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Author Topic: Will Bitcoin survive if the USD fails?  (Read 3448 times)
arbitrage001
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July 08, 2013, 01:16:52 AM
Last edit: July 08, 2013, 01:28:18 AM by arbitrage001
 #21



Major Fiat currencies cannot "fail"...
Because they are the only way to pay taxes and stay out of jail...
So every Fiat Currency has a fundamental value >> Tax Base...
(We are not talking about Banana Republics here).

This USD "fails" nonsense is floated by people...
Who have never filed a Tax Return or held a meaningful job in society.


Seeing most government officials with bloated paid and mostly do nothing but process paper. I don't necessary agree those who filed tax return held a meaningful job.

Now that I think about it, many jobs in the west are pretty meaningless since most exists for the sole reason to comply with government rules and regulation (accountant, lawyer, government employee and etc etc..) Do bankers in its current form serve society in a meaningful way?

Major currency can fail. History is repeated with major empire debasing their currency before the final collapse. The final blow to the coffin may not be the implosion of the economic. But if a small band of barbarian can take down Rome (in the case of US, a small group of people take down an entire building in the world financial center or a disaster causing the state to paralysis, or a few companies causing the world finance system to melt down or a few teenagers causing school/city to panic), this implies the government/company/society is infested with incompetent and greedy people who do nothing but take pay check.

I welcome anyone to offer counter argument.


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polarhei
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July 08, 2013, 04:42:08 AM
 #22

The being you mentioned, is for everyone. However bitcoin only has one thing, trust and bounded number to ensure safe.
arbitrage001
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July 08, 2013, 05:01:19 AM
 #23

However bitcoin only has one thing, trust and bounded number to ensure safe.


What is your argument that bitcoin has trust? and bounded number ensure safety?

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July 08, 2013, 05:31:54 AM
 #24



Major Fiat currencies cannot "fail"...
Because they are the only way to pay taxes and stay out of jail...
So every Fiat Currency has a fundamental value >> Tax Base...
(We are not talking about Banana Republics here).

This USD "fails" nonsense is floated by people...
Who have never filed a Tax Return or held a meaningful job in society.


Seeing most government officials with bloated paid and mostly do nothing but process paper. I don't necessary agree those who filed tax return held a meaningful job.

Now that I think about it, many jobs in the west are pretty meaningless since most exists for the sole reason to comply with government rules and regulation (accountant, lawyer, government employee and etc etc..) Do bankers in its current form serve society in a meaningful way?



My guess is that you don't understand what a banker is.

Yes, bankers certainly serve society in meaningful ways. Ask anyone who has a mortage and didn't have to save up a 100% deposit to buy a house, to buy a car, to start a business. Ask the farmer who is able hedge his weather-related risk. Ask anyone whose house was robbed and who didn't lose his life savings because his money was in a bank (ie the original purpose of a bank, which is remarkably similar to keeping btc in cold storage today).

Ultimately, if bitcoin is to be successful, institutions will exist that duplicate all of these features for consumers. If you want to have the opportunity to earn interest on your btc holdings, someone (they're called bankers) must exist to manage the lending of that money to generate that interest, at a very basic level. Bankers provide services far beyond that, of course, but that's one of the basic functions.

I'm not a giant fan of the modern banking industry, don't get me wrong. I think the Goldmans, Morgans, etc need to be reigned in drastically, and it needs to be done via government regulation, because they're money-hungry psychos who are out of control on the institutional level. But that doesn't mean we throw the baby out with the bathwater.
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July 08, 2013, 05:57:17 AM
 #25



Major Fiat currencies cannot "fail"...
Because they are the only way to pay taxes and stay out of jail...
So every Fiat Currency has a fundamental value >> Tax Base...
(We are not talking about Banana Republics here).

This USD "fails" nonsense is floated by people...
Who have never filed a Tax Return or held a meaningful job in society.


Seeing most government officials with bloated paid and mostly do nothing but process paper. I don't necessary agree those who filed tax return held a meaningful job.

Now that I think about it, many jobs in the west are pretty meaningless since most exists for the sole reason to comply with government rules and regulation (accountant, lawyer, government employee and etc etc..) Do bankers in its current form serve society in a meaningful way?



My guess is that you don't understand what a banker is.

Yes, bankers certainly serve society in meaningful ways. Ask anyone who has a mortage and didn't have to save up a 100% deposit to buy a house, to buy a car, to start a business. Ask the farmer who is able hedge his weather-related risk. Ask anyone whose house was robbed and who didn't lose his life savings because his money was in a bank (ie the original purpose of a bank, which is remarkably similar to keeping btc in cold storage today).

Ultimately, if bitcoin is to be successful, institutions will exist that duplicate all of these features for consumers. If you want to have the opportunity to earn interest on your btc holdings, someone (they're called bankers) must exist to manage the lending of that money to generate that interest, at a very basic level. Bankers provide services far beyond that, of course, but that's one of the basic functions.

I'm not a giant fan of the modern banking industry, don't get me wrong. I think the Goldmans, Morgans, etc need to be reigned in drastically, and it needs to be done via government regulation, because they're money-hungry psychos who are out of control on the institutional level. But that doesn't mean we throw the baby out with the bathwater.
Wishful thinking.  '08 was a nice chance to reign them in as in let them all BK but didn't happen since everyone chickened out but at least we got bitcoin.  You want more bank regulation LOL you mean before '08 there wasn't enough?


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