SC5 founds a Bitcoin Bank

[alexeft]

It is no a hypothesis stated as fact. It is the observation anyone with a sense of economic history makes and it is EXTREMELY obvious why it is true. It is axiomatic.

Are you trying to convince me that it is better to store water in a container full of holes?

This is a retarded analogy and has no relevance in a discussion about currency and economies.

Axiomatic or not, I still like my containers sealed, not full of holes. 

[Mosper]

You do realize that kind of thinking and behavior is exactly what makes delfationary currency a bad thing yea? It's cute that you clearly think this dumb one-liner is so clever when it is massively stupid and actually makes my point for me.

[Mosper]

  : deflationary currency is bad because the economy will stagnate due to storing wealth being more beneficial than using it
  : NO ITS BETTER BECAUSE IT ALLOWS YOU TO STORE YOUR WEALTH BETTER
: but that is the point encouraging hoarding of currency is a bad thing
  :BUT IT LETS YOUR HOARD BETTER
 


^^ It is not at all "because I say so". One assumes if you're entering a discussion about currencies, their traits, and how those traits affect economies that you would already know the widely known facts about what those traits cause. Your lack of knowledge does not make it just my opinion. Read a book.

[bb113]

: deflationary currency is bad because the economy will stagnate due to storing wealth being more beneficial than using it
  : NO ITS BETTER BECAUSE IT ALLOWS YOU TO STORE YOUR WEALTH BETTER
: but that is the point encouraging hoarding of currency is a bad thing
  :BUT IT LETS YOUR HOARD BETTER
 


^^ It is not at all "because I say so". One assumes if you're entering a discussion about currencies, their traits, and how those traits affect economies that you would already know the widely known facts about what those traits cause. Your lack of knowledge does not make it just my opinion. Read a book.

No people will only invest in good ideas with returns greater than hoarding, and be driven to seek them out in order to attain even more of this appreciating currency because that means even more reward later.

[Mosper]

A) that has never, ever, been the outcome of a situation where an economy ran on a deflationary currency
B) that outcome is bad because lots of things that are necessary and benefit mankind/civilization would not ever provide those returns
C) you are stupid

[alexeft]

: deflationary currency is bad because the economy will stagnate due to storing wealth being more beneficial than using it
  : NO ITS BETTER BECAUSE IT ALLOWS YOU TO STORE YOUR WEALTH BETTER
: but that is the point encouraging hoarding of currency is a bad thing
  :BUT IT LETS YOUR HOARD BETTER
 


^^ It is not at all "because I say so". One assumes if you're entering a discussion about currencies, their traits, and how those traits affect economies that you would already know the widely known facts about what those traits cause. Your lack of knowledge does not make it just my opinion. Read a book.

I would appreciate if you respected my person a little more than you respect my opinion. I don't speak badly to you.

I have to question if inflationary economy is any good really. An economy where I have to change my tv, car, stereo, house etc every few years and fill earth with garbage because it's the only way to keep the current governments and banks afloat. I don't care.

[bb113]

A) that has never, ever, been the outcome of a situation where an economy ran on a deflationary currency
B) that outcome is bad because lots of things that are necessary and benefit mankind/civilization would not ever provide those returns
C) you are stupid

A) Where is the data? What other conditions were in place that differ from the circumstances around bitcoin?
B) People are more than rational economic actors, they like getting involved in projects they think are a good idea.
C)

[bb113]

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

[Mosper]

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

That your insane internet libertarian ass doesn't find every piece of evidence in the history of economics (not to mention conclusions one should be able to arrive at on their own if they have ever actually interacted with other people or posses basic reasoning abilities) convincing does not at all indicate the lack of validity in the ideas or arguments. In fact your disagreeing probably should indicate one is moving in the right direction.

If you're going to ignore everything ever demonstrated in the history of economics and all evidence and common sense and just plug your ears and scream FREE MARKET FYGM DEFLATION IS GOOD then I don't know why you'd bother entering the conversation.

[alexeft]

I don't know dude what about the fucking great depression? It's hard for me to form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

I don't really understand why you bother so much with bitcoin and its deflationary nature. There is fiat if you need inflation.

Can you please explain?

[Mosper]

Man I'm not even trying to be a dick but you are Donny and you are out of your element. Your questions demonstrate a severe misunderstanding of the conversation. I am not advocating that bitcoin become a currency upon which world economies be founded.

[alexeft]

Keep your language at bay  

[bb113]

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

That your insane internet libertarian ass doesn't find every piece of evidence in the history of economics (not to mention conclusions one should be able to arrive at on their own if they have every actually interacted with other people or posses basic reasoning abilities) does not at all indicate the lack of validity in the ideas or arguments. In fact your disagreeing probably should indicate one is moving in the right direction.

Reread what I said. I said your claims were nothing but a hypothesis, not that they are an invalid idea/argument. They are also not fact or axiomatic. Bitcoin is great, because now we can get some data.

[jwzguy]

Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Has anyone confirmed that this SC5 announcement is not an April Fool's joke? Because it's pretty big otherwise.

[alexeft]

On a forum discussing a digital "currency" whose primary use is drugs and child porn and money laundering you're worried about me saying "dick". Word.

I am VERY worried about you calling me ANY name 
I NEVER gave you the right.

[Mosper]

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

Only bitcoiners and internet libertarians think there is no Data. You're going to get more Data exactly the same as every example of what deflation causes and then ignore that too.

I am VERY worried about you calling me ANY name  Angry
I NEVER gave you the right.

For my own sanity I am going to go on believing this is a joke.

Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Ah yes anyone who interrupts the echo chamber must be a troll.

[bb113]

Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Has anyone confirmed that this SC5 announcement is not an April Fool's joke? Because it's pretty big otherwise.

Yea, I have also concluded troll. Namecalling, no data, using simplistic arguments, etc. One day he may get an economics degree at which point he will stop the namecalling. 

Anyway, heres the guys twitter:
https://twitter.com/pyryl/status/316527162771521538

[kjj]

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

Only bitcoiners and internet libertarians think there is no Data. You're going to get more Data exactly the same as every example of what deflation causes and then ignore that too.

Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Ah yes anyone who interrupts the echo chamber must be a troll.

Dude, grow up.  These forums have a thousand threads on the deflation topic.  You've added absolutely nothing to the debate.  What was missing was not one more person repeating the premise.  You will get nowhere by claiming that you don't need to make any arguments because your opinion is "axiomatic".

Also, the great depression came after the federal reserve system was launched.  Since the federal reserve's entire purpose for existing was to insulate banks from the negative effects of the inflation that they were causing, it seems a bit silly to claim that as a data point against deflation.

[Mosper]

deflation is exactly what caused it though??? this is not something I made up?

[moni3z]

This might actually happen, sc5 did advertise they offer to pay employees in bitcoin so they are heavily involved with it. However none of us can get accounts there unless we are Finland citizens, or have a corporation there, and want to pay the gigantic Finland tax.