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blatchcorn
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July 05, 2014, 05:50:36 PM |
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Any sane person should prefer a currency backed by science over a currency backed by nothing |
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Momimaus
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July 05, 2014, 05:53:46 PM |
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It was half a year ago, so 5 years in Cryptotime.
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beatljuice
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July 05, 2014, 06:03:38 PM |
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While I do believe there will be a major US dollar devaluation in the (probably) near future. I don't think it's going to "crash" and become almost worthless like a loaf of bread costing $100. While I know that the US dollar is becoming less important to the world economy, it's still the biggest player and will be for quite a while still.
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Sindelar1938
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July 05, 2014, 06:06:46 PM |
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In fact, the dollar has lost 99% of its value between 1914 and 2014
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Ron~Popeil
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July 05, 2014, 06:25:19 PM |
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Something has to give at some point. I am not sure there is a way back for the dollar. If they try to strengthen it by shrinking the supply the debt we owe becomes worth a lot more and crash the system. On the other hand the slower destruction of QE makes us all poorer. I wonder if it would be best for future generations to swallow the medicine now so they can have a stable economy in the future.
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leezay
Full Member
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Activity: 363
Merit: 100
SWISSREALCOIN - FIRST REAL ESTATE CRYPTO TOKEN
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July 05, 2014, 06:36:49 PM |
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Something has to give at some point. I am not sure there is a way back for the dollar. If they try to strengthen it by shrinking the supply the debt we owe becomes worth a lot more and crash the system. On the other hand the slower destruction of QE makes us all poorer. I wonder if it would be best for future generations to swallow the medicine now so they can have a stable economy in the future.
It is less costly to solve problem now than piling it down the road. |
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qwerty555
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July 05, 2014, 07:05:25 PM |
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All fiats die..all fiats die.....btw all fiats die!!! Dollar is in decline and will eventually disappear . It may well take a few decades for that. I suspect cryptos whether bitcoin or Government/ financial Institution created will replace all fiats over time as they are just BETTER in so many ways and less expensive to use. "Every 30-40 years the Reigning Monetary System Fails and has to be retooled"
http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html
According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.
The average life expectancy for a fiat currency is 27 years, |
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Ron~Popeil
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July 05, 2014, 07:37:05 PM |
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Something has to give at some point. I am not sure there is a way back for the dollar. If they try to strengthen it by shrinking the supply the debt we owe becomes worth a lot more and crash the system. On the other hand the slower destruction of QE makes us all poorer. I wonder if it would be best for future generations to swallow the medicine now so they can have a stable economy in the future.
It is less costly to solve problem now than piling it down the road. Agreed, the problem is that no one can convince the aristocracy of that fact. Those of us "in the know" can only keep protecting ourselves by getting our wealth out of fiat currency. |
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jonald_fyookball
Legendary
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Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
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July 05, 2014, 08:01:36 PM |
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All fiats die..all fiats die.....btw all fiats die!!! Dollar is in decline and will eventually disappear . It may well take a few decades for that. I suspect cryptos whether bitcoin or Government/ financial Institution created will replace all fiats over time as they are just BETTER in so many ways and less expensive to use. "Every 30-40 years the Reigning Monetary System Fails and has to be retooled"
http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html
According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.
The average life expectancy for a fiat currency is 27 years,Hasn't the british pound been around though, for hundreds of years? |
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lemfuture
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July 05, 2014, 08:03:08 PM |
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1ADLcfwTofFXb95pKhebpeRkJ4WTWsvQXB
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jbreher
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lose: unfind ... loose: untight
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July 05, 2014, 08:20:24 PM |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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cr1776
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Activity: 4228
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July 05, 2014, 08:30:16 PM |
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While I do believe there will be a major US dollar devaluation in the (probably) near future. I don't think it's going to "crash" and become almost worthless like a loaf of bread costing $100. While I know that the US dollar is becoming less important to the world economy, it's still the biggest player and will be for quite a while still.
A loaf of bread in 1900 cost about $0.07. In 2014, about $2-$4 (depending on the loaf etc). It happens gradually so people don't notice overnight it going up so dramatically from $0.07. :-) |
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cr1776
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July 05, 2014, 08:34:18 PM |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? Good question. A pound of sterling silver. So a pound of silver today would cost about $340 ($21.25/oz* 16 oz). The pound is not worth $340 US dollars. :-) |
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jonald_fyookball
Legendary
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Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
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July 05, 2014, 08:41:47 PM |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? Good question. A pound of sterling silver. So a pound of silver today would cost about $340 ($21.25/oz* 16 oz). The pound is not worth $340 US dollars. :-) still, it seems the pound is still around, so people that say "every fiat dies" aren't being totally accurate. |
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TaunSew
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July 05, 2014, 08:56:20 PM |
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Interesting in the UK that there is a study stating that 97% of money was credit (FRB money). Seems like all the decline to currencies is related to private banks creating money out of thin air.
Granted the central banks also do print money but it's a trivial amount compared to how much money is made cooking the books and lending out money which doesn't exist.
These banks are all "too big to fail" (interconnected) and essentially own each other's money - so I don't see the system coming down anytime soon, unless there's some global bank run and the results of that would be catastrophic (it would be equivalent to an EMP attack).
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There ain't no Revolution like a NEMolution. The only solution is Bitcoin's dissolution! NEM!
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cr1776
Legendary
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July 05, 2014, 09:09:24 PM |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? Good question. A pound of sterling silver. So a pound of silver today would cost about $340 ($21.25/oz* 16 oz). The pound is not worth $340 US dollars. :-) still, it seems the pound is still around, so people that say "every fiat dies" aren't being totally accurate. I think you are confused as I wasn't responding to anyone saying it was dead or not, just about why it was called a pound. One pound of silver that used to cost "1 pound" now costs about 200 "pounds". For all intents and purposes it is worthless in comparison to its original self. |
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jbreher
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lose: unfind ... loose: untight
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July 05, 2014, 09:41:53 PM |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? Good question. A pound of sterling silver. So a pound of silver today would cost about $340 ($21.25/oz* 16 oz). The pound is not worth $340 US dollars. :-) still, it seems the pound is still around, so people that say "every fiat dies" aren't being totally accurate. Just no. The pound is no longer a pound. It is now a fiat currency. Accordingly, the fact that there is still something called the pound in monetary use, cannot be used as an example of a fiat currency lasting a long time. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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Ron~Popeil
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July 05, 2014, 10:49:08 PM |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? Good question. A pound of sterling silver. So a pound of silver today would cost about $340 ($21.25/oz* 16 oz). The pound is not worth $340 US dollars. :-) still, it seems the pound is still around, so people that say "every fiat dies" aren't being totally accurate. Just no. The pound is no longer a pound. It is now a fiat currency. Accordingly, the fact that there is still something called the pound in monetary use, cannot be used as an example of a fiat currency lasting a long time. Exactly. Calling it the same name does not mean it is related to the original currency in any important way. Just another soon to be worthless fiat currency. |
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