2015-02-05 "Bitcoin is not capable of ‘powering’ an advanced,industrial society"

[jdebunt]

http://www.cryptoarticles.com/crypto-news/greeces-minister-of-finance-bitcoin-is-not-capable-of-powering-an-advanced-industrial-society

A new Minister of Finance has been appointed in Greece a few weeks ago. While that fact may not seem too significant to most of our readers just yet, Yanis Varoufakis - member of Greece’s Coalition of the Radical Left - has formed his own opinion on Bitcoin nearly two years ago. It will be interesting to see if Mr. Varoufakis is still hostile towards Bitcoin and digital currency, or whether his stance has changed over the past 18 months.

[1714993779]

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[1714993779]

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[cr1776]

There is no way he is not still hostile.  Bitcoin takes the power to inflate the money supply (and thereby secretly tax everyone, hitting lower income people the hardest) away from the politicians -  by "oversight" he means he wants to control it.  With bitcoin, he would lose power and his cronies would lost power and money.  Little do they care that inflation hits the people who voted for them the hardest - they just want power.

His entire policy position is based upon the fact that he wants to be in charge of inflation and the money supply.  Authoritarians want to have control over everyone and their control over the money supply gives it while hiding the fact from people who aren't paying attention.  

Thanks for posting this!

[bitbouillion]

Syriza promised to solve immediate economic problems, they don't have the luxury to think about a monetary revolution, the future of economics and finite resources.

[Lethn]

According to Yanis Varoufakis (in 2013), the Bitcoin social economy is bound to be typified by chronic deflation, simply because of its fixed maximum coin supply of 21 million BTC.

And with that one sentence he has lost all credibility, how dare Satoshi make a digital currency that increases in value over time and has a fixed supply!

[CoinMode]

http://www.cryptoarticles.com/crypto-news/greeces-minister-of-finance-bitcoin-is-not-capable-of-powering-an-advanced-industrial-society

Well, then it's a good thing we are moving into a post-industrial society where bitcoin is not only capable, but is the only form of currency able to sustain a monetary system in the age of mining asteroids and moons for precious metals and carbon.