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ChicagoSchooler
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April 06, 2015, 04:02:42 PM
 #1

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April 06, 2015, 04:52:35 PM
 #2

The protocol continues to print money out of thin air to give BTC the second worst hyperinflation on the planet.  It was barely edged out by Venezuela.

It's worse than the Sudan, ISIS, Eritrea, Ukraine, Egypt, Turkey, and Yemen.  At least they have excuses for their runaway inflations.

What's BTC's?
Transparent finite supply.
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April 06, 2015, 06:05:29 PM
 #3

The protocol continues to print money out of thin air to give BTC the second worst hyperinflation on the planet.  It was barely edged out by Venezuela.

It's worse than the Sudan, ISIS, Eritrea, Ukraine, Egypt, Turkey, and Yemen.  At least they have excuses for their runaway inflations.

What's BTC's?

Wait....what?  ISIS? Roll Eyes
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April 06, 2015, 06:17:54 PM
 #4

The protocol continues to print money out of thin air to give BTC the second worst hyperinflation on the planet.  It was barely edged out by Venezuela.

It's worse than the Sudan, ISIS, Eritrea, Ukraine, Egypt, Turkey, and Yemen.  At least they have excuses for their runaway inflations.

What's BTC's?

Wait....what?  ISIS? Roll Eyes
It is Islamic State of Iraq and Syria. But that is not important here. You are confising something here. Bitcoin is a Currency with Finite Supply it will never inflate instead it will rather deflate:

Because the monetary base of bitcoins cannot be expanded, the currency would be subject to severe deflation if it becomes widely used. Keynesian economists argue that deflation is bad for an economy because it incentivises individuals and businesses to save money rather than invest in businesses and create jobs. The Austrian school of thought counters this criticism, claiming that as deflation occurs in all stages of production, entrepreneurs who invest benefit from it. As a result, profit ratios tend to stay the same and only their magnitudes change. In other words, in a deflationary environment, goods and services decrease in price, but at the same time the cost for the production of these goods and services tend to decrease proportionally, effectively not affecting profits. Price deflation encourages an increase in hoarding - hence savings - which in turn tends to lower interest rates and increase the incentive for entrepreneurs to invest in projects of longer term.

You can read detalied explanation here: https://en.bitcoin.it/wiki/Controlled_supply


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AtheistAKASaneBrain
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April 06, 2015, 06:29:15 PM
 #5

Bitcoin is simply a better implementation of the gold standard than gold itself was. It implements the same 6 key properties of money as gold, and is even better on some (such as scarcity).

Bitcoin's success will demonstrate that the gold standard was right, and that gold was the best version of money given the technology available at the time.
Febo
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April 06, 2015, 06:59:37 PM
 #6

It's worse than the Sudan, ISIS, Eritrea, Ukraine, Egypt, Turkey, and Yemen.  At least they have excuses for their runaway inflations.

What's BTC's?

Wait....what?  ISIS? Roll Eyes

What currency they use?

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lucasjkr
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April 06, 2015, 08:26:54 PM
 #7

Bitcoin is simply a better implementation of the gold standard than gold itself was. It implements the same 6 key properties of money as gold, and is even better on some (such as scarcity).

Bitcoin's success will demonstrate that the gold standard was right, and that gold was the best version of money given the technology available at the time.


Despite the bust we saw in 2008, people forget the last bust of that much consequence was the Great Depression.  Booms and busts occurred far more regularly before, as did bank runs, etc. That's why the federal reserve came into being, why the dollar was decoupled from gold in the first place.
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April 06, 2015, 09:15:30 PM
 #8

Theres a difference between the federal reserve that can pump out unlimited amount of paper.

Versus the bitcoin which can only produce only a fixed amount, therfore being not a hyperinflation concept here. Its essentially acts more of a digital gold concept then anything else. hyper inflation only happens when things are produced forever.
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