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The Future of the Monetary System [pdf]

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Re: The Future of the Monetary System [pdf]

#11

Post by smallmancontrov »

groestl wrote: post #8
user90131313 wrote: post #2

[flagged]

"0 mention of Bitcoin" might have sparked a discussion, but: as a Millenial I feel your mention of "Boomer" is unwarranted, and as a dev in fintech I very much understand blockchain tech, but "the future of the monetary system" and Bitcoin? Payments maybe, but "the monetary system"? Please.

Hasn't the monetary system historically reverted to commodity money whenever there was a shakeup in the major powers?

I have doubts about the "bitcoin is better commodity money" idea myself, but they have more to do with the fact that Bitcoin is probably quite easy to kill at superpower scale and less to do with the idea that we will never see commodity money ever again.

Re: The Future of the Monetary System [pdf]

#12

Post by zer00eyz »

user90131313 wrote: post #6
toomuchtodo wrote: post #5

Earlier quoted context omitted.

Until a currency has a military and economy behind it, it’s a toy. That is what a currency represents: power and trust.

Until a gold has a military and economy behind it, it’s a toy. That is what a gold as a rock represents: power and trust.

Gold is not a currency, it's a commodity. It has been used for 1000's of years for adornment, because of its mailability and luster. Recently it also has application in industry at an unprecedented scale.

Bitcoin is a token that represents an amount of wasted electricity. It has no value other than the intrinsic ones people place on it, like a currency. We can decide that bitcoin is worthless tomorrow and it would be. If you do the same for dollars, you have the US military to answer to...

Re: The Future of the Monetary System [pdf]

#13

Post by user90131313 »

groestl wrote: post #8
user90131313 wrote: post #2

[flagged]

"0 mention of Bitcoin" might have sparked a discussion, but: as a Millenial I feel your mention of "Boomer" is unwarranted, and as a dev in fintech I very much understand blockchain tech, but "the future of the monetary system" and Bitcoin? Payments maybe, but "the monetary system"? Please.

Then maybe you should broaden your knowledge beyond dev and software? This part of future of crypto as a new asset class. It's real deal. Yes it takes years but seriously few years ago everyone was not even taking things serious enough.

Re: The Future of the Monetary System [pdf]

#14

Post by LegibleCrimson »

user90131313 wrote: post #2

[flagged]

Bitcoin can't handle more than 10 transactions per second. That's absolutely useless for anything beyond a toy currency.

I'm not against the idea of a fully-digital currency, even a crypto-currency, but Bitcoin is never going to be viable.

Re: The Future of the Monetary System [pdf]

#15

Post by toomuchtodo »

indy wrote: post #7
user90131313 wrote: post #2

[flagged]

Unfortunately the people on HackerNews tend to be hostile towards Bitcoin so you probably shouldn't expect a very constructive set of comments here. (learning to ignore these people was the most financially rewarding thing I've done in my life)

No one is saying you can't make money off of crypto in the same way you would on Gamestop-esq meme stocks. That does not mean a mechanism to gamble (which is what speculative investments are) will end up as a way of commerce (monetary systems).

Re: The Future of the Monetary System [pdf]

#16

Post by user90131313 »

kasey_junk wrote: post #10
user90131313 wrote: post #6

Earlier quoted context omitted.

Until a gold has a military and economy behind it, it’s a toy. That is what a gold as a rock represents: power and trust.

Gold is not a currency. I’m not sure what point you think you are making but you aren’t refuting the point about currency.

[flagged]

Re: The Future of the Monetary System [pdf]

#17

Post by LegibleCrimson »

user90131313 wrote: post #16
kasey_junk wrote: post #10

Earlier quoted context omitted.

Gold is not a currency. I’m not sure what point you think you are making but you aren’t refuting the point about currency.

[flagged]

You replied directly to a comment about currency, and replaced the word "currency" with "gold". How is that not comparing gold to a currency?

Re: The Future of the Monetary System [pdf]

#18

Post by ramon156 »

user90131313 wrote: post #13
groestl wrote: post #8

Earlier quoted context omitted.

"0 mention of Bitcoin" might have sparked a discussion, but: as a Millenial I feel your mention of "Boomer" is unwarranted, and as a dev in fintech I very much understand blockchain tech, but "the future of the monetary system" and Bitcoin? Payments maybe, but "the monetary system"? Please.

Then maybe you should broaden your knowledge beyond dev and software? This part of future of crypto as a new asset class. It's real deal. Yes it takes years but seriously few years ago everyone was not even taking things serious enough.

Do you not think your view of Bitcoin is a bit fogged when a fintech dev gives good criticism and your response is "educate yourself"

Re: The Future of the Monetary System [pdf]

#19

Post by ramon156 »

user90131313 wrote: post #16
kasey_junk wrote: post #10

Earlier quoted context omitted.

Gold is not a currency. I’m not sure what point you think you are making but you aren’t refuting the point about currency.

[flagged]

If that's not your argument then please explain yourself instead of shy-ing away from your argument. How are gold and currency related?

Re: The Future of the Monetary System [pdf]

#20

Post by carlosjobim »

zer00eyz wrote: post #12
user90131313 wrote: post #6

Earlier quoted context omitted.

Until a gold has a military and economy behind it, it’s a toy. That is what a gold as a rock represents: power and trust.

Gold is not a currency, it's a commodity. It has been used for 1000's of years for adornment, because of its mailability and luster. Recently it also has application in industry at an unprecedented scale. Bitcoin is a token that represents an amount of wasted electricity. It has no value other than the intrinsic ones people place on it, like a currency. We can decide that bitcoin is worthless tomorrow and it would be…

Gold has always been a currency, it is a currency right now and it will be a currency for all future. That's why central banks deal in gold, while the serfs pay interest for fake paper money. Not the entire world is shackled and under military or police threat. You could also free yourself, if you research how to. Even without using any bitcoin nor gold.
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