Bitcoin and everything associated with it. The home of cryptomaniacs and their adversaries. - page 2
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Andrew, the main function of a currency (any currency) is in the local sense to transfer utility, in the global sense to regulate the economy (ideally, to regulate it in a way that leads to constant growth).
What regulates an unregulated currency?
Oops, you got the wrong idea, currency cannot regulate the economy. It is a medium, nothing more. Money is a medium of exchange. A convenient one. That's it, full stop.
Everyone criticizes the dollar saying that it is not backed by anything, the dollar is first of all backed by the scientific potential, and then by the most sophisticated army.
What's "secured"? I can go to the Fed and they'll slip me potential instead of quid? Or get a piece of the army? That's as much blah blah blah as what I can say about bitcoins.
What is a bitcoin backed by?
Nothing. Neither is the quid. So is the ruble and the hryvnia. OK, by demand and market size.
If tomorrow, specific people from the merchant decide that bitcoin threatens their government, it will be shut down in no time, just like they shut down WM in Ukraine, one or two or three times (thank God that WM have understood this and started wagging the tail, so ordinary people have not lost money).
Mischek:
But no one is going to do that in the foreseeable future.
The world cannot be left to chance, otherwise it will lead to self-destruction. Mankind is too unstable in its desires, and the little man does not see where he is going, he is going for the money, where the money is, where the man is.
That is why the IMF board may not be the best, but it is more efficient than the market.To the little man currency is a means of exchange, but in global processes currency is a regulator.
You overestimate the meaning of currency :)
We haven't even touched the banks and the inflationary system. Which is what everything is built on and which is inherently flawed.
Andrei, take EURUSD, the pair has been in a flat for a decade, although speculative capital has been crashing for years.
Do you really think that this flat is not regulated by anyone?
You overestimate the meaning of currency :)
We haven't even touched the banks or the inflation system yet. Which is what everything is built on now and which is inherently flawed.
Damaging, I agree, but nothing better has been invented so far.
You underestimate the value of currency.
Oops, you've got something wrong, currency cannot regulate the economy. It is a medium, nothing more. Money is a medium of exchange. Convenient. That's it, full stop.
What's "secured"? I can go to the Fed and they'll slip me potential instead of quid? Or get a piece of the army? That's as much blah blah blah as what I can say about bitcoins.
Nothing. Neither is the quid. So is the ruble and the hryvnia. OK, by demand and market size. The quid doesn't have that either.
The Pottsans have already admitted defeat and decided to regulate entities and their bitcoin-related clients. The network itself doesn't have the guts. At least for now. If they throw in a yard or two to fight it... I doubt it.Do you really think that this conditional flatulence is not regulated by anyone?