Keynescoin: Bitcoin you can believe in
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24-06-2014, 03:10 PM
Keynescoin: Bitcoin you can believe in
Bitcoin seems a rather obscure and unstable technology. This April, a Slovak programmer proposed a digital currency designed after the familiar and well-proven currencies, such as Dollar or Euro. Unleash the power of Political Economy! Thumbsup

https://www.progressbar.sk/en/blog/posts/keynescoin

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24-06-2014, 03:24 PM
RE: Keynescoin: Bitcoin you can believe in
(24-06-2014 03:10 PM)Luminon Wrote:  Bitcoin seems a rather obscure and unstable technology. This April, a Slovak programmer proposed a digital currency designed after the familiar and well-proven currencies, such as Dollar or Euro. Unleash the power of Political Economy! Thumbsup

https://www.progressbar.sk/en/blog/posts/keynescoin

Another idiot that doesn't understand economics.

(31-07-2014 04:37 PM)Luminon Wrote:  America is full of guns, but they're useless, because nobody has the courage to shoot an IRS agent in self-defense
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24-06-2014, 03:43 PM
RE: Keynescoin: Bitcoin you can believe in
(24-06-2014 03:24 PM)Revenant77x Wrote:  
(24-06-2014 03:10 PM)Luminon Wrote:  Bitcoin seems a rather obscure and unstable technology. This April, a Slovak programmer proposed a digital currency designed after the familiar and well-proven currencies, such as Dollar or Euro. Unleash the power of Political Economy! Thumbsup

https://www.progressbar.sk/en/blog/posts/keynescoin

Another idiot that doesn't understand economics.
Idiot I must be, if I don't understand economy after having it regularly in school curriculum since high school and doing my Bachelor's exams from it. I should probably return the money I got from tutoring students from economy before their exams.

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24-06-2014, 03:49 PM (This post was last modified: 24-06-2014 03:58 PM by Mathilda.)
RE: Keynescoin: Bitcoin you can believe in
Lots of people are starting their own digital currencies. The majority of them are by people wanting to be at the top of their own ponzi scheme. There are already several viable contenders to Bitcoin. I looked into it once out of curiosity (no intention of buying into them, not even for devoting processing power, I need that for my experiments).

My objection to Bitcoin is that the number of possible coins is finite and that the system does not take into account people losing their coins, which will naturally happen over time. For example, there are 7,500 Bitcoins in a landfill site somewhere in Newport, Wales.


http://www.theguardian.com/technology/20...dfill-site

I was curious then as to what a digital currency would look like that could cope with natural wastage but avoid the problems of the inflationary money supply that economies are currently saddled with. I don't know which digital currency will finally be successful, if any. One thing is for sure, almost every implementation of a new technology won't be the one that eventually becomes the de-facto standard.

I just had a quick look at the link and saw that it's based on fractional reserve, the very reason why our current economic system is inflationary and unsustainable. Also they try solving the problem of digital currencies not being used because governments won't accept tax payments in that currency. But by doing so they risk giving control of the money supply to the governments. The whole attraction of a digital currency is that the government does not have control over it.

Quote:KeynesCoin allows tax to be applied automatically on each transaction logged into the blockchain, which ensures 100% tax collection.
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24-06-2014, 03:54 PM
RE: Keynescoin: Bitcoin you can believe in
(24-06-2014 03:49 PM)Mathilda Wrote:  Lots of people are starting their own digital currencies. The majority of them are by people wanting to be at the top of their own ponzi scheme. There are already several viable contenders to Bitcoin. I looked into it once out of curiosity (no intention of buying into them, not even for devoting processing power, I need that for my experiments).

My objection to Bitcoin is that the number of possible coins is finite and that the system does not take into account people losing their coins, which will naturally happen over time. For example, there are 7,500 Bitcoins in a landfill site somewhere in Newport, Wales. I was curious then as to what a digital currency would look like that could cope with natural wastage but avoid the problems of the inflationary money supply that economies are currently saddled with.

I don't know which digital currency will finally be successful, if any. One thing is for sure, almost every implementation of a new technology won't be the one that eventually becomes the de-facto standard.

http://www.theguardian.com/technology/20...dfill-site
Nah, losses don't matter. American Government got 18 million bitcoins by confiscating the Silk Road deposits and it's like a spit in the ocean.
With money, natural wastage is the LAST problem you need to worry about. The fewer coins, the greater value they have, anyway. If anybody starts a new currency or starts counterfeiting it, people can switch to another one - and they will do so gradually, with a soft landing, as one currency loses value. Today there are multiple cryptocurrencies and programs which decide which one is it best to mine at the moment.

OTOH, I suggest you look up the OP article and see the the problem known as "too many zeros" and government solution to that. If inflation is what worries you, you might want to read more about this kind of solution, employed both in dollar and Keynescoin.

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24-06-2014, 03:59 PM
RE: Keynescoin: Bitcoin you can believe in
(24-06-2014 03:49 PM)Mathilda Wrote:  I just had a quick look at the link and saw that it's based on fractional reserve, the very reason why our current economic system is unsustainable. Also they try solving the problem of digital currencies not being used because governments won't accept tax payments in that currency. But by doing so they risk giving control of the money supply to the governments. The whole attraction of a digital currency is that the government does not have control over it.

Quote:KeynesCoin allows tax to be applied automatically on each transaction logged into the blockchain, which ensures 100% tax collection.
Bowing Good eye, dear lady Thumbsup That's exactly what is it about. Now please look at the date the article was published Wink
(if you weren't laughing all the time while reading it, it's because it's only funny to economists and IT people)

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24-06-2014, 04:01 PM
RE: Keynescoin: Bitcoin you can believe in
(24-06-2014 03:59 PM)Luminon Wrote:  Bowing Good eye, dear lady Thumbsup That's exactly what is it about. Now please look at the date the article was published Wink

Ah! Thumbsup
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