What is the general feeling about this … i mean i dont see anyone of notoriety standing up and saying … “guys were asking for trouble here” . Actually even Hal Finney himself appeared to advocate it or at least predict it.
I personally have never engaged in bitcoin lending due to the fact that the interest earned is not worth the risk to the capital… has anyone got any intersting insights on the matter ?
interesting thread may be handy to marketing team in identifying influencers engaged on the topic @carla
a currency must be flexible in terms of quantity (see, among other things, expanding the euro zone: money supply M1).
It is the only way to counter a recession. Bitcoin is 100% deflationary and therefore not a good currency. There are more and more people, so there has to be more money. Money has to be spent.
And yes, if BTC were the global currency, the big five would have 85% of all BTC in two years haha
(bitcoin would need a penalty that you are forced to spend again and ledger technology has much more to offer than a currency)
Apart from that, our financial system has been around for centuries and look what it has produced (very little has changed since then). it’s not perfect, but it’s very good. otherwise you wouldn’t have what you see today. no matter what the others say just to sell you something. the story and the present are not lying
That’s fine, I don’t care what they use as a global currency as long as Bitcoin/Crypto still exists, is deflationary and has value. Whatever they’re using will for sure be designed to steal people’s savings through inflation for endless war profiteering among other nasty things.
you shouldn’t save any money either. money must be put into circulation.
property has more than doubled in value everywhere, whether old cars, real estate or shares. There was nothing stolen anywhere. The problem you are addressing is that if inflation is desired, wages will have to rise accordingly. Politics are failing almost everywhere in terms of minimum wages.
I agree you shouldn’t be saving when central banks are printing money like there is no tomorrow and interest rates are basically 0 and going negative which is unprecedented. With insanity like that going on it’s not a surprise everything has “doubled in value” as people are forced to rush into speculation to preserve their wealth anyway they can. It won’t end well.
I strongly disagree with most of the Keynesian nonsense @Upinayah is writing about our financial system ("it’s not perfect, but it’s very good) and about saving money (“you shouldn’t save any money”).
Our financial system is rotten to the bone, and saving - not spending - is the engine of economic growth.
I would advise @Upinayah - and every other visitor of this community - to read the excellent book “The Bitcoin Standard - The Decentralized Alternative to Central Banking” by Saifedean Ammous.
if you do not spend your money to make more money it is clear that you like such books. bitcoin is just another system with other disadvantages. it’s the same game only with other rules. or do you think bitcoin saves the children who make your sneakers?
You don’t make more money by spending (more) money
Wealth comes from under consumption + taking risk, in order to create capital goods, leading eventually to savings. Savings can be used to finance additional capital investments / capital accumulation, which allows to increase productivity (= greater output per worker), allowing for increased consumption / leisure, both which leads to economic growth and rising living standards.
An economy does not grow by only spending money / consuming. The key is to underconsume and take risk now , in order to earn / possess / consume / … more in the future .
Sure, bitcoin has other disadvantages. But it’s hardly the same game as fiat money, like you pretend, exactly because the rules of bitcoin are completely different. The different rules bitcoin has are the reason why you can’t compare it with government printed fiat money created as debt out of thin air.
In our current economies, government policies (fiscal and monetary) discourage underconsuming, saving, investing,… and encourage debt and consumption. By controlling fiat currencies (issued by central banks out of thin air ), governments dictate many aspects of our daily lives .
Governments also dictate the outcome of the lives of these children who make our sneakers. Will bitcoin save these children ? Complicated question with a complicated answer. It’s easier to opt-out of a broken system for those who know it is broken. But as long as these children grow up and have more freedom of choice in how to transact value with one another, and can choose for a decentralised alternative if they want, as long as they can choose to opt out, to not use the fiat money laid upon them by their (corrupt) government, then indeed yes, their lives will be better.
yes of course.
the system likes it when you spend money on things and you sell them for a profit (if necessary, refine them beforehand). i would never save / leave money anywhere and let it do nothing. it can be used or work for me. money is something that you take temporarily to work.
and to your sneakers: no. not the financial system is ailing, but the people who use it. society is the problem and the opportunities that the financial system brings. at that bitcoin changes zero.
(Neither will bitcoin change that you get less and less money for the work you do. in the era of globalization you are facing a billion indians and again so many chinese. that was different in 1920. and another financial system will not help you there either)
, in order to earn / possess / consume / … more in the future 
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), governments dictate many aspects of our daily lives 
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laid upon them by their (corrupt) government, then indeed yes, their lives will be better.