johnyj
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Beyond Imagination
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May 30, 2015, 09:43:41 PM Last edit: May 30, 2015, 09:55:27 PM by johnyj |
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When you create 1 dollar worth of money using 1 dollar worth of resource/labor, then there is no robbery involved, just fair trade. However, if you write some numbers on a paper and use it as 1 dollar, then that is not fair trade. But still, many people accept this paper and regard it as something with 1 dollar's value. So it involves some trust and time related tricks
(You missed the gist of my post.) What does that matter when any- and everyone may do so? In that case, the most trusted IOU would still be the IOU issued by US government. Of course you can use airline miles and supermarket coupons to purchase certain goods, but those have limited reach and a higher risk of ruin (Companies can go insolvent anytime) In fact, for many people the biggest doubt of bitcoin is: Who is going to back its purchasing power? Although it is indirectly backed by merchants who accept bitcoin, but merchants are not responsible for its exchange rate, its value could still easily drop 30% overnight if no one is backing it with fixed amount of tangible assets. Currently the value is backed by the cost, very similar to gold, some kind of psychological support In contrary to modern monetary theory (and what those academic people believe), USD's value is not decided by supply and demand, but by the value of assets that backed USD when they were issued. FED could easily create 5X more money without affect USD's value, simply because each USD issued are backed by assets of corresponding value (Although this action is questionable "Real Bills Doctrine", it works well to sooth the confidence of merchants) That backing is psychological. That is important, because all the value is speculative, it means that someone speculate that he can get something of real value (useful) in exchange for the money, in the near or distant future. In reality, the dollar is unbacked. This is no problem for money, it is not needed, in fact it is good, else the money manager will eventually amass all the backing stuff. Still, there is no backing. The variations of value due to the erroneous belief in the backing, can go on for a long time. It is this kind of psychological backing bitcoin does not have. For fiat money, "it is backed by government bond" is very simple and easy to understand for everyone, so they never question further. But for bitcoin, most of people get panic when they heard that no one is backing it, even they know that mathematics and computer science will last much longer than any government There are people backing bitcoin with fiat money (they buy when the price drops). But unlike central banks, they are distributed all over the world and do not command large amount of fiat money reserve to stabilize the exchange rate in a reasonable range
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username18333
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May 30, 2015, 10:50:12 PM |
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For fiat money, "it is backed by government bond" is very simple and easy to understand for everyone, so they never question further.
The grandeur of the bodies that invest in a fiat currency's success (e.g., those of government and government contractors) inspires confidence in third-parties about that success.
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BobK71 (OP)
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June 02, 2015, 01:04:26 PM |
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For fiat money, "it is backed by government bond" is very simple and easy to understand for everyone, so they never question further.
The grandeur of the bodies that invest in a fiat currency's success (e.g., those of government and government contractors) inspires confidence in third-parties about that success. The problem, of course, is that this strength is also the fundamental source of weakness. Since the state has this automatic confidence, its officials have the incentives to maximize issuance and thus destabilize the currency. So fiat currencies tend to collapse eventually if not quickly. Just look at the values of the currencies of poor countries over time. At the other extreme we have Britain. The value of the pound went from more than $4 to $1.50 today over the last hundred years, even as the dollar buys probably 80-90% less today than, say, a hundred years ago.
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AtheistAKASaneBrain
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June 02, 2015, 01:52:01 PM |
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For fiat money, "it is backed by government bond" is very simple and easy to understand for everyone, so they never question further.
The grandeur of the bodies that invest in a fiat currency's success (e.g., those of government and government contractors) inspires confidence in third-parties about that success. The problem, of course, is that this strength is also the fundamental source of weakness. Since the state has this automatic confidence, its officials have the incentives to maximize issuance and thus destabilize the currency. So fiat currencies tend to collapse eventually if not quickly. Just look at the values of the currencies of poor countries over time. At the other extreme we have Britain. The value of the pound went from more than $4 to $1.50 today over the last hundred years, even as the dollar buys probably 80-90% less today than, say, a hundred years ago. The thing is, it seems the US has managed to get away with this for so long that they may as well continue to do in the future. As long as people accept printed dollars all over the world, who cares if they are based on debt or not? it seems that people doesn't care about this. They go on with their lives even if millions on debt are stacked up on the daily. Have they invented a system where infinite debt is actually sustainable?
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BobK71 (OP)
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June 03, 2015, 09:51:09 AM |
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For fiat money, "it is backed by government bond" is very simple and easy to understand for everyone, so they never question further.
The grandeur of the bodies that invest in a fiat currency's success (e.g., those of government and government contractors) inspires confidence in third-parties about that success. The problem, of course, is that this strength is also the fundamental source of weakness. Since the state has this automatic confidence, its officials have the incentives to maximize issuance and thus destabilize the currency. So fiat currencies tend to collapse eventually if not quickly. Just look at the values of the currencies of poor countries over time. At the other extreme we have Britain. The value of the pound went from more than $4 to $1.50 today over the last hundred years, even as the dollar buys probably 80-90% less today than, say, a hundred years ago. The thing is, it seems the US has managed to get away with this for so long that they may as well continue to do in the future. As long as people accept printed dollars all over the world, who cares if they are based on debt or not? it seems that people doesn't care about this. They go on with their lives even if millions on debt are stacked up on the daily. Have they invented a system where infinite debt is actually sustainable? It would take a cosmic philosopher to really figure this out, but my strong feeling is that you can cheat nature for a while if you have a lot of power, but eventually you have to succumb. Britain's monetary power must have seemed to last forever, but became clearly unsustainable after World War I started. What you point out is true, but is the very definition of a bubble.
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dollarneed
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June 03, 2015, 01:19:32 PM |
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For fiat money, "it is backed by government bond" is very simple and easy to understand for everyone, so they never question further.
The grandeur of the bodies that invest in a fiat currency's success (e.g., those of government and government contractors) inspires confidence in third-parties about that success. a long time ago humans did barter for took something what they need, but the problem was not at all the things same with other and than the fiat money was born for solution from it and completly used by humans all of the world til now but know our problem is the rate from one curency to other curency is not same and its caused there are rich country and poor country,even corupted system, and than bitcoin was born and being solution for our problem now humans are united, transaction with one curency without limited country without intervention from the bank or goverment,everybody from all of the world can used bitcoin for transaction ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) cmiiw
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BobK71 (OP)
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June 08, 2015, 01:06:28 AM |
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Another common misconception is that there is such a thing as the "nature of money."
The truth is that the power elites have been changing the "nature of money" throughout the modern age.
In addition, there have been at least two "natures of money" at any given time, one being a model the elites would like the public to believe in, and one being the real mechanism of how money works. That's why I had so little to say about this nature in my original post.
I would be very suspicious of a discussion that begins with a declaration of the nature of money. It is usually just a means to justify a pre-conceived agenda or ideology.
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Nizam ibrahim.P.N
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August 22, 2015, 02:50:33 PM |
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Money is undefined currency that holds and gives power!!
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username18333
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August 23, 2015, 12:56:55 AM |
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Money is undefined currency that holds and gives power!!
Soc. We shall know better, my good friend, in a little while. The point which I should first wish to understand is whether the [capital] or [money] is beloved by the [1‱] because it is [money], or [money] because it is beloved of the [1‱].
(Germaneness mine.)
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BobK71 (OP)
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September 25, 2016, 06:23:11 PM |
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Certainly, abusing the issuance of money can occur with totally market-based money too. (Big banks would have enough market power from their size to dictate terms and incur a risky level of debt, to some extent.)
This would be analogous to how a rich person with a lot of real estate can borrow more easily and at lower interest, and thus be more able to create bubbles than the rest of us.
But we would love to have that problem, since the problem we have today is qualitatively worse, where bubbles are created by state power and supported by political and military machinations around the world.
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SONG GEET
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September 25, 2016, 06:56:30 PM |
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Money is undefined currency that holds and gives power!!
I think money can also give freedom and really make you able to do things you can't even imagine if you don't have enough money.
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Yakamoto
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September 25, 2016, 07:03:14 PM |
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Money is undefined currency that holds and gives power!!
I think money can also give freedom and really make you able to do things you can't even imagine if you don't have enough money. Money gives you freedom to go and buy things, as well as giving you a sense of security, but there isn't a ton of things beyond that and there is a specific point at which having money isn't really all that "free". Anyone can do whatever they want as long as they actually aim to try and accomplish it, and they don't piss their lives away doing whatever the hell.
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Fraxinus
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September 25, 2016, 07:41:59 PM |
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Money is undefined currency that holds and gives power!!
I think money can also give freedom and really make you able to do things you can't even imagine if you don't have enough money. That's so true mate,the freedom it keep is so much that you feel like a new person that you never knew you could actually become
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BobK71 (OP)
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September 29, 2016, 11:37:21 PM |
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Money is undefined currency that holds and gives power!!
I think money can also give freedom and really make you able to do things you can't even imagine if you don't have enough money. Money was a revolutionary technology that allowed people to trust in each other's promises and thus be able to divide the consumption of wealth across different times of your lifespan, and among different goods and services according to your wish. The problem is that 'trust.' Since everyone trusts in the government's power to deliver on its promises, at least at the beginning, politicians have incentives to abuse that trust (and to ally with banks to multiply the abuse) to receive 'free' power and wealth, while the system is stable. The problem is not money, per se. The problem is the government's involvement with money, in any way.
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ttargett
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September 30, 2016, 12:09:56 AM |
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Money is undefined currency that holds and gives power!!
thats true, it is the main reason why people want to be rich all the time, but it is also a really bad thing in my opinion
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posternat
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September 30, 2016, 03:32:08 AM |
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Money is undefined currency that holds and gives power!!
If you look at currency as an easier way to conduct business, versus bringing a sheep to the store and trading it for potatoes, then BTC is a further step in that direction.
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xIIImaL
Legendary
Offline
Activity: 1372
Merit: 1005
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September 30, 2016, 05:10:40 AM |
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Money is undefined currency that holds and gives power!!
thats true, it is the main reason why people want to be rich all the time, but it is also a really bad thing in my opinion Yep thinking to be rich will not lead you do that. If we need to become rich you need to perfect in money management with your business. So do that first. I think as i see your post you will do that.
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el kaka22
Legendary
Offline
Activity: 3626
Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
September 30, 2016, 06:52:21 AM |
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Money is undefined currency that holds and gives power!!
thats true, it is the main reason why people want to be rich all the time, but it is also a really bad thing in my opinion Yep thinking to be rich will not lead you do that. If we need to become rich you need to perfect in money management with your business. So do that first. I think as i see your post you will do that. Yes, proper management must be the key for becoming rich. Without proper management no one will be able to become rich even he is earning millions. Yes, one person could become rich only by saving it and not because of earning. Properly managing and saving are more important than earning.
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sildyas
Newbie
Offline
Activity: 36
Merit: 0
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
September 30, 2016, 06:56:28 PM |
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Money is undefined currency that holds and gives power!!
thats true, it is the main reason why people want to be rich all the time, but it is also a really bad thing in my opinion Yep thinking to be rich will not lead you do that. If we need to become rich you need to perfect in money management with your business. So do that first. I think as i see your post you will do that. Yes, proper management must be the key for becoming rich. Without proper management no one will be able to become rich even he is earning millions. Yes, one person could become rich only by saving it and not because of earning. Properly managing and saving are more important than earning. You need to do a lot of research and find the good asset to invest. For the time being, the bitcoin is the best.
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Hellacopter
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September 30, 2016, 09:11:19 PM |
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In my opinion, money is just a tool to make our deals and trades easiest and successful. And also its a powerful tool to get good level of living .
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