I had a reasonable polite comment here but got a downvote within 10 seconds. Downvote away further. Geez.
Is there a purpose to this comment, or are you just mining downvotes now?
Bitcoin is not for goverment. Bitcoin is digital currency of the internet
41–50 of 63 posts
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#42Earlier quoted context omitted.
Money is fungible, you can already swap it for something worth more in the future.
You do know that there's a negative interest rate in the Euro financial zone right? They are charging you to hold on to cash to force you to spend (or "invest") it now. How can the future hold value when technology continues to drive the cost of living down? Can capitalism continue when I have all of the world's information available on my $300-700 smartphone? When I can connect with anyone in the world for pennies?
http://en.m.wikipedia.org/wiki/Amdahl%27s_law Making one input cheaper has limited benefits. Sure all your digital entertainment might get really cheap, but your still going to want heat, food, and a bed etc.
Anyway, 'finance' is more or less a meaningless part of the economy. Print more money and the nominal GDP goes up except that does not build a house etc. MMO's are an interesting way to study a lot of this stuff, and even there deflation does all kinds of bad things.
PS: My entertainment budget has been close to zero for a while now spening less on entertainment is not going to effect me much.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#43i actually think this is a good idea -- wouldn't it encourage people to save money, if the government can't deflate it away, as many do, today?
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#44Earlier quoted context omitted.
> The article is pointing out that governments like to increase the money supply every year and Bitcoin doesn't allow that. But that's nonsense. If anything a sovereign digital currency would give governments even more fine-grained control over the money supply. Of course governments shouldn't use Bitcoin, but a sovereign altcoin is a very interesting idea. Sure, they couldn't use Bitcoin itself, but in a hypothetica…
Much of the appeal of Bitcoin is the limited supply. But from a Keynesian government point of view, that's a flaw. A sovereign cryptocurrency without that limitation might be an interesting alternative to cash, but the bulk of our money couldn't be in a "hard" cryptocurrency unless we also eliminated fractional reserve banking. (Why? In short, with fractional reserve banking, the total value of everyones checking and…
hmmm... seems to me your reasoning rests on the reasoning of Keynes?
what if Keynes is wrong?
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#45Bitcoin is not viable. A centralized fiat crypto currency, with the same mechanism as bitcoin except centrally authorized by government authority rather than mined is very viable for a government. All transactions become trackable and every cent in circulation can be accounted for.
You don't need or want Bitcoin in that model - the whole point of Bitcoin is that it's decentralised and all transactions are trackable by all parties (but not necessarily destinations). A government would just want essentially our current bank account system, except without paper cash.
That'll probably happen sooner or later.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#46Earlier quoted context omitted.
The article is pointing out that governments like to increase the money supply every year and Bitcoin doesn't allow that. But a purely digital currency need not be a distributed cryptocurrency with a limited supply like Bitcoin. From electronic transactions with the Fed down to direct deposits and debit and credit card purchases, US currency could function without paper bills already.
> The article is pointing out that governments like to increase the money supply every year and Bitcoin doesn't allow that. But that's nonsense. If anything a sovereign digital currency would give governments even more fine-grained control over the money supply. Of course governments shouldn't use Bitcoin, but a sovereign altcoin is a very interesting idea. Sure, they couldn't use Bitcoin itself, but in a hypothetica…
perhaps this is what they are actually talking about -- creating their own cryptocurrency. how would they prevent people from across the world from creating Greek Bitcoin? perhaps this would crete (I almost corrected that typo, but I'll leave it there haha) a strange secondary market whereby people not in greece mine bitcoin, and then sell it to ordinary Greeks for some fractional rate?
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#47Another reason deflationary currency is perceived as bad is not just because it makes life harder for debt owners, but because it can lead to its own form of boom-and-bust cycles by reducing economic activity. If you know, for example, that your cash holdings were going to grow at 10% per year, then you'd be far less willing to spend any or invest in other assets, as merely putting bitcoin under a mattress increases…
Couldn't a central bank just reimplement its monoply on money creation as a monoploy on mining, then sell those mined BTC below market value to banks to give out as loans? Adjusting the discount given based on the amount they want to increase inflation as they already do, essentially replacing the mint with miners. If the price of miners + electricity ever becomes After mining stops spitting out coins they would just charge transaction fees (sales tax) instead of mining like the btc network already assumes will happen.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#48Bitcoin is not viable. A centralized fiat crypto currency, with the same mechanism as bitcoin except centrally authorized by government authority rather than mined is very viable for a government. All transactions become trackable and every cent in circulation can be accounted for.
I don't understand why everyone says stuff like this as though mixers don't exist. BTC is 100% private if you use mixers and multiple wallets, which are painless and easy.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#49Earlier quoted context omitted.
What threat of violence are you describing?
Some very silly people have concluded that, since ultimately no rule or law can be enforced against the unwilling without some sort of ability to exercise power over them, making a law is logically equivalent to saying that anyone who breaks it should be shot; and, therefore, people who make laws against any but the most extreme crimes are violent thugs. And thus it naturally follows that you shouldn't have to pay ta…
They also very conveniently ignore a staggering (and bloody) history of corporate violence, whether against workers, the public at large, colonial states, arms and other sales, unsafe products, unsafe working conditions, and far too many more to enumerate.
Power exists. Violence exists. Both are independent of whether or not they're manifested in a state. Arguments to the contrary collapse into tautologies.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#50Bloated governments are grasping at straws. Look at the US with FATCA, taxing it's citizens wherever they are. I prefer to keep socking away savings in my offline bitcoin account and then exchanging it for Euros when I'm back home. Just look at all the people who had 'safe' accounts in Cyprus, or in the US underwritten by FannieMae. Bitcoin is the Libertarian's / Anarcho-Capitalist's dream; true freedom from the whim…
I agree with everything except your last sentence. Don't associate bitcoin with libertarians and anarco-capitalists. It deserves better.
I'm assuming you are ok with an association with cypherpunks / crypto-anarchy, because one certainly exists even if newcomers would rather relegate these roots to history. Hal Finney was a cypherpunk and bitcoin wouldn't be possible without his RPOW system. Wei Dai, who was cited in the original bitcoin whitepaper, was also a cypherpunk, and praised Tim May's crypto-anarchist manifesto. The list goes on...