A crypto forum is gonna be an unfriendly place for a fiat apologist.
Sure. And hijacked by neo libertarians, it was (maybe still is) an unfriendly place for "apologists" of reasonable regulation as well. Free market and all that, but bitcoin based securities are doing a real good job showing just why regulation is not inherently evil, but in fact a requirement for a properly functioning free market.
The new money whisked into existence necessarily devalues all other money that was in existence before the event.
True, but the opposite is also true. As debts get repaid, money is destroyed.
The net result is that this act steals tangible wealth from each and every other person, and places that wealth in the pocket of the creator of the money -- the bank in this instance.
No, its not the bank that is the beneficiary. The bank doesnt get the money, whoever gets the loan gets the money, and as the loan is repaid, his pledge and therefore, the money that pledge represents, is again destroyed.
Of course its also true that the money to pay
interests on the loan is never created, and thus overall debt will always go up, and debt based money is therefore inflationary; you will call it theft of redistribution of wealth; but its not to the banks, its to society as a whole, and I dont see that as evil, but as a sound economic principle. Deflation doesnt lead to economic growth, it automatically leads to ever greater concentration of wealth. Thats only good if you are wealthy to begin with, not so good for society at large. Its like a feudal system for finance.
Besides, why would you think its criminal that "fiat steals wealth from the wealthy", when something like bitcoin, if ever it would go maintstream would create enormous wealth for the bitcoin wealthy, ie you and me, at the expense of everyone else?
Mandatory on-topic content: The previously-undisclosed nature of GAW's 3500% stakers steals wealth through a similar mechanism.
If paycoin represented debt, it would be impossible for gaw to have 3500% stakers
