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Bitcoin ‘Is a Better Form of Money Than We Have Right Now,’ Pro Trader Says

9 points by khakimov 14y ago

maeon3 14y ago
Will bitcoins suffer from a 4 to 8 percent annual inflation due to central banks creating more bitcoins out of thin air? Will inflation be locked at zero? I don't think the sovreign is interested in losing their little racket of skimming 4 percent off of global transactions through money printing. I truly hope bitcoins succeed, but they will have to slay some big omnipowerful opponents eventually. My choices are to have my money stolen from me in a BOFA bank acct, or preserved in bitcoin. Hmm tough choice.
- gph1 14y ago
  The central bank does not have direct control over the money supply. In any case even, money supply growth is not synonymous with inflation. Only when it is outpacing the productive capacity of the economy to absorb it can increases in the money stock produce inflation. Given the slack in the economy right now, demand driven inflation is near the bottom on our list of worries. Take off the tin foil hat.
  - maeon3 14y ago
    I agree that inflation is not a problem, I just want a currency where I can place claims on future human labor in, and in 15 or 30 years get the exact same number of claims on future human labor back out. Today and for the last 97 years since we have been off the gold standard, the us dollar is unable to accomodate my wish. If I put in 100 dollars now, in 30 years I will not be able to buy a single pencil with it, even if I put it in an account that accrues interest, after 30 years I would be able to buy two pencils. Just like how in 1995 gas was 80 cents, now it is four dollars. Inflation at 3 percent per yeiar is a joke, in gas and heating oil it is 10% per year. My only wish is to keep the wealth I earn. Ultimately money is just a contract between two humans, one human can always steal the wealth of the other by fiddling with the numbers.
MrMan 14y ago
Pro Trader likes to trade bitcoins because he knows how to trade illiquid markets. The civilians who are affectionate towards bitcoin are easy pickings for Pro Trader and his friends. Pro Traders say a lot of things that are not true about the capitalist system despite the fact that they personally benefit from the way the system is currently structured. Pro Trader would not be happy to work at a bank in the 1840's, in a world where banks indeed printed currency, and failed constantly, and where credit was very hard to come by. The modern system makes Pro Trader rich, but Pro Traders like to complain about it because they are "libertarians."
bradleyland 14y ago
In other news: Fishermen love lakes stocked to the brim with fish.

9 points by khakimov 14y ago

Will bitcoins suffer from a 4 to 8 percent annual inflation due to central banks creating more bitcoins out of thin air? Will inflation be locked at zero? I don't think the sovreign is interested in losing their little racket of skimming 4 percent off of global transactions through money printing. I truly hope bitcoins succeed, but they will have to slay some big omnipowerful opponents eventually. My choices are to have my money stolen from me in a BOFA bank acct, or preserved in bitcoin. Hmm tough choice.

gph1 14y ago
The central bank does not have direct control over the money supply. In any case even, money supply growth is not synonymous with inflation. Only when it is outpacing the productive capacity of the economy to absorb it can increases in the money stock produce inflation. Given the slack in the economy right now, demand driven inflation is near the bottom on our list of worries. Take off the tin foil hat.
- maeon3 14y ago
  I agree that inflation is not a problem, I just want a currency where I can place claims on future human labor in, and in 15 or 30 years get the exact same number of claims on future human labor back out. Today and for the last 97 years since we have been off the gold standard, the us dollar is unable to accomodate my wish. If I put in 100 dollars now, in 30 years I will not be able to buy a single pencil with it, even if I put it in an account that accrues interest, after 30 years I would be able to buy two pencils. Just like how in 1995 gas was 80 cents, now it is four dollars. Inflation at 3 percent per yeiar is a joke, in gas and heating oil it is 10% per year. My only wish is to keep the wealth I earn. Ultimately money is just a contract between two humans, one human can always steal the wealth of the other by fiddling with the numbers.

MrMan 14y ago

Pro Trader likes to trade bitcoins because he knows how to trade illiquid markets. The civilians who are affectionate towards bitcoin are easy pickings for Pro Trader and his friends. Pro Traders say a lot of things that are not true about the capitalist system despite the fact that they personally benefit from the way the system is currently structured. Pro Trader would not be happy to work at a bank in the 1840's, in a world where banks indeed printed currency, and failed constantly, and where credit was very hard to come by. The modern system makes Pro Trader rich, but Pro Traders like to complain about it because they are "libertarians."

bradleyland 14y ago

In other news: Fishermen love lakes stocked to the brim with fish.