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Good, I hope they throw Ryan in jail.
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No no no no. First, Mises is not a good reference. There is a reason the vast majority of econ professionals look at the Austrian school like an embarrassing little brother.
Second, Bitcoin holds no inherent value, none. There is no transactional benefit in using Bitcoin versus a currency. An internet fad =/= superior system.
Austrian school that is annoying because it is right all the time and the big brother with the power hates being reminded about it all the time. And thank you for making your view on Bitcoin clear instead of just trolling. My ignore list welcomes you. If I wanted to discuss the dollar I would go to bankrate.com. This is a big part of why Bitcoin and Mises aren't taken seriously. Folks manage to, at the same time, be supremely sanctimonious and plug their ears of any different lines of thinking. |
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Fiat monetary units only have value because people that produce goods and provide services are willing to accept them. If or when productive people stop accepting them, they won't be worth anything.
Is there any evidence this is going to happen at any point in the future? |
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Central banks can still print money to stimulate economy, because majority of the people still believe that those printed money worth something, and they are satisfied to get a job while the money printer bought billions of assets in the process
You mean like getting paid in dollars and then going to a store to buy things with dollars because they are, in practice, worth something? Of course they are worth something, that's the point. What are you talking about? |
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No no no no. First, Mises is not a good reference. There is a reason the vast majority of econ professionals look at the Austrian school like an embarrassing little brother.
Second, Bitcoin holds no inherent value, none. There is no transactional benefit in using Bitcoin versus a currency. An internet fad =/= superior system.
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So contrary to the community opinion, the U.S. economy is doing fairly well. The U.S. has been meeting inflation goals, GDP growth is better than most economies, the dollar is strong, and improved hydrocarbon production in addition to lower prices means less outflow to nations the U.S. doesn't really like. QE is slowing down, which signals faith in conventional growth, and the major indices like the Dow, NASDAQ, S&P, are performing fairly strongly.
All the signs and metrics suggest the U.S. economy is "going up" as you put it.
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A question to many of the replies:
What negative effect does U.S. debt have on the government/economy?
Who does the U.S. actually owe this enormous debt to?
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No, it wouldn't. The physical monetary supply is dwarfed by the digital supply.
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Bitcoin is a serious risk, putting your retirement in BTC is inviting disaster. A small portion, though, wouldn't be that crazy.
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Bitcoin is is losing value because the value was inflated in the first place. Bitcoin pricing has been chaotic because unregulated, non-transparent exchanges control the price.
It's pretty transparent, check the blockchain.info. Exchanges are not transparent, what does the blockchain have to do with the transparency exchanges? |
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arpanet was not the only packet switched network, the idea existed in multiple places back then and would have been developed anyway, government money or not. Source? what made the internet truly great are the services on top of it, what good is a network if you have no websites or services running on it, all of which were created by private companies. That's entirely subjective and opinion based, and source for "all of which were created by private companies"? that standard of living you are talking about was created by the private sector, back when the west had free markets without the government printing a trillion dollars to bailout failed businesses. Back when the West had free markets? Hahaha, when was this magical time exactly? and without a minimum wage, basically almost zero regulation on business, thats when the wealth we are destroying today was built.
Again, when was this? |
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the internet was not created by the government, all the routers and switches that makeup the backbone of the internet were created by private companies.
all the hosting infrastructure was created by private companies.
pretty much anything you'd like to use on the internet was created by a private company.
the government doesn't create anything.
it is a useless middle man that uses its monopoly on force to steal money from the working population and buy stuff from the private sector (that actually makes stuff) because a bunch of people in the government decided they know best the needs of millions of people and can allocate that money better.
I think you should Google what the "internet' began life as haha. After Arpanet, the NSF funded a lot of the research than went into networking technology, data storage and transmission, hardware and architecture, and on and on. Surprise! It wasn't a bunch of well-meaning private companies, it was also a lot of well-meaning scientists across lots of organizations and schools using federal money. The fabled "working population" that the big bad government is stealing from is also the group that reaps the most benefit from taxes. Again, it goes back to standard of living. Internet people like to apply ideology and perfect imaginary standards because it is easy to do so behind a keyboard. In practicality, bus subsidies, pre-k education, daycare for young parents, GED/AS programs, food subsides, cheap government backed loans for college and mortgages, and lots more contribute to a standard of living that is truly the best in the history of humanity. It's easy to poke holes "but mortgages collapsed" and "food stamps are abused" and I get it, there is no perfect system. But that's really my point; there is no perfect system. The utopian internet capitalistic society is just a fabrication that Bitcoin kiddies scream about from behind a screen. |
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Yeah, because no one has ever scammed anyone in the crypto world! Total honesty here! I don't think banks have a monopoly on being dishonest. I would submit that greed is the link between so many dishonest maneuvers.
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I don't get why people believe this stuff. This is like going to a fortune teller, or mystic, who gives you vague sort of substantial pieces of information collected into a picture that may or may not be related, and framed to look like their "prediction" is likely.
I have bad news! The USD and the Fed aren't "almost dead". If you have conclusive evidence that they are, put a date on it. Pick a date and predict exactly what will happen, and why. You're Nostradamus, throwing ideas at a board to see what sticks. It was crap then, it's crap now.
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Bitcoin is is losing value because the value was inflated in the first place. Bitcoin pricing has been chaotic because unregulated, non-transparent exchanges control the price.
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What benefit will leaving fiat give users? The case for abandoning fiat isn't a compelling one, even though people on the internet will be amazed to hear that.
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Why would you assume we get those things because we pay taxes? By your logic if we paid 100% we'd be in Star Trek by now. Heck we even saw first hand what a government run system looks like ( USSR and its satellites states) and it ain't pretty.
Why would I assume taxes fund those things? Well, because you can look up my state and national government budgets and see where the allocations go. I've also been involved in two foundations that got federal grants via taxes for scientific research. Would we be in Star Trek? No, that's pretty silly, and that's what you're saying, not me. That's called creating a strawman. A "government run situation" is equivalent to paying taxes? That's what you're saying, again, not me. You've either misquoted, intentionally misunderstood, or ignored what I said because you don't like it. |
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Because taxes fund the pretty amazing standard of living that we experience today. Folks on the internet like to compare our living standard to some subjective perfect standard they have in their mind, rather than historical standards. Taxes pay for, and have paid for, an incredible explosion in infrastructure, education, medicine, and subsidies to the sciences that have given us things like this here internet.
It's not popular in this community to say so, but taxes fund things I want and need.
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