"Supposed to..." shit. What it is *supposed* to be is for one person to exchange a nominal value with another, a placeholder for resources. A promise for value fulfillment deferred.

I talk to farmer Joe. Farmer Joe, says I (in the manner of farming folk), I have baked some fine loaves of bread but I have surplus to my needs. I was wondering if I might make a fair exchange with you, perhaps for a chicken. Farmer Joe observes the bread. "That is some mighty fine bread" says he. "Unfortunately, all my chickens are accounted for right now but I have some chicks which will grow and I can let you have a chicken much like the ones you see before you in about six months if you would let me have one of those loaves of bread today". "Those are handsome chickens" say I "and I am sure would be tasty in my pot. I agree. Let us make notes of our exchange so that our transaction proceeds fairly over time". "Aha" exclaims farmer Joe, "there is no need for that bother since there is this invention. It is a piece of paper with a picture of a dead man on it. One of these is considered fair value for a chicken or a loaf of bread". I trust Farmer Joe so I take his piece of paper as a promise, hand over the bread and return to my homestead.

Six months pass. I return to farmer Joe. "Well met, farmer Joe" I call, "I have returned for my chicken". "Your chicken is well grown and healthy" he says "You'll get a good meal from that one". I hand over the picture of the dead man to farmer Joe. "Well, thing is" says Joe "Squire Sam has printed a whole lot more of these pictures, you'll need one of these and a tenth more for that chicken". "But what of our agreement?" I ask "I don't have a tenth more". "You'll have to speak to Squire Sam about that".

So I head to the castle and confront Squire Sam, "Squire Sam", I begin, "How is it that I make an agreement with farmer Joe to exchange a loaf of bread for a chicken and yet it is broken because you are free to print as many pictures of dead men as you please? Nice castle, by the way". "Well" said Sam, "See this sword?". "Yes", says I. "Well, if you don't shut up and fuck off, you'll be receiving the pointy end of it" said Sam. So I made my excuses and left.

Freaking Keynesians.

Less non-inflationary currency would get invested during economic downturns. Money is a claim on resources. During an economic downturn, resources need to be used more efficiently. Money that would not be used for useful purposes (luxury goods, frivolous projects) would be withheld, resources are freed up and projects which actually benefit the economy move forward with reduced costs.

This "pay one man to dig a hole and another to fill it in" stimulus shit needs to be jettisoned. It only retards recovery (and enriches the guy running the program, of course).

"Meant"? Says who? The US Govt and friends who benefit from inflation. Fine, if you're happy with that, stick with it.

The uninformed expect a dollar this year to be the same as a dollar next year. These people get robbed. The informed know it won't be and invest in stocks and bonds and get front-run by those who receive early information on the government's inflationary policies. These people get robbed. Instead of money being invested in businesses and technology and making life better for everyone, someone at Goldman Sachs gets to pick the gold-rail option for their yacht. It's time for a change.

And I don't get your point. No one is discussing promises. We are stating what *is*.

Aren't we over 80% at this point? keep up.

What happened is greed and delusion and China.

There, FTFY.

If the government weren't running the presses and skewing the banking market, savings as investment would carry risk and keeping savings as currency would be a safe thing to do and in a mildly deflationary environment (such as the continual technological advancement one we occupy should be) would be advantageous and low risk (though one might choose to pay the bank to hold (not invest) one's currency).

Your unaltered statement points to the outright theft which governments are engaging in.

It's only taken the dollar about 50 years fwiw.

Fantastic. Now do that again for savings.

Doesn't help when initial value is backed by something that is known to have worth which is later taken away with the promise "trust us" to the background sound of the printing presses being fired up.

In a surprising twist, he is also Charlie Shrem

Well, a large part of hardware wallets is that you generate keys and sign transactions within the (hopefully) more secure wallet rather than on the potentially compromised computer.

Maybe it's time to go old-school and progress localbitcoins to the way stocks used to be traded in coffee houses.

No-no. Keep up! It's not a hard drive, it's a "personal cloud".

I don't think we're quite at the bottom yet but we're close to where I stopped buying on the way up so I think we're about in the right ball-park.

ITYM "Just coincidentally went into overdrive less than 48 hours after bail-ins were announced as under consideration"

The traders are not really important for this question, only the miners who are already in competition with each other for a bigger slice of the pie.

Increasing the supply would not prevent the price from increasing but it would prevent the price from increasing *as much*.

As a miner, if you allow the pie to grow, you probably just end up with a smaller slice percentage-wise. Unless you're thinking of such smoke-and-mirrors tricks as moving the decimal place to the right.

No? I guess I can agree to disagree on that. Correlation is not causation and all.



And maybe with the Greeks. Though of course, the first thing that will happen is capital controls. Dollars, Pounds and Yen will not be available from the banks.

The question was merely what would be the most bullish for Bitcoin. I believe the collapse of the Greek economy would most definitely be that. I would expect some to move (some of) their money to Bitcoin but the majority movement would be speculators as it was with Cyprus.

I disagree. It would damage the reputation and hence value irreparably. But there's no way to prove either way.

Cause it's going to cause misery and strife for a whole lot of people.

I support Bitcoin because I'm hoping we can move away from the systems that cause that kind of thing.

Asks flat but nobody buying, Stamp effectively out of the game...

The next 24 hours are critical.