absolutezero wrote:
*Anyone who calls proper currencies 'fiat' is usually a crank.
Or simply being literal.
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absolutezero wrote:
*Anyone who calls proper currencies 'fiat' is usually a crank.
absolutezero wrote:If 'they' really wanted to shut Bitcoin etc down overnight then it's very easy.
All they need to do is close the exchanges like Coinbase etc. Legislate it out of existence. A 500% transaction tax. Whatever.
No new 'fiat'* money would be allowed in to the crypto systems and all money in there would be trapped.
The systems could still be used as a way of transferring money around but it couldn't get into general circulation.
*Anyone who calls proper currencies 'fiat' is usually a crank.
TheMotorcycleBoy wrote:In that case presumably investors will move to those of which they consider the most valuable.
Isn't that why they've selected BTC, so far that is?
Bubblesofearth wrote:Sure but the point remains that the value of any particular cryptocurrency will be subject in part to the number that are around. At the moment Bitcoin is favoured but that could easily change. For example, what if a major economic power, the US or China for example, decided to introduce a state-backed cryptocurrency? Or what if someone designed a better cryptocurrency than Bitcoin, maybe one that didn't consume so much energy? And then a better one than that and so on?
BoE
Urbandreamer wrote:
Yes, that IS the point of compeating currencies. The "best", ie cheapest, most secure, best store of value, easiest to exchange, most popular, should "win". Bitcoin is just one cryptocurrency. Etherium is easier to mine, uses less power and is possibly cheaper to transact. USDC is pegged to the value of the US dollar as will be diem if it ever gets launched. All this presupposes that the state can not manage to stop people using them as you suggested.
Private currency not your thing? Well pay for your coffee in DECP, it's the state cryptocurrency that you talked about.
https://www.bbc.co.uk/news/business-54261382
I'm not convinced that it's an improvement on any other state run currency, but others may be.
Urbandreamer wrote:
1. Here is an article containing a list of countries who have made bitcoin illegal, so how come it's reached today's exchange rate?
https://cryptoadventure.org/countries-w ... 0-and-why/
SNIP
2. Are fiat currencies "proper currencies"? I never claimed that they either were or were not. Or indeed said which currency, other than bitcoin, I was talking about. Try to buy a coffee in London with modern Zimbabwen dollars. I believe that they have re-introduced their own currency and banned the likes of the US dollar.
https://www.bbc.co.uk/news/world-africa-50374402
We shall see how well it works for them.
absolutezero wrote:Urbandreamer wrote:
1. Here is an article containing a list of countries who have made bitcoin illegal, so how come it's reached today's exchange rate?
https://cryptoadventure.org/countries-w ... 0-and-why/
SNIP
2. Are fiat currencies "proper currencies"? I never claimed that they either were or were not. Or indeed said which currency, other than bitcoin, I was talking about. Try to buy a coffee in London with modern Zimbabwen dollars. I believe that they have re-introduced their own currency and banned the likes of the US dollar.
https://www.bbc.co.uk/news/world-africa-50374402
We shall see how well it works for them.
1. Because it's not illegal in the USA, UK, developed Europe. Etc.
The World's "rich" - i.e. us, are speculating on it. It's a plaything to us.
2. Zimbabwean dollars, Venezuelan Bolivars, Argentine Pesos etc don't count as 'proper currency'. Unless you are one of the poor souls forced into it by virtue of living there.
They aren't stable enough to be useable as currency (rather like Bitcoin).
These countries use the US dollar. It might be under the counter, but that's what they do.
absolutezero wrote:If 'they' really wanted to shut Bitcoin etc down overnight then it's very easy.
All they need to do is close the exchanges like Coinbase etc. Legislate it out of existence.
Urbandreamer wrote:
Oh and of interest, today, Amazon are selling a kindle book about Modern Monetary Theory for £1.
https://smile.amazon.co.uk/dp/B081JVRT5 ... 5400977031
dealtn wrote:Urbandreamer wrote:
Oh and of interest, today, Amazon are selling a kindle book about Modern Monetary Theory for £1.
https://smile.amazon.co.uk/dp/B081JVRT5 ... 5400977031
Whether you are a believer, or not, in MMT, or simply wish to find out a bit more, I would recommend buying it at that price before it inevitably goes up.
TheMotorcycleBoy wrote:dealtn wrote:Urbandreamer wrote:
Oh and of interest, today, Amazon are selling a kindle book about Modern Monetary Theory for £1.
https://smile.amazon.co.uk/dp/B081JVRT5 ... 5400977031
Whether you are a believer, or not, in MMT, or simply wish to find out a bit more, I would recommend buying it at that price before it inevitably goes up.
Must admit, I have a copy. But it must wait its turn.
dealtn wrote:TheMotorcycleBoy wrote:dealtn wrote:
Whether you are a believer, or not, in MMT, or simply wish to find out a bit more, I would recommend buying it at that price before it inevitably goes up.
Must admit, I have a copy. But it must wait its turn.
I suspect my cryptic attempt at humour was too subtle.
dealtn wrote:
I suspect my cryptic attempt at humour was too subtle.
Bubblesofearth wrote:dealtn wrote:
I suspect my cryptic attempt at humour was too subtle.
Not just humour, crypto humour
BoE
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