and a rebuttal to Keynes back when he was debating Keynes in the 30s[1]. He also predicted Bitcoin with his book "The Denationalization of Money" written in the 1970s[2].
[1] https://mises.org/library/hayek-paradox-saving
[2] https://mises.org/library/denationalisation-money-argument-r...
Re: Central bank cryptocurrencies
#14Earlier quoted context omitted.
And that is exactly what is playing out with Bitcoin becoming a speculative investment vehicle rather than a currency.
Research before talking. Bitcoins are being spent more than ever: the transaction rate keeps increasing and is roughly doubling every 18 months https://blockchain.info/charts/n-transactions?timespan=all&d... Preemptive reply to those who think speculators cause the tx rate to increase (often an invalid comment thrown out in HN): no they don't. Speculators typically leave the coins in an exchange wallet (they are not…
Speculators also move coins between exchanges in search of better speculation opportunities, and to convert from and to "fiat" in those exchanges that allow it (but are worse for specularing)
Re: Central bank cryptocurrencies
#15Lol. So back crypto $ with trillions of $ of debt going back to the Louisiana purchase; kept alive by a pyramid scheme dependant on a certain and limitless supply of debt free immigrants, after they continue to prove they don't require anything concrete to generate demand & subsequently value? Aka: how interested are people in a cryptocurrency worth market value minus 20 trillion $?
US GDP is $18.5 trillion so yeah it has some debt but also some decent revenue. Yeah, I'd be interested.
Re: Central bank cryptocurrencies
#16Earlier quoted context omitted.
Deflationary currencies are hoarded, not spent in circulation. Even Aristophanes described it thousands of years ago. That's what advocates of "sound money" need to understand. Sound money is good, but for savings. On top of this you build other, less sound money, which circulates. This is also known as "Gresham's Law".
Nobel prize winner F.A Hayek wrote a great defense of deflationary currency and a rebuttal to Keynes back when he was debating Keynes in the 30s[1]. He also predicted Bitcoin with his book "The Denationalization of Money" written in the 1970s[2]. [1] https://mises.org/library/hayek-paradox-saving [2] https://mises.org/library/denationalisation-money-argument-r...
He didn't win a Nobel Prize.
Neither did he come up with anything that actually passes muster.
Getting a chocolate medal from your mates in the same club doesn't qualify as credentials.
Re: Central bank cryptocurrencies
#17Very interesting. I'm intrigued by Fedcoin and how it incorporates the possibility of monetary policy into the cryptocurrency framework. The rigidity and hard ceiling on liquidity of Bitcoin is a major weakness of the currency (I know that Bitcoin enthusiasts see it as a strength) but if technology like Fedcoin can overcome that weakness I'm more bullish about cryptocurrency becoming part of the monetary scheme.
Bitcoin might be rigid, but that is solved by having lots of cryptocurrencies. Which then sort of defeats the 'hard money' nonsense theories behind its construction.
Similarly with Gold. Once Gold gets to a point people start hoarding elements with other atomic numbers.
Re: Central bank cryptocurrencies
#18Lol. So back crypto $ with trillions of $ of debt going back to the Louisiana purchase; kept alive by a pyramid scheme dependant on a certain and limitless supply of debt free immigrants, after they continue to prove they don't require anything concrete to generate demand & subsequently value? Aka: how interested are people in a cryptocurrency worth market value minus 20 trillion $?
The banks are in debt to trillions of dollars to people who are 'in credit'. That's what 'in credit' means. It is the accounting term for a liability.
Does that keep you awake at night too?
For every asset there is a liability - even with cryptocurrencies.
What you are missing with government 'debt' is that it creates safe private assets that keep the pension system going.
Re: Central bank cryptocurrencies
#19Earlier quoted context omitted.
Nobel prize winner F.A Hayek wrote a great defense of deflationary currency and a rebuttal to Keynes back when he was debating Keynes in the 30s[1]. He also predicted Bitcoin with his book "The Denationalization of Money" written in the 1970s[2]. [1] https://mises.org/library/hayek-paradox-saving [2] https://mises.org/library/denationalisation-money-argument-r...
He didn't win a Nobel Prize. Neither did he come up with anything that actually passes muster. Getting a chocolate medal from your mates in the same club doesn't qualify as credentials.
> Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."
Re: Central bank cryptocurrencies
#20Lol. So back crypto $ with trillions of $ of debt going back to the Louisiana purchase; kept alive by a pyramid scheme dependant on a certain and limitless supply of debt free immigrants, after they continue to prove they don't require anything concrete to generate demand & subsequently value? Aka: how interested are people in a cryptocurrency worth market value minus 20 trillion $?
The banks are in debt to trillions of dollars to people who are 'in credit'. That's what 'in credit' means. It is the accounting term for a liability. Does that keep you awake at night too? For every asset there is a liability - even with cryptocurrencies. What you are missing with government 'debt' is that it creates safe private assets that keep the pension system going.
> For every asset there is a liability - even with cryptocurrencies.
I would think that bitcoin is no-ones liability? I mean, there are a bunch of bitcoins that you may or may not be able to sell someone with a price, but there is no-one who has any kind of legal or even moral obligation to give you anything in exchange of a bitcoin.