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Old 01-12-2018, 04:25 PM   #171 (permalink)
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Rapidly? I don't know about that: I still have some of the money (the electronic accounting, of course, not actual coins & bills) that I earned up to 30 years ago, stashed in 401(k) and mutual funds.
Investments can still contribute to currency churn in the economy. When a company has an IPO of stocks, they take the cash and invest it to grow the business. Investing is a lot different than just simply letting wealth sit on a ledger doing nothing.

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Old 01-12-2018, 07:43 PM   #172 (permalink)
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Originally Posted by redpoint5
If the US $20,000,000,000,000 debt were in bitcoin, it would be growing even worse given the natural deflation of the currency as more demand for an ever decreasing amount drives the price up.

...It shouldn't be valued as a collectors item due to its scarcity, but instead change ownership rapidly as transactions, which is what a strong economy does with money.
https://en.wikipedia.org/wiki/Trillion_dollar_coin

Congress ceded control of paper currency to the private Bank, but retains the ability to mint platinum coin in any denomination. Using your number, the Mint mints 20 platinum coins and hands them to the Federal Reserve Bank. Done. Easy, peasy.
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Old 01-15-2018, 01:30 AM   #173 (permalink)
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I've only recently begun to understand how Bitcoin works. My comments regarding the unsustainability and unsuitability of it as a currency seem to be confirmed by others who know a lot more about how it works.

Here's a Cleantechnica article.

https://cleantechnica.com/2018/01/12...p-drastically/

Distributed ledger is a superior idea, but the currency also needs to have a relatively stable, inflating value, and consume small amounts of power.
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Old 01-15-2018, 10:40 AM   #174 (permalink)
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Quote:
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Quote:
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A good currency is simply a vehicle for distributing stored wealth and labor. It shouldn't be valued as a collectors item due to its scarcity, but instead change ownership rapidly as transactions...
Rapidly? I don't know about that: I still have some of the money (the electronic accounting, of course, not actual coins & bills) that I earned up to 30 years ago, stashed in 401(k) and mutual funds.
Your money changed very rapidly, and what you've got left is an electronic representation of the shares you own in said mutual funds and other accounts. The beauty of the system is that by logging in you can see how many shares you own in those accounts and the current cash value of those shares- which you can immediately convert to cash, minus any fees, penalties and taxes.

Value the representation of the money, not the papers or coins. It's fake anyway, so unless you want to insulate with bales of greenbacks let it go full imaginary and accrue more imaginary value.

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