/biz/ - Business & Finance

>>8937908
>Anti-central-bankers are the flat-earthers of economics.

>The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Smart contracts. Can exist independently and irrespective of the currency function of the cryptos.
Token economics and staking for sure, but no need for the medium of exchange function in a large scale.

>>8937908
>this is bait

>>8937908
>>Anti-central-bankers are the flat-earthers of economics.

Stopped reading right there. Earth IS flat get over it globetard

Interesting thought, and one that most people new to crypto think. Keep lurking, reading, and studying and you'll learn that there is quite a bit more to it than that. What problem did the internet solve? Nothing at all compared to telegrams, smoke signals, telephone, etc.. Yet it somehow took off and became an integral part of our lives.

Bitcoin is not the only player in cryptospace. Decentralization makes the system stronger. Coordination of information has applications outside of small daily end-user purchases. This shit is big. How big I don't know yet, but we're still in the babby phase. You're thinking too small if you can only see it as an alternative currency like using bongs or euros instead of dollars.

>>8937908

Better to remain silent and be thought a fool than to speak and to remove all doubt.
This is one of the least intelligent posts on /biz/ that I've read - and that takes some doing. Fuckwits like you shouldn't have the vote

>>8938034
rekt

>>8937908
>centralized banking is good for everyone!
babby first post! your must have been too young to even remember the massive housing/banking crisis 10 years ago.
no diversification/competition = corruption/complacency

>>8937908
"poltards"
stopped reading there JIDF

>>8937908
banks steal a lot of money, faggot.

>>8937908
This has to be copy/pasted from plebbit. I can't believe anyone that would post her would be this bluepilled. The disgusting thing a person that thinks this way actually probably exists somewhere.

>>8937908
>Yes, ok. I understand that one or two central banks at specific points made a dumb decision, but overall, central banks work and are trusted by EVERYONE.

>>8938033
>Decentralization makes the system stronger.

Crypto will not replace fiat in your lifetime. You'll see potential steps towards it...maybe. Do you understand how enormous replacing current fiat systems would be? And you'd be replacing a semi-stable currency for one that has no currency, and making the changes to make it stable, through regulation and central control, would make it exactly the same as the current fiat we use?

Crypto is a solution for a problem that doesn't exist. You can't exist outside of fiat, except in extreme cases. The ONLY place you might make an argument for crypto is in South American countries that are under the control of tyrants and communists - and even then, it's just a place to stick your money and hope it's worth as much when you bring it back out into a fiat system.

You crypto true believers just will not even acknowledge how massive, how Biblical proportions replacing fiat is, the current systems are centuries old, completely embedded, and under the control of powers who are not going to make any changes as profoundly extreme as switching to crypto - and why would they willingly give up their power, since they control it all now?

Speaking from an objective viewpoint, the idea of crypto taking over even a fraction of a fraction of the fiat world is such a weak pipedream, it's ridiculous to even imagine the work required to do it, as it would be an exercise in futility.

AT BEST, right now crypto is an alternative investment asset. There are tons of opportunity for blockchain technology, but I simply don't see any coherent plans or even white papers that make sense, almost of all of it is South Park "1. Make coin, 2. ???? 3. profit!" level blueskying nonsense. Sure, the alt coin dudes have all kinds of pretty smoke to blow up your skirt about partnerships and such, but it's all bullshit and keyword spam. The only workable business case that showed any promise was drugs, child porn, and other purchases on the deep web.

>>8937908
A teacher of mine once told me about how a bar of chocolate used to cost 5 Cents, a gallon of gas was a Quarter. Inflation continues.

>>8938165
>>8937908

now I want to see you try to defend QE

hyper inflation has been happening

the loos of purchasing power of the dollar is not 2% because that 2% is measured against consumer goods when the cost of consumer goods have been getting exponentially cheaper since the industrial revolution. You literally cannot tell people the truth they are too retarded. Gold is the only thing that can be used to measure value over time

crypto is growing exponentially against gold and nothing will stop it from being the world currency.

That means whoever controls the oil supply controls the world.

Crypto is not private anything you do a computer is not anonymous. The powers that be do no need inflation when there is a world government and the population has maxed out at 11 billion

>>8937908
No wonder you have to be a wagecuck debtslave to make a living. You fucking sheeptard.

Fractional reserves are a blatant ponzi scam, just like bitconnect, but with tax payer bailouts every time the pyramid collapses.

At least back in the old days, they used to pay you an interest rate to trick you into giving them ALL OF YOUR MONEY. Now, the scam is ubiquitous with our economy and waters down the value of your savings at the rate of 2% a fucking year.

And I haven't even got into the blood and guts of the petrodollar.

Go back to Kazhar cunt.

kek

>>8938227
gold extraction has been exponentially increasing. so it's much worse than that

>>8938165
>it's ridiculous to even imagine the work required to do it
Yet here we are with a marketcap that almost touched a trillion dollars ten years after Bitcoin was just an idea on a whitepaper.

People desire control over their money without third party interference and blockchain delivers that. So long as people are smart enough to realize that they and they alone should be in charge of their own money, it's almost inevitable that we'll march toward a future dominated by cryptocurrency. Who cares how long it takes? It's not a race.

>>8938208
I don't have to defend QE, since it's a program that is ending, and while it was a bad idea, it's not a foundational building block of the fiat system, which retards like you want to replace with memecoins.

But you keep thinking you have a point, it's fucking adorable.

>>8938259
Ah, a true believer. Dude, Scientologists are more credible than the crap you're spewing.

>>8937908
>managing the supply of money is just their job
Thanks just printed 100k

>>8938270
Bitcoin doesn't need to replace fiatola to win, it just needs to exist in the wild and be indestructible, so it's already winning.

>>8938280
The only one spewing crap is you. Your assertion that cryptocurrency has no utility because fiat currency has existed for hundreds of years and would be too difficult to replace doesn't even make any logical sense. Nobody is claiming that fiat needs to be replaced overnight or within our lifetimes or that if it doesn't completely replace fiat that it's somehow a failure of a project. Get a grip.

>>8937908
Yes, it's brilliant. Instead of PAYING banks (at ever increasing rates) to hold my money that's with less every day I hold it myself and, over time, it becomes worth more.

And that's just Bitcoin. Smart contracts open doors to countless applications. The blockchain is revolutionary. If you don't get it now you're going to stay poor.

>>8937908
lol idgaf I just love the volatility

>>8938417

Deflation is BAD. It incentives people to hoard and disincentives people from investing the businesses and buying products (in other words, participating in the economy).

If the Bitcoin shoved under your mattress will be worth more tomorrow than it is today, why would you ever spend it?

Crypto dorks are the more economically illiterate people on the planet. Flat-earthers indeed.

>>8937908
A purely peer-to-peer version of electronic cash like Bitcoin allows online payments to be sent directly from one party to another without going through a financial institution like Paypal, who has the ability to arbitrarily reverse transactions and freeze accounts.

>>8938468
Not all cryptocurrencies are deflationaryl. Monero, for example, has linear inflation which is basically perfect.

>>8938468
>t. brainwashed college student

OP thinks whitepapers actually matt
er to /crypto/fags

No one care and we're in only for the money. It's ok, everyone bought the top once and regretted it. No need to feel special and trying to demoralize poeple when in fact no one care

>>8938499

> Has never read a book about economics
> Considers conspiracy videos on Youtube to be educational
> Thinks that cryptocurrency is something more than a massive pump and dump
> muh "stinky linky 6 gorillion dollars by EOY"
> Falls for the HODL meme every time

Kill yourself.

>>8938468
fucking keynesians deserve death

>>8938560
wow you sure made a ton of (false) assumptions from a 4 word post. you totally proved that you aren't exactly what I described.

oh no wait, that's exactly what I would expect.

>>8938495

That's pretty cool - I wasn't aware of that. I'm all for cryptocurrencies that have sane monetary policy built in.

>>8937908
This is the first time I've ever complained about reddit spacing. Stop using reddit spacing.

>>8937908
fuck off kike

>>8937908
>Anti-central-bankers are the flat-earthers of economics.
I guess if you don't want a central bank devaluing your savings every year, you must believe in flat earth! Of course, these two things are completely equivalent!

You are what Taleb calls "an intellectual yet idiot" -- a fucking dipshit who regurgitates the neo-Keynesian orthodoxy without thought because it's parroted by useful idiots like Krugman, pretending you know what is best for everyone else and that they do not have a say in what's best for them because they do not share in your twisted brand of ivy league credential fetishism. Eat shit and die you fucking status quo enabler.

>>8938468
He paid fees to miners I.e. Participating in a "real economy" This is a new economy and you simply don't understand it yet. Like when plastics were invented.

Buy bitcoin, start bitcoin related businesses.

>>8937908

>>8938581
Seriously, you owe it to yourself to check out some of these other altcoins. Monero is my favorite because of the opaque blockchain gives the coin fungibility so it's supposed to work like cash. The tail emission which will kick in a few years from now will give the coin an inflation rate of roughly 1% which of course diminishes over time as more coins end up in circulation.

there is only a problem with deflation if you believe humans should be treated like cattle maximizing their production at the expense of an enjoyable life.

the only real problem with deflation is that people may not have access to small enough denominations of currency to spend. Crypto is infinitely divisible, problem solved

>>8937908
The hidden tax on the middle class known as inflation from endless printing of fiat currency via the Fed IS a huge problem dipshit.

>>8937908
GODDAMN I am so horny for blondes

GIVE ME SAUCE

>>8937908
>He thinks the whole world is a first world country with a reasonably fair and well regulated financial system
>He doesn't realize most countries on Earth are third world shitholes where banking literally doesn't exist, and people are forced to store their wealth in inflationary fiat
>He doesn't realize that crypto isn't even about us, it's literally about the niggers in Africa who actually need it

>>8937908

Not particularly well crafted and fairly ordinary but seems to have gotten a decent response nonetheless, 6/10.

>>8937908
good luck with fiat scamcoins

>>8938683
That would mean creating new coins. You are basically replacing one kind of inflation with another.

IRS Jews are in damage control mode. Fuck America its a welfare state shithole not worth saving. Kill the Fed, burn down Washington and throw all the commies out of hellicopters. It's happening faggot ass niggers.

>>8938165
>current systems are centuries old
only not, because at one point money was actually money, unlike now when money is an empty promise

Who let all these jews start posting?

>>8937908
as much of a cocksucking piece of shit as OP is he may be right in a pragmatic sense for your average dull-normal wagecuck in America. we may be able to keep this shitshow afloat for a while. but sovereign crises are guaranteed in the current system. for people in countries that aren't the US, bitcoin can be incredibly useful. it is also a good investment for this reason. kill yourself OP

>>8938165
It wouldn't be that enormous. It'd likely happen slowly over time as governments buy and deal in more and more cryptocurrency. They won't be giving up power, they'll be making more avenues for them to flex their power available.

>>8938165
>why would the people in power want everyone using an immutable ledger of all our financial transactions
>why would they want everyone with a gps equipped smartphone required to use crypto
>i wonder how you could get people to willingly give up their cash - how about 5xing the value every year?

>>8938033
>Decentralization makes the system stronger.

That's only true if competition is allowed.

>>8938560
This is horseshit.

Read quite a few economics and historical economic texts, Blockchain technology, smart contracts and decentralization will be innovations here to stay.

If you can only think
>muh crypto wants to replace fiat.

You a dumb NIGGA.

>>8938165
You're still thinking about it all wrong. Why would someone who wants a decentralized system go to the trouble of making it centralized? That won't happen because if we want centralized we already have it. Why change back into fiat to when you can just keep it as is? Then there is the fact that it's not just money, I am talking about crypto.

Besides, money is all smoke and mirrors these days. How much gold is one dollar? I don't mean how much can you buy, I mean how much is it equivalent to? If the money is not based on gold, dildos, water, etc., then it is just itself. How is that any different from bitcoin? The main difference is who owns it and how it moves. Bitcoin holders own bitcoin. The government owns fiat despite who holds it, and can take it back for any reason. They are the ones writing the laws so even if it's against the law to take it back they can just change the law. That very thing has happened many times and in many countries.

I'm not saying fiat is useless, it is just made and used for different things. I use both toothpaste and rice. One is useful for cleaning my teeth, the other is useful for providing me energy. Even though they are very different I still want both. Some things I do are even antagonistic, much in the way you view crypto and fiat. During the summer I wear clothes, but I also use air conditioning. Online I use gmail, discord, and biggtiddypics.com when sending and receiving data. No one is forcing you to bitcoin. You are forced to use the dollar if you live in US. Just do what you want within the constrains of law and you should be good.

>>8938560
you sound like you did 1st year econ at uni without any separate reading, and believe that Keynesian economics is the only theory there is. You are not clever peddling the same nonsense that you were taught at university

t. someone who completed an Econ degree

>>8938165
The internet will not replace the telegram in your lifetime. You'll see potential steps towards it...maybe. Do you understand how enormous replacing current information systems would be? And you'd be replacing a semi-stable telephone network for one that has no way to make calls, and making the changes to make it stable, through regulation and central control, would make it exactly the same as the current television we use?

I believe Henry Ford once said that "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning"

>>8938165
>>8940047

cont.

The internet is a solution for a problem that doesn't exist. You can't exist outside of the post office, except in extreme cases. The ONLY place you might make an argument for the internet is in South American countries that are under the control of tyrants and communists - and even then, it's just a place to stick your communications and hope it's still there when you bring it back out into a newspaper system.

You internet true believers just will not even acknowledge how massive, how Biblical proportions replacing the newspaper is, the current systems are centuries old, completely embedded, and under the control of powers who are not going to make any changes as profoundly extreme as switching to the internet - and why would they willingly give up their power, since they control it all now?

Speaking from an objective viewpoint, the idea of the internet taking over even a fraction of a fraction of the telecommunications world is such a weak pipedream, it's ridiculous to even imagine the work required to do it, as it would be an exercise in futility.

AT BEST, right now the internet is an alternative communication option. There are tons of opportunity for internet, but I simply don't see any coherent plans or even white papers that make sense, almost of all of it is South Park "1. Make website, 2. ???? 3. profit!" level blueskying nonsense. Sure, the email dudes have all kinds of pretty smoke to blow up your skirt about speed and such, but it's all bullshit and keyword spam. The only workable business case that showed any promise was drugs, child porn, and other purchases on the deep web.

Wow, what a fucking idiot.

>>8937908
you are such a little bitch, bro. you're more then likely being cucked by your girl with this type of attitude. i'm sure she's rockin hard on some monero hodler right now

>>8937951
Third post best post. Let the bank bank, just leave us with our new toys!

>>8937908

Your a pretty obvious Paid JIDF Shill. Trying to keep the Goyim away from Crypto

Go read Satoshi. Idiot

>>8938232
if you only knew how bad things actually are.
inflation is not 2% a year, it's way closer to 5-6% a year (when you account to goods getting cheaper due to increased efficiency, productivity, etc.). they use (((accounting tricks))) to fool you into thinking it's "just" 2%.
also, nowadays banks don't even offer any interest. here in eu most banks give 0% interest while some even give negative interest (also, don't forget about all the service fees).
all in all, if you have any money in your bank account at the end of the day, roughly 8-10% of it will be gone next year. that doesn't sound good, but then you learn to calculate compounding interest and realize that you're basically loosing 2/3 of your money over 10 years.

>>8938495
Ehm anon. Inflation is not money supply but how much it loses value

>>8938468
ffs, this keynesians bullshit again.
the newest iphone will cost roughly half as much a year after launch. people still line up and spend days camping just to be first in line to buy them, retard.
if someone wants or needs something right now, they will spend deflationary currency right now. they wont be taking stupid amounts of (((credit))) to buy margaritavilles, that much is true, but the economy will not stop, no matter what you jewish econ101 professor tells you.

>>8940496
>but then you learn to calculate compounding interest

Go back and try again.

Best two crypto Ripple and Tether are central banked

>>8937908
>Theres no problem with banking!
>Just the one tiny problem that it could potentially collapse entirely wiping out your lifes savings!

>>8941024
This applies to many things.

>>8937908
>shilling intensifies

Calm down grandpa. If bitcoin is as useless as you believe there's no need to get all worried and writing huge walls of text.