Crypto currency (IF banned from CA)

Status
Not open for further replies.
collymcd said:
One of the main purposes of government backed currencies is to take power from retail banks, and shift it to governments and central banks. There's a lot to be said for that.

For a start it would take power from banks who really shouldn't be trusted. There'd be greater access to banking. Greater control of welfare payments & subsidies to citizens. Almost instant payments. Extremely low costs of finance.

There's a lot of benefit to digitising currency. It's not to be confused with other speculative cryptocurrencies, like Bitcoin.

The big worry would be destabilising bank's loan books, and moving them to the periphery of the economy. Also, would central banks and governments be ready to be retail facing? Nobody really knows how that would go.
Click to expand...
It’s governments that debase the currency not the banks, so no I would not be happy with governments taking complete control of money.
 
Last edited:

Kev The Rat said:
You see you still look at it from a very microeconomic trading perspective buy low / sell high perspective.

you need to look further into it than that to analyse it’s behaviours
Click to expand...
But when I do analyse some of its behaviors you don’t like it because I notice the scams and that aspects such as the privacy/lack of government regulation are ripe for exploitation lol

As for the macro thesis as I understand it you fall more generally into “store of value” camp rather than “replacement currency” - is that correct? Would genuinely like to hear what you think I am missing at the macro case or link to something that you feel does a good job of describing it.
 
Kev The Rat said:
It’s governments that debase the currency not the banks, so no I would not be happy with governments taking complete control of money.
Click to expand...
There is this really weird cognitive dissonance displayed by proponents of crypto where they simultaneously slag off governments for loose monetary policy whilst at the same time ignoring the fact that that has been the biggest driver of crypto asset inflation (and all asset price inflation) for the last 10 years.

You should be celebrating the expansion of the monetary base, not slagging it off.

The fact you aren’t is either ignorance or a lack of understanding of economics.
 

mill said:
There is this really weird cognitive dissonance displayed by proponents of crypto where they simultaneously slag off governments for loose monetary policy whilst at the same time ignoring the fact that that has been the biggest driver of crypto asset inflation (and all asset price inflation) for the last 10 years.

You should be celebrating the expansion of the monetary base, not slagging it off.

The fact you aren’t is either ignorance or a lack of understanding of economics.
Click to expand...
at least you acknowledge the link between the 2, and I applaud you for that.
 
LinekersLegs said:
But when I do analyse some of its behaviors you don’t like it because I notice the scams and that aspects such as the privacy/lack of government regulation are ripe for exploitation lol

As for the macro thesis as I understand it you fall more generally into “store of value” camp rather than “replacement currency” - is that correct? Would genuinely like to hear what you think I am missing at the macro case or link to something that you feel does a good job of describing it.
Click to expand...
you know all the arguments, they've been stated here multiple times, you just think the 'casino' aspect to it all is actually what its about and justifies your position towards it.

carry on with cash, I'm sure you will do well with it.
 
mill said:
People have no idea just how bad things would have been without it.
Click to expand...

What's happening right now with our economy is testament to how useful it is to control money supply. It's verging on miraculous in terms of economics.

People take a much too simplistic view of this. All they see is debasement of value over years. Loss of real value is very easily offset through other means in the market that are accessible for ordinary folk. It's a small price to pay.

I was as excited as the next person by 'Satoshi's vision' when I first came across it. Horizontal authority structuring of society is a brilliant dream. Unfortunately I think it's just that, a dream. Where there are people there'll always be those who take power. And the rarely acknowledged part is equally true; people need rulers and masters. This is the missing ingredient in the failed experiment of communism.
 

collymcd said:
Printing money is the very reason we're not in the depths of the worst recession ever seen right now. It's an important tool.
Click to expand...
And coins , including stablecoins (the crypto equivalent of USD etc), have been printing like crazy too over the past year so it seems a little bit of an inconsistent complaint. In theory of course all of the stable-coins are based on a one to one investment of fiat but rarely audited so who knows.
 
collymcd said:
What's happening right now with our economy is testament to how useful it is to control money supply. It's verging on miraculous in terms of economics.

People take a much too simplistic view of this. All they see is debasement of value over years. Loss of real value is very easily offset through other means in the market that are accessible for ordinary folk. It's a small price to pay.

I was as excited as the next person by 'Satoshi's vision' when I first came across it. Horizontal authority structuring of society is a brilliant dream. Unfortunately I think it's just that, a dream. Where there are people there'll always be those who take power. And the rarely acknowledged part is equally true; people need rulers and masters. This is the missing ingredient in the failed experiment of communism.
Click to expand...
people need rulers and masters ha ha ha

at least you are being honest.
 
Kev The Rat said:
you know all the arguments, they've been stated here multiple times, you just think the 'casino' aspect to it all is actually what its about and justifies your position towards it.

carry on with cash, I'm sure you will do well with it.
Click to expand...
Not precisely how I’d sum up my current view and even if it was I’d like to hope I was open to changing my mind but guess we’ll leave it there.
 

Status
Not open for further replies.

Welcome

Join Grand Old Team to get involved in the Everton discussion. Signing up is quick, easy, and completely free.

Register

Shop

Back
Top