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Old 12-19-2013, 03:58 PM   #61
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Can we stop talking about how bad the gold standard is and get back to talking about how bad bitcoins are?
Are you saying I cannot pay for your new turbo setup in bitcoins?
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Old 12-19-2013, 04:21 PM   #62
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Are you saying I cannot pay for your new turbo setup in bitcoins?
You absolutely can not pay for the TSE turbo kit in bitcoins.







Because the TSE turbo kit doesn't exist.

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Old 12-19-2013, 04:39 PM   #63
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Why does the y-axis need to be in log?
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Old 12-19-2013, 05:19 PM   #64
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I LOL'ed at nonexistence of TSE trubo.
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Old 12-19-2013, 05:20 PM   #65
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All that chart proves is that inflation exists. It has no other meaning.

I don't think anyone is questioning that notion.
It shows that the gold "standard' after teh B-W conference, up to 1971, was a restraint on inflation.
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Old 12-19-2013, 06:35 PM   #66
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It shows that the gold "standard' after teh B-W conference, up to 1971, was a restraint on inflation.
Does it show causality?

If it does, what does it have to do with crypto currencies?


I tend to subscribe to the concept of "moneyness." Gold is money, but has poor "moneyness" in much the way a physical 10-year US Treasury bond does. Try paying your grocery or tax bill with either.

Bitcoin is also low on the scale, because it is accepted at so few places.

The USD has extremely high "moneyness" because it is accepted virtually everywhere in the USA and very widely around the globe.
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Old 12-19-2013, 07:40 PM   #67
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False. This presupposes the value of a currency cannot appreciate. Besides, a currency does not *have to* equal the value of all the wealth in the world. Where does this assumption come from?
I am not very knowledge on economic theory but my basic understanding relating to why "theres not enough gold" has not to do with the rise in value, but the literal creation of paper cash as a medium of exchange. For example, China, with tens of millions of people migrating from the countryside where they did not have a major 'impact' on wealth creation, move to the city, get jobs and join the economy, they produce much more money and consume more. This means, more paper money is needed so that more people joining the economy can have cash as a convenient medium of exchange for goods and services.


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False. You can still have expansion of credit, much greater than the total market capitalization of a currency. You can still have fractional reserve banking.
My point had more to do with speed of growth. Correct me if I am wrong but if we required all of our money to be back by gold, we would either have to get enough gold to represent the amount of credit the government feels the country is worth or needs. The other option is to increase the value of gold in ones country to make more money. If the above is true, they both would be slow and non responsive the needs of a country and the price of gold cannot be fixed in one country unless it regulates it's trade.

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So is real estate, and stocks, etc.
Real estate yes in that you will always have a place to live and can possibly grow your food. I guess it depends on why you believe things are becoming more expensive in the US.. Some believe decoupling from the gold standard caused overspending and creation of too much money. I would argue that increased costs have much more to do with the middle class losing its wealth and the .001 percent of the US pollution, the super wealthy, are running away with all of wealth that was created here in the US since Reagan dropped the tax rate on the rich from around 75% to 35%. From what I understand, the problem is not inflation, the problem is that people are not getting money which they should be getting. This leads to low demand because everyone is broke, then businesses have to raise prices and or cut workers, then it goes on and on. That is why, a flexible money system, which can create large amounts of credit and money FAST, is needed to 'kick start' an economy. EDIT: and the loss of tax revenue is related to the loss in reinvestment and deteriation of the social safety nets. Al put together, you end up with a poor, struggling, and uneducated public who can barely get by let alone buy things outside of necessity. That said, buying things of necessity will also boost the economy. Right now, nobody has money because the super rich took all the money so there is no more demand, which means more jobs are cut. Supply&demand leave out need.

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To question this assumption, you can look at history. Money arose in the market, independently of central authorities. It was later that central authority wanted to control money. When gov't started controlling currency, it was primarily a means of profit and power, not as a "good thing for the people". You may want to read the free PDF book "What has gov't done to our money" by Rothbard.
I am not sure how that is relevant.


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I suspect the concept of a single or central world "reserve currency" will diminish in importance. There may be more than one in the future.
I do not think that there will be a single world currency BUT, I do believe that something like that will come out of Asia, for the sake of efficient trade. BUT, I am very aware of the loss in sovereignty and problems that may arise from loosing your own currency.


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The non-American non-European users of the USD and Euro will also see that holding large reserves of it, if it devalues, is a losing proposition, and will switch if so. Besides, the idea of hoarding a reserve currency as a sign of economic strength, is rooted in *Mercantilism*. See Adam Smith vs. Mercantilism.
In my opinion, it is quite obvious that the US dollar AND Euro will loose value in terms of value on the world market. Simply due to the fact that you have 1/3 of the world's population living China and India, as the two countries develop and the people move toward a high standard of living and join the world consumer economy, the size of their economy will grow simply because there are so many freakin people. Rather than a crash in the US dollar from inflation, I look at it as losing it's piece of the world economy pie.

Last edited by Hinano; 12-19-2013 at 08:06 PM.
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Old 12-19-2013, 11:15 PM   #68
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epic zing
Number of completed TSE turbo kits = total amount of tangible value in all Bitcoin holdings worldwide
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Old 01-13-2014, 12:40 AM   #69
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Old 01-14-2014, 12:55 PM   #70
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Does it show causality?
I'd like to hear your explanation of causality.

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If it does, what does it have to do with crypto currencies?
It was more an explanation of why the final step in abandonment of the gold standard led to more rapid central-bank inflation.
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Old 01-14-2014, 01:46 PM   #71
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Old 01-14-2014, 01:52 PM   #72
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I'm much more hopeful for Dogecoin.



Despite being a relatively new entrant into the "not Bitcoin" marketspace, its present trading volume exceeds that of all other digital currencies. It's also much more easily accessible, with a current exchange rate of 1 doge = US$0.00034.

http://dogecoin.com/
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Old 01-14-2014, 01:56 PM   #73
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I mine a lot of minerals in starcraft2, i wonder if I can buy a tesla with those...
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Old 01-14-2014, 01:59 PM   #74
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NO, you need more minerals.
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Old 01-14-2014, 02:36 PM   #75
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The primary difference between North Korea and South Korea:

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Old 02-25-2014, 12:20 PM   #76
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Old 02-25-2014, 05:07 PM   #77
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So just like LeMan Brothers?

Really this is not a story. It's not the first time a bank has closed and people have lost money.
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Old 02-25-2014, 06:35 PM   #78
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isn't the whole point of bitcoin is that something like this wont happen?
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Old 02-25-2014, 06:57 PM   #79
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That's why I only trust Dogecoin.
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Old 03-05-2014, 10:24 PM   #80
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Another Bitcoin Bank Shuts Down after Hacking Theft

Reuters
Mar 5, 2014


Flexcoin, a Canada-based Bitcoin bank, said it was closing down after losing bitcoins worth about $600,000 to a hacker attack enabled by flaws in its software code.

Flexcoin said in a message on its website that all 896 bitcoins stored online were stolen Sunday. Its collapse came after Mt. Gox, once the world’s dominant bitcoin exchange, filed for bankruptcy protection in Japan and said it may have lost some 850,000 bitcoins due to hacking.

“As Flexcoin does not have the resources, assets or otherwise to come back from this loss, we are closing our doors immediately,” Flexcoin said.

It later posted an update on its site saying that the attack exploited a flaw in its code on transfers between users and involved inundating the system with simultaneous requests to move coins between accounts.

“Flexcoin has made every attempt to keep our servers as secure as possible, including regular testing,” it said, adding that it had repelled thousands of attacks over the past few years. “But in the end, this was simply not enough.”


https://www.yahoo.com/tech/another-b...644434064.html
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