Bitcoin and the U.S. Fiscal Reckoning
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Bitcoin and the U.S. Fiscal Reckoning
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Re: Bitcoin and the U.S. Fiscal Reckoning
#2To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.
Re: Bitcoin and the U.S. Fiscal Reckoning
#3> In other words, governments with fiat currencies — including the United States — have the power to expand the quantity of those currencies. If they choose to do so, they risk inflating the prices of necessities like food, gas, and housing.
> In recent months, consumers have experienced higher price inflation than they have seen in decades. A major reason for the increases is that central bankers around the world — including those at the Federal Reserve — sought to compensate for Covid-19 lockdowns with dramatic monetary inflation. As a result, nearly $4 trillion in newly printed dollars, euros, and yen found their way from central banks into the coffers of global financial institutions.
This automatically assumes that the inflationary issues we are facing come from demand. However, it is very clearly a supply issue. Namely, the closure of plants and factories due to labor shortages, lockdowns, and geopolitical issues. When you reduce the supply of goods and services while demand is left the same, you get higher prices. Furthermore, OPEC isn't producing more, which increases oil prices and the prices of all other industries. The chip shortage, which is fundamentally a supply shortage, is also increasing the prices of all other goods and services that rely on chips.
This is not an issue of demand. It's similar to the 1970s: supply shocks that led to an increase in the price level.
Re: Bitcoin and the U.S. Fiscal Reckoning
#4> In other words, governments with fiat currencies — including the United States — have the power to expand the quantity of those currencies. If they choose to do so, they risk inflating the prices of necessities like food, gas, and housing. > In recent months, consumers have experienced higher price inflation than they have seen in decades. A major reason for the increases is that central bankers around the world —…
And supply shocks have more to do with JIT logistics than government interference
Blockchain, like a lot of computing ideas, is far too academic requiring constant fetishizing, or it’ll disappear.
May as well trot out a new religion; blockchain will be as unprovable and ephemeral to the masses.
Which is great for the hopes and dreams of blockchain grifters, and “egalitarian” tech oligarchs.
They have proven one thing though; the public will chase ephemeral carrot off a cliff.
Re: Bitcoin and the U.S. Fiscal Reckoning
#5To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.
Do you mean this one? https://www.fooledbyrandomness.com/BTC-QF.pdf
Re: Bitcoin and the U.S. Fiscal Reckoning
#6To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.
The United States is a democracy. Having large swarth of people owning cryptocurrencies making it possible for 1. no outright government bans or criminal investigations, 2. potential government buyout.
Re: Bitcoin and the U.S. Fiscal Reckoning
#7To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.
The United States is a democracy. Having large swarth of people owning cryptocurrencies making it possible for 1. no outright government bans or criminal investigations, 2. potential government buyout.
Are you suggesting the US government would buy-out Bitcoin?
I can’t see that happening, by any stretch of the imagination…
Re: Bitcoin and the U.S. Fiscal Reckoning
#8Another article premised on “sound money” and the money supply theory of inflation that understands neither.
Re: Bitcoin and the U.S. Fiscal Reckoning
#9To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.
The United States is a democracy. Having large swarth of people owning cryptocurrencies making it possible for 1. no outright government bans or criminal investigations, 2. potential government buyout.
It is far more likely for the government to step up investigations into tax evasion and money laundering. They will have the opportunity to take civil forfeiture in a whole new direction. Instead of a ban, it will be far more profitable for them to figure out how to get their slice of the pie.
Re: Bitcoin and the U.S. Fiscal Reckoning
#10To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.
It's pretty obvious at this point that bitcoin is digital gold. It's a precursor to something that is a real currency and the real currency probably can't exist without digital gold existing first.