Is having a government scientific?
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28-05-2014, 04:11 AM (This post was last modified: 28-05-2014 04:26 AM by EvolutionKills.)
RE: Is having a government scientific?
(28-05-2014 04:03 AM)Luminon Wrote:  
(28-05-2014 03:47 AM)EvolutionKills Wrote:  As opposed to what? Creating it out of paper and having everyone agree to it's value as a means of exchanging goods and services because it backed up by gold, itself nothing more than a particular metal that we have traditionally applied a subjective valuation to because of its relative scarcity? Consider
We agree, the U.S. government has the power to create money out of nothing. Nothing wrong with that in itself. Bitcoin invention was also creation of money out of nothing.

So how much money needs to be created for the economy to work? Bitcoin slows down and is designed to be finite.
Gold is finite, but a government may decide the gold to currency ratio in any way it wants.
What is dollar? Finite, semi-finite or infinite? How much dollar gets created every year? How is this newly created dollar distributed in the economy? Who gets it first? Where does it circulate?

As economy grows, a finite currency gets more valuable. Why doesn't dollar get more valuable? It's not a finite currency. It's not gold-based, so....

Bitcoin is a joke, as are other unregulated cryptocurrencies.

Also, how were you able to watch a 45 minute long video and then write up a 3 paragraph 'response' to it only 30 minutes later?Consider

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28-05-2014, 04:30 AM
RE: Is having a government scientific?
I don't like our government much either but I just deal with it, don't care about america's government enough to careDrinking Beverage

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28-05-2014, 04:39 AM (This post was last modified: 28-05-2014 04:48 AM by Luminon.)
RE: Is having a government scientific?
(28-05-2014 04:11 AM)EvolutionKills Wrote:  Bitcoin is a joke, as are other unregulated cryptocurrencies.

Also, how were you able to watch a 45 minute long video and then write up a 3 paragraph 'response' to it only 30 minutes later?Consider
By knowing everything the professor was saying from official study, self-study and independent sources. It's just a mix of official narrative, economy 101 and history 101. The truth is simple. Quantitative easing is mass forgery of currency, as if a Zimbabwe dictator had an infinite supply of paper and ink.

You on the other hand don't know that Bitcoin is the most regulated currency on Earth, its code is designed to slow down the creation of new bitcoins and stop at 21 million or so. It's encrypted and there's no way to create any more bitcoins. Bitcoins are unstable, because our view is moving with dollar.

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(28-05-2014 04:30 AM)ThePaleolithicFreethinker Wrote:  I don't like our government much either but I just deal with it, don't care about america's government enough to careDrinking Beverage
When someone halfway across the planet is printing money, your purchasing power drops as if that someone was stealing money from you. Meet Mr Obama. Whatever your currency is, it's likely 80 % dollar-based.
It's the same thing that destroyed Roman empire. Only in Roman empire gold coins had at least 3 % of gold in them.

Nothing you can do about that, just next year there is an increased risk of downfall in dollar value and in value of every currency on the planet. This year we're probably still OK, making it worse.
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28-05-2014, 04:58 AM (This post was last modified: 28-05-2014 05:57 AM by EvolutionKills.)
RE: Is having a government scientific?
(28-05-2014 04:39 AM)Luminon Wrote:  
(28-05-2014 04:11 AM)EvolutionKills Wrote:  Bitcoin is a joke, as are other unregulated cryptocurrencies.

Also, how were you able to watch a 45 minute long video and then write up a 3 paragraph 'response' to it only 30 minutes later?Consider
By knowing everything the professor was saying from official study, self-study and independent sources. It's just a mix of official narrative, economy 101 and history 101. The truth is simple. Quantitative easing is mass forgery of currency, as if a Zimbabwe dictator had an infinite supply of paper and ink.

You on the other hand don't know that Bitcoin is the most regulated currency on Earth, its code is designed to slow down the creation of new bitcoins and stop at 21 million or so. It's encrypted and there's no way to create any more bitcoins. Bitcoins are unstable, because our view is moving with dollar.

Regulated? Uh, "Mt. Gox lol" and "Ponzicoin lol" I think is the most appropriate responses to that. Also the code is how Bitcoin is designed to operate, but what ensure that it operates as intended? That's the regulation dumbass. Banks and other financial institutions are designed/coded to work a certain way, and regulation is their to ensure they operate as they are intended/designed/coded to, and as a means to allow oversight.

Also, this...

"In 2009, an exploit in an early bitcoin client was found that allowed large numbers of bitcoins to be created."

"In March 2013, a technical glitch caused a fork in the block chain, with one half of the network adding blocks to one version of the chain and the other half adding to another. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off. Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software."

http://en.wikipedia.org/wiki/Bitcoin


Also pointing to Zimbabwe's hyper-inflation ignores the dozen or so other factors that simply do not apply to modern America. That was the point of the video. Thanks for proving you didn't watch it.

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28-05-2014, 07:23 AM
RE: Is having a government scientific?
Luminon, what would disuade you from your (or Molyneux's really) anarcho-capitalist doctrine? If there's nothing, there is no conversation, just preaching.

I would be interested in your theory once you have empirical data of a freedom maxed stateless society running on bitcoin where no parent ever tells their kid what to do and grownups blame their parents for every aspect of their lifes. Until then you are hitting a wall trying to get people here to drink the kool aid.

Everybody else, the economy is not a zero-sum game, cjlr im talking to you Smartass go read some economics seriously.

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28-05-2014, 07:38 AM
RE: Is having a government scientific?
(28-05-2014 04:39 AM)Luminon Wrote:  It's the same thing that destroyed Roman empire. Only in Roman empire gold coins had at least 3 % of gold in them.

Comedy gold. Thumbsup

What? Did the Vandals and Goths overwhelm their economy with superior currency?

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Science is not a subject, but a method.
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28-05-2014, 07:45 AM
RE: Is having a government scientific?
(28-05-2014 07:38 AM)Chas Wrote:  
(28-05-2014 04:39 AM)Luminon Wrote:  It's the same thing that destroyed Roman empire. Only in Roman empire gold coins had at least 3 % of gold in them.

Comedy gold. Thumbsup

What? Did the Vandals and Goths overwhelm their economy with superior currency?

No I was think their incredulity towards the validity of the state. Kinda like the power of positive thinking, they believed the Roman Empire didnt exist and was illegitimate and the invisible hand of the spirit of anarchism made it so.

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28-05-2014, 08:29 AM
RE: Is having a government scientific?
(28-05-2014 02:09 AM)Luminon Wrote:  
(27-05-2014 06:38 PM)cjlr Wrote:  The money supply is linked to the overall size of the economy. If population and productivity increase, how could monetary indicators possibly not?
That is a high school platitude. Another evidence that you are completely ignorant in anything but physics.

It's cute that you think so.

(28-05-2014 02:09 AM)Luminon Wrote:  USA prints money all the century and uses them to wage wars.

No, numbnuts, banks issue money in their capacity as lenders.

Governments borrow money just like anyone else, when their expenses exceed their revenue.

"The government" doesn't "print" money. That's fractally wrong.

(28-05-2014 02:09 AM)Luminon Wrote:  It's the only way to wage wars without increasing taxes which would be a political suicide. Every single American citizen is 1,4 million dollar in debt, counting unfunded liabilities of Medicare and so on.

Maybe you should stop talking about America. You don't live there and you clearly have no understanding whatsoever beyond some fatuous sloganeering.

(28-05-2014 02:09 AM)Luminon Wrote:  The money supply is being enormously inflated the Federal reserve, regardless of population and productivity.

Money is an abstraction of value as expressed in economic activity.

Please tell me you understand this.

(28-05-2014 02:09 AM)Luminon Wrote:  This tactic must bring down global economic system and probably devalue money in banks worldwide, which have price mostly derived from dollar.

If more money is minted then no shit it's inflationary. So what? That's inevitable.

The alternative is massive deflation - far more economically destructive.

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28-05-2014, 08:31 AM
RE: Is having a government scientific?
(28-05-2014 07:23 AM)djkamilo Wrote:  Everybody else, the economy is not a zero-sum game, cjlr im talking to you Smartass go read some economics seriously.

Thanks, but I never said it was.

I said that reality has zero-sum elements.

Some things are finite. Some things are finite within finite timespans. Thus an element of exclusivity arises.

I would never for the life of me imagined such a basic observation to engender controversy.

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28-05-2014, 08:37 AM
RE: Is having a government scientific?
(28-05-2014 08:31 AM)cjlr Wrote:  
(28-05-2014 07:23 AM)djkamilo Wrote:  Everybody else, the economy is not a zero-sum game, cjlr im talking to you Smartass go read some economics seriously.

Thanks, but I never said it was.

I said that reality has zero-sum elements.

Some things are finite. Some things are finite within finite timespans. Thus an element of exclusivity arises.

I would never for the life of me imagined such a basic observation to engender controversy.

Fair enough. economist Thomas Sowell defines Economics as the study of the use of scarce (or limited) resources, also known as the economic problem.

Where are you and Luminon from btw?

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