Discussion in 'Digital Currencies' started by slavaja, Feb 22, 2020.
Many of them here, but not me. I abhor the entire concept of nation-states. Just more divide and conquer.
are you for the one world government? It sounds good but won’t work as it depends on fiat which is dying.
Yet you still hold a Statist view of libertarianism.
Edit to add: that may be a bit harsh. Let’s just say you hold a view that is also held by Statists.
That's even more disgusting centralisation
Then enlighten your fellow stacker
You mentioned 2 things earlier:
1. freedom of choice from underneath the boot of the State, and
2. The failure is summed up simply by where do my rights end and yours begin?
So addressing each:
1. That's more akin to anarchism - and there are a multitude of anarchist incarnations out there. The core ideas of Libertarianism can be simply expressed as "Don't hurt others or take their stuff".
2. Your rights end with not hurting others or taking their stuff. My rights begin with the expectation that you will not hurt me nor take my stuff.
So building laws that uphold that ethical/moral world-view means ensuring any laws passed seek to uphold my right to be protected from harm at the hands of others both upon my body and my possessions. 2 rights and 2 laws, that's all. That's Libertarianism. Simple.
As far as anarchism goes, I'm an anarcho-capitalist, a Libertarian that wants the State abolished. The functions of government then would be handed to private organisations.
India getting ready to stir the crypto-pot?
"India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings.
Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.
This would include a ban on transacting directly via foreign exchanges."
India has moved to ban cryptocurrencies as the government has listed a draft bill that proposes a complete ban on all private cryptocurrencies in the country.
What Happened: ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ will be introduced in the current legislative session, according to sources.
It will reportedly set the groundwork for the Indian government to issue a digital currency of its own, in addition to completely banning cryptocurrency-related transactions.
Rationalizing doesn't help. It's because the markets are irrational. Because people are irrational.
I would say Gold has higher value than Bitcoin. Price fluctuates.
If you drag a line through history, you see what gold was worth. If you drag a line through Bitcoin's history, you'll get scared seeing the huge drops.
Bitcoin is nothing else than a counter-fiat digital pseudo-money. I don't exclude the fact that the Fed and other entities love Bitcoin for the sole purpose of keeping people away from gold.
Yet, states are still accumulating gold and not Bitcoin, don't they?
Bitcoin seems to be good for one thing: for taking a lot of money out of circulation. While they are easing the dollar, many of the dollars are being wasted on the crypto market (it's like a bypass, where people waste their money away).
And I have a wild guess that if Bitcoin collapses, then all those dollars (perceived worth) are never coming back to the market.
This is apparently good for the fiat currencies. They can keep printing, because people are wasting it on cryptos (a form of toy money).
(all of the above being valid under current market conditions, in the current situation)
Modern day Debt Jubilees
You must have missed all those quotes from Central Bankers where they are concerned about Bitcoin. Why do you think CBDC's are now on the agenda?
The reality is is that there is no alternative Gold financial system. There is an alternative Bitcoin based financial system rapidly building. What do you think they feel more threatened by? It's not just people stacking Bitcoins. They are being borrowed and lent as well.
Alor is making more sense that some of you guys today
How would these work, mechanically, in the modern day global economy?
We know how they worked in the past, when the King would forgive his subject's debts. But, today, everybody's debts are owed to everyone else. For example, all the people who have savings in the bank, that's basically who mortgages are owed to.
That's not how banks works. Please look at Richard Werner's study on bank finance.
Banks savings are liabilities. They are to people and companies who have those savings accounts.
Bank loans are assets to the bank.
If the banks was to forgive the loans en masse there would be a severe mismatch in assets and liabilities, effectively bankrupting the bank.
If you forgive loans en masse then you are going to have to take away a significant amount of savings in order to keep the bank solvent.
So I ask again, please explain the mechanics of the modern day debt jubilee.
Recent 1-2 weeks there is intense euphoria in bitcoin that far exceeds the hype seen in pets.com during the dot com bubble. Meanwhile, I’m seeing a local gold jewellery shop being filled with customers on a weekday. One thing about gold that practically no other asset has is when the price falls sharply, it’s bargain time!
What else compose bank assets? What if there was a bigger fish that could come in and offset their asset imbalance?
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