Large German lobby organization supports ban on Bitcoins

[wareen]

The recent occurrence of Bitcoin in German TV got me thinking: they portrayed Bitcoin as the perfect online payment system and nothing else! No talk about mining, no talk about destabilizing the economy / drug purchasing / money laundering / etc... I think this is really an excellent way to get Bitcoin to the masses: want a free, secure and fast online payment method? Bitcoin is for you!

For the vast majority of the people (including merchants!) this is all they need from an online payment system. Bitcoin is much more, but most people don't need to be bothered with that.

Also we could avoid much of the critical press and maybe even some legal troubles if we just advocated Bitcoin as the new and superior way to shop online!

[veto]

I think this is a good sign but its dangerous as the big cats are getting irritated by seeing the mice building complex unbreakable money networks.
I'm german and I'm a member of a political party called humanwirtschaftspartei what with its predecessor tried since nearly 100 years to fight against the actual money-system.They see the dysfunction of the actual moneysystem as the deeper cause of wars, crisis and impoverishment. As well our technological and social progress is far behind were we actually could be - The science-fiction stories of the 60's may be true today in another dimension of a working moneysystem.
Thanks to the Internet the people getting aware and they starting to break the money taboo as well.
If you still not really know how money and economics works because sure they  never let you learn this in school or university  than you can see and listen here a youtube lecture of a Professor of Economics
Deeper Roots of World Financial Crisis:
http://www.youtube.com/watch?v=_sqFpVJvSVs

[shady financier]

I think this is a good sign but its dangerous as the big cats are getting irritated by seeing the mice building complex unbreakable money networks.
I'm german and I'm a member of a political party called humanwirtschaftspartei what with its predecessor tried since nearly 100 years to fight against the actual money-system.They see the dysfunction of the actual moneysystem as the deeper cause of wars, crisis and impoverishment. As well our technological and social progress is far behind were we actually could be - The science-fiction stories of the 60's may be true today in another dimension of a working moneysystem.
Thanks to the Internet the people getting aware and they starting to break the money taboo as well.
If you still not really know how money and economics works because sure they  never let you learn this in school or university  than you can see and listen here a youtube lecture of a Professor of Economics
Deeper Roots of World Financial Crisis:
http://www.youtube.com/watch?v=_sqFpVJvSVs

Thanks for the link, very interesting lecture. I'm not sure if bitcoins deflationary nature would add to the parasitic consequences of financial speculation in drawing purchasing resources from the real economy, or if it in fact the effect would not be the same as deflation may keep prices and demand in the real economy relative to each other so that there is actually no loss of purchasing power or what. And even if it did perhaps the effect would be offset by the non-debt basis of bitcoin creation (and besides the interest paradigm may persist with bitcoin, I see people on this forum suggesting an interest system of borrowing bitcoin which to my mind misses the point of the technology entirely. But people have got to get money for new enterprises somehow, from where then if not by paying a bank to create it?).

Would be great to get the professors opinion on bitcoin.

[Timo Y]

The guy who wrote this article, Christoph N. v.Dellingshausen, lists "Querdenker" (= unconventional thinkers) in the "Wants" section of his XING profile:

http://www.xing.com/profile/ChristophN_vDellingshausen

Unconventional Thinkers  Yeah he could surely learn a few lessons from them

[benjamindees]

I'm not sure if bitcoins deflationary nature would add to the parasitic consequences of financial speculation in drawing purchasing resources from the real economy,

Speculation only has parasitic consequences when 1) it is subsidized, or 2) externalities are not accounted for.  Although Bitcoin subsidizes miners, it will probably not end up being a large subsidy and can be dismissed.  Since Bitcoin is not a government, externalities are the real issue.  And I'm not talking about externalities caused by speculation.  I'm talking about real physical externalities that are not even widely recognized as such.

And even if it did perhaps the effect would be offset by the non-debt basis of bitcoin creation

This is the key.  With non-debt-based currency, the supply doesn't need to fluctuate because the contrived concept of "demand" for money loses all meaning.  Demand for money is infinite.

But people have got to get money for new enterprises somehow, from where then if not by paying a bank to create it?

From savers?  Investors?  People who receive dividends in return?  Paying a bank to raid its depositors is not a viable method of raising capital in the long term.

[Helge44]

First, they ignore you, then they laugh at us, then they fight us, then we win!