This is why Bitcoin: An infinite amount of dollars

14 comments

• BitCoinHodler

  •

  5 years ago

  I like having a central authority there to control the economy when things go to shit. If bitcoin were the primary currency during the corona pandemic a central authority couldn't provide stimulus to those that need it.
  
  IMO this crisis shows why bitcoin is not the answer.
• FTS

  •

  5 years ago

  This economic “crisis” was created by government intervention. No intervention = no crisis = no need for trillions of dollars of “stimulus.” Isn’t that obvious?
  
  My opinion of your intellect could not be any lower, lol.
• 623

  •

  5 years ago

  The economic crisis WAS created by governments that made rulings that put personal safety and human lives ahead of wealth accumulation. I, for one, think they generally have their priorities correct.
• FTS

  •

  5 years ago

  Didn’t you listen to Donald Trump’s press conference today?! Even HE has realized that your statement, 623, is not necessarily true. How many lives have been damaged or lost, or are going to be damaged or lost, because of lost income, or because of malinvestment? How long can all business (except life sustaining business) be shut down? You can’t forcibly shut down an economy for months unless the people have lots of savings. Lives are destroyed when businesses are lost. And there isn’t much evidence that the shuttering of business and all this social distancing is having a profound effect, anyway. Who’s to say that the virus wouldn’t have run almost the exact same course if we had just continued life as usual, but limited our in-person contact and keep our distance from each other?
  
  Maybe we should force all citizens to stay in their homes for the next 3 years. After all, we can’t let another 1000 people die from an illness, right 623? Nobody move for 3 years, there’s a virus!
• max_starr

  •

  5 years ago

  I buy and sell hundreds of thousands of dollars of bitcoin. For the most part, large scale money laundering is very difficult with bitcoin...The banks are doing 10000x more with cash
• BitCoinHodler

  •

  5 years ago

  I'm sorry you have such a low opinion of my intelligence, hopefully one day I can redeem myself.
  
  The truth is many countries from China to Iran to Spain have deemed it better to shutdown the economy than let Covid-19 spread. To answer your question regarding how long we can shutdown non-essential businesses its basically indefinitely as long as there is a central authority who can provide for them( ie the fed who can print money to keep them a float).
  If bitcoin were the main currency this would not be possible.
  
  Of course in practice people would get bored and stir crazy from not working so I think they can only be kept this way for a couple of months.
  
  I understand your frustration with this whole situation, FTS, perhaps you can use this as an opportunity to learn about economics?
  
• FTS

  •

  5 years ago

  If bitcoin were the main currency then people would be incentivized to save their money, so the systematic theft of the working class through monetary devaluation wouldn't be necessary in the first place.
  
  BitCoinHodler, I hope you use this opportunity to begin using your brain for critical thinking and logic. Clearly you haven't used it for that yet. Do you really think that the Federal Reserve is the entity that is supporting people through the action of printing money? How stupid can you be?
  
  Do you think Zimbabwe has the strongest economy in the world? Look at the dollars they used! https://en.wikipedia.org/wiki/Zimbabwean…
  
  Here's an idea, BitcoinHodler. Instead of issuing new currency, how about we just allow people to add up to 3 new zeros to all the currency that we currently own. So, if you have a 20 dollar bill, you can add three zeros with a marker and magically turn it into $20,000......
  
  .... That will put food on people's tables, right?
  
  LMAO
• 623

  •

  5 years ago

  If you think that people will save and prepare for bad situations more adequately if we only use bitcoin you are the one who needs a history lesson.
  The Spanish flu epidemic right after the First World War killed 50million people and it was considered 10% as life threatening. Plus people did not travel and mingle the world over 100years ago.
  Intellect is measured by using all appropriate facts to reason truths. Not sifting out only the bits that support your version of the “truth”.
  Deny science and history at your peril.
• FTS

  •

  5 years ago

  Your point? Who's denying science and history?
  
  Currency either has value, or it doesn't. If you believe that our fiat currency, fundamentally, is valuable, and the Federal Reserve has an INFINITE amount of fiat currency, then logic dictates that you must believe the Federal Reserve has INFINITE VALUE. Literally..... infinite.
  
  I wish people used their brains to think....
• FTS

  •

  5 years ago

  A twitter user just summed it up quite nicely:
  
  1. People don't have savings because inflation.
  2. Crisis happens.
  3. "Of course we need bailouts because people don't have savings!"
  4. Money inflated to bail out corps.
  5. People don't have savings because inflation.
  ...
• FTS

  •

  5 years ago

  Here are some facts:
  http://pricedingold.com/charts/USD-1787-…
  http://pricedingold.com/charts/USD-1997.…
  http://pricedingold.com/charts/USD-2006.…
  
  "people dont have money because it is human nature to always want to live better than you should or can"
  
  -First, that sentence hardly makes sense. It's difficult to understand what you mean when you don't use proper grammar. Second, if what you mean is, "people don't have money because it is human nature to spend money on material things before the money loses its value," then I agree. That's exactly what the twitter quote says.
  
  1. People don't have savings because inflation.
• BitCoinHodler

  •

  5 years ago

  I do not see an issue with desertscrub's grammar and I said in an earlier thread with you that grammar corrections do not add anything to a conversation so it is best to avoid them.
  
  Americans do not actively think that if they do not spend the dollar they have it would be worth ninety seven cents in a year, they spend money because at the end of the month they have left over money after paying their Bill's. Bitcoin does nothing to solve this issue. However, bitcoin would come with the con that in times of dire need a central authority could not print more to keep individuals and/or companies afloat.
  
  Thank you for your facts, they were very nice to look at.
• FTS

  •

  5 years ago

  Oh... you changed your username from CTLennay to BitCoinHodler. Well, thanks for bringing me to that realization. I wrote you off a while ago, so I’m not going to respond now.
• BitCoinHodler

  •

  5 years ago

  By write me off you mean give up on me ever buying into bitcoin, which would be a true assumption for you to make.
  
  I'd like to point out to anyone who reads any of FTS's posts that his goal is not to discuss the merit of bitcoin as a currency but instead to sell it you since you buying into it would increase his holdings too. If his goal were to discuss the merit of bitcoin he'd respond to my posts.