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Credit Suisse’s $17B of Risky Bonds Are Now Worthless

bloomberg.com

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Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#11

Post by ClumsyPilot »

pfannkuchen wrote: post #7
tuyguntn wrote: post #6

Earlier quoted context omitted.

issues are coming up mostly because of interest based economy and multitude of instruments built on top of it. IMHO, even if whole banking system will be replaced with bitcoin, interest based economy will be built on top of it and same instruments will be built with similar level of issues

The difference is that a central authority doesn’t control the size of the bitcoin supply. It wouldn’t be a utopia, it would only fix a certain class of problems we have today.

If the national goverbment loses control of thr moneu supply you will have auch a total disaster that current issues will look rosy.

Just look at what happened to Greece, they cant control their fiscal policy and they have been stuck in the mud for 20 years. The same will happen to the world as a whole

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#12

Post by qwytw »

codetrotter wrote: post #3

And they wonder why we want to replace the traditional banking system. Here’s a hint: it’s not got anything to do with either “metaverse” bs nor with silly “NFT” JPEGs. Read the original Bitcoin whitepaper. https://bitcoin.org/bitcoin.pdf

Using an ultra deflationary token like bitcoin as a global currency would literally be the most stupid thing that ever happened in human history.

Basically people who held significant amounts of bitcoin from early on would become billionaires (if not trillionaires...) by having provided zero value to the economy. As awful and unfair what we have currently is it's still several magnitudes superior in almost any conceivable way than a global financial system based on bitcoin.

I can imagine some sort of a crypto currency possible becoming dominant in the future. But Bitcoin itself is pretty much the worst option I can imagine.

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#13

Post by adhesive_wombat »

georgeplusplus wrote: post #10
justinzollars wrote: post #5

Earlier quoted context omitted.

The competing system is BRICS + Saudi Arabia, Egypt, Iran, Turkey and Pakistan. They will probably transact in gold - certainly not bitcoin. In the West, if there is a collapse of our system, they will make bitcoin illegal. I just don't see it as anything other than a short term speculation.

The problems with the gold standard is we had one and everyone lied about how much gold they had, Causing the lost decade in the 70s/80s. Maybe BRICS will propose a solution that uses Blockchain to verify gold ledgers.

The ledger is verified but how do you know the gold is really there?

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#15

Post by georgeplusplus »

pfannkuchen wrote: post #7
tuyguntn wrote: post #6

Earlier quoted context omitted.

issues are coming up mostly because of interest based economy and multitude of instruments built on top of it. IMHO, even if whole banking system will be replaced with bitcoin, interest based economy will be built on top of it and same instruments will be built with similar level of issues

The difference is that a central authority doesn’t control the size of the bitcoin supply. It wouldn’t be a utopia, it would only fix a certain class of problems we have today.

You wouldn't want a central authority to control the size of your money supply this would certainly lead to abuse oppression and a dystopia.

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#16

Post by Yoric »

georgeplusplus wrote: post #10
justinzollars wrote: post #5

Earlier quoted context omitted.

The competing system is BRICS + Saudi Arabia, Egypt, Iran, Turkey and Pakistan. They will probably transact in gold - certainly not bitcoin. In the West, if there is a collapse of our system, they will make bitcoin illegal. I just don't see it as anything other than a short term speculation.

The problems with the gold standard is we had one and everyone lied about how much gold they had, Causing the lost decade in the 70s/80s. Maybe BRICS will propose a solution that uses Blockchain to verify gold ledgers.

How could blockchain verify anything physical?

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#17

Post by dragonwriter »

ClumsyPilot wrote: post #11
pfannkuchen wrote: post #7

Earlier quoted context omitted.

The difference is that a central authority doesn’t control the size of the bitcoin supply. It wouldn’t be a utopia, it would only fix a certain class of problems we have today.

If the national goverbment loses control of thr moneu supply you will have auch a total disaster that current issues will look rosy. Just look at what happened to Greece, they cant control their fiscal policy and they have been stuck in the mud for 20 years. The same will happen to the world as a whole

> Just look at what happened to Greece, they cant control their fiscal policy

Who do you think controls Greece’s fiscal policy? (Before you answer, consider, what does “fiscal policy” refer to, and how is it different from “monetary policy”?)

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#18

Post by DethNinja »

qwytw wrote: post #12
codetrotter wrote: post #3

And they wonder why we want to replace the traditional banking system. Here’s a hint: it’s not got anything to do with either “metaverse” bs nor with silly “NFT” JPEGs. Read the original Bitcoin whitepaper. https://bitcoin.org/bitcoin.pdf

Using an ultra deflationary token like bitcoin as a global currency would literally be the most stupid thing that ever happened in human history. Basically people who held significant amounts of bitcoin from early on would become billionaires (if not trillionaires...) by having provided zero value to the economy. As awful and unfair what we have currently is it's still several magnitudes superior in almost any concei…

How do you know they provide negative value to economy?

Perhaps they would invest their bitcoins far better than the current status quo and create a star-trek style post scarcity economy.

Re: Credit Suisse’s $17B of Risky Bonds Are Now Worthless

#20

Post by anothernewdude »

DethNinja wrote: post #18
qwytw wrote: post #12

Earlier quoted context omitted.

Using an ultra deflationary token like bitcoin as a global currency would literally be the most stupid thing that ever happened in human history. Basically people who held significant amounts of bitcoin from early on would become billionaires (if not trillionaires...) by having provided zero value to the economy. As awful and unfair what we have currently is it's still several magnitudes superior in almost any concei…

How do you know they provide negative value to economy? Perhaps they would invest their bitcoins far better than the current status quo and create a star-trek style post scarcity economy.

Perhaps I'll start shitting out gold and we can go back to the gold standard.
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