Blockchain = Powerful Tool for Keynesian Monetary Policy

[myrkul]

Ever try to nail gelatin to a tree?

Yes, libertarian heads are made of gelatin and I am always trying to nail them to trees.

Are you retarded, or just stoned?

[cunicula]

Ever try to nail gelatin to a tree?

Yes, libertarian heads are made of gelatin and I am always trying to nail them to trees.

Are you retarded, or just stoned?

You are the one suggesting that the government will abstain from using a database to pursue taxation goals.

I am the one who is retarded or stoned.

[chrisrico]

Suppose the central bank controls 51% of hashing power and wants to achieve a stimulus equivalent to a 3% increase in inflation.

Simply demand a txn fee equal to 3% of coin-age (with age measured in years). This is just like instantaneously increasing the inflation rate by 3%.

Yes. To stimulate spending, you must increase the cost of spending money. GENIUS!

[cunicula]

Suppose the central bank controls 51% of hashing power and wants to achieve a stimulus equivalent to a 3% increase in inflation.

Simply demand a txn fee equal to 3% of coin-age (with age measured in years). This is just like instantaneously increasing the inflation rate by 3%.

Yes. To stimulate spending, you must increase the cost of spending money. GENIUS!

Yes, I admit that economics can be counterintuitive. It helps clarify things when you consider specific alternative options.

(i.e. in order to avoid being taxed, I will ... )
Then check if your strategy involves spending. If it does, the government has gotten its wish.

[chrisrico]

Yes, I admit that economics can be counterintuitive. It helps clarify things when you consider specific alternative options.

(i.e. in order to avoid being taxed, I will ... )
Then check if your strategy involves spending. If it does, the government has gotten its wish.

Just so I understand, you are completely serious in your belief that raising the required transaction fee will encourage spending?

[myrkul]

Ever try to nail gelatin to a tree?

Yes, libertarian heads are made of gelatin and I am always trying to nail them to trees.

Are you retarded, or just stoned?

You are the one suggesting that the government will abstain from using a database to pursue taxation goals.

I am not suggesting the government will abstain. I am suggesting that it will be futile. Like trying to nail gelatin to a tree.

I am the one who is retarded or stoned.

Rarity, is that you?

[Rassah]

I fully expect they will want #2, like with drugs, bittorrent, and illegal websites, and I fully expect they will get #3, like with drugs, bittorrent, and illegal websites.

[myrkul]

I fully expect they will want #2, like with drugs, bittorrent, and illegal websites, and I fully expect they will get #3, like with drugs, bittorrent, and illegal websites.

/thread. Of course, it was /thread all the way back here...

Hmmm, yep, you're still an idiot.

[cunicula]

I fully expect they will want #2, like with drugs, bittorrent, and illegal websites, and I fully expect they will get #3, like with drugs, bittorrent, and illegal websites.

As far as bittorent, most governments don't really care. They are kind of on the fence with this issue. Try uploading pre-screen release movies and you will see a different reaction. Some governments are even very happy with piracy. It means they don't have to pay the US for all the crap the US makes. Instead they can get it for free.

Is the full database of drug sellers available somewhere? I think LE may be interested in that one.

[cunicula]

Rarity, is that you?

Wow, Rarity seems like a smart guy. Never read that, but I see the similarity in the two threads.

No wonder Rarity was banned. These are libertarian forums after all.

[myrkul]

Rarity, is that you?

Wow, Rarity seems like a smart guy. Never read that, but I see the similarity in the two threads.

No wonder Rarity was banned. These are libertarian forums after all.

Rarity was banned for trolling. A fate I suspect you are rapidly approaching.

[cunicula]

Rarity, is that you?

Wow, Rarity seems like a smart guy. Never read that, but I see the similarity in the two threads.

No wonder Rarity was banned. These are libertarian forums after all.

Rarity was banned for trolling. A fate I suspect you are rapidly approaching.

Threats are a good way to [/thread], huh? Are you trying to discuss a substantive issue in the thread? If not, why are you here?

[myrkul]

Rarity, is that you?

Wow, Rarity seems like a smart guy. Never read that, but I see the similarity in the two threads.

No wonder Rarity was banned. These are libertarian forums after all.

Rarity was banned for trolling. A fate I suspect you are rapidly approaching.

Threats are a good way to [/thread], huh? Are you trying to discuss a substantive issue in the thread? If not, why are you here?

I see no threats. And this thread was over at the first reply. There's been nothing substantive discussed since.

[cunicula]

I see no threats. And this thread was over at the first reply. There's been nothing substantive discussed since.

Okay, you are referring to this↓ as the sole substantive contribution.

Hmmm, yep, you're still an idiot.

If that is where you want to take the debate I will put you on ignore and resume the thread from the point where we left off.

[cunicula]

It will not be instantly worthless. As I keep saying, it will be exactly like the centralized currency of a Federal Reserve, and thus a currency in decline. The driving incentive will be to squeeze and steal as much value out of an economy using your 51% controlling stake, until something comes along to replace you. You can make way more by controlling the currency and squeezing the remaining 49% out of the economy, than by selling 2% of it. And if you don't do it, someone else will. That's the endgame in that system.

Okay, based on this post it seems you have developed some understanding. Greed leads to monopoly because monopoly is always the most profitable option.

The government has three choices:

1) Prohibit Bitcoin
2) Extract Fees From Bitcoin; Regulate Bitcoin
3) Let People freely use Bitcoin without interference.

We can see that, provided the government is hungry for revenue and control, 2 will seem like the best option. 1 will not generate revenue and will cause financial instability. The ECB seeks to avoid this first and foremost. 3 will result in a loss of revenue and control over the monetary system. The ECB seeks to avoid this also. 2 provides control, revenue, and stability. All stuff that governments and central banks like. I understand that you do not like these things and prefer 3. That is called wishful thinking.

What can be done to prevent 2? Nothing very effective, but there are some counter measures. PoS helps to insure users against 2 (i.e. users get a payout from the state if 2 occurs). PoS also makes 2 an order of magnitude more expensive to achieve.
  

[myrkul]

Since you're repeating posts, I guess I could, too...

I fully expect they will want #2, like with drugs, bittorrent, and illegal websites, and I fully expect they will get #3, like with drugs, bittorrent, and illegal websites.

/thread.

[cunicula]

Yes, I admit that economics can be counterintuitive. It helps clarify things when you consider specific alternative options.

(i.e. in order to avoid being taxed, I will ... )
Then check if your strategy involves spending. If it does, the government has gotten its wish.

Just so I understand, you are completely serious in your belief that raising the required transaction fee will encourage spending?

Yes

[myrkul]

I see no threats. And this thread was over at the first reply. There's been nothing substantive discussed since.

Okay, you are referring to this↓ as the sole substantive contribution.

Hmmm, yep, you're still an idiot.

If that is where you want to take the debate I will put you on ignore and resume the thread from the point where we left off.

Go ahead.


I find that a fairly clear indication of signal to noise ratio, don't you?

[chriswilmer]

I'm going to chime in as usual to point out that I think cunicula makes really insightful posts! I very much enjoy reading them (although admittedly I don't always scrutinize the details carefully).

[cunicula]

I'm going to chime in as usual to point out that I think cunicula makes really insightful posts! I very much enjoy reading them (although admittedly I don't always scrutinize the details carefully).

Thanks, I appreciate your support.