Quote from: nuff on July 13, 2015, 06:49:57 AM

Quote from: TheRealistMassiah1 on July 13, 2015, 05:31:12 AM

Holy cow,you need to also take a lesson in economics, O_O My brain is literally bleeding from your statement, ( not meaning to offend you) ... The fact that bitcoin has to be mined and depends on coin hashing is in itself flawed also a deflationary currency doesn't work as with the case scenario of lost coins etc etc... viable coins will be to limited to host enough trade, also bitcoin is not a currency its an "account/commodity" per definition of its act its more of an m3 account than anything. Also currency values aren't just magically printed to kingdom come. Just like with Germany and Zimbabwe and many other failed currency and governments, they only retain value by what they produce and other countries seek price value exchange in the fair market etc etc (research this topic on your spare time) ... Also Greece's debt has to do more with its reliance on Germany and what happened after ww2 .. (again research this on your time) ... and the money isn't just created out of thin air. It's a retained debt that has to be paid off through some sort of liquidation ex. IMF , Government resources etc etc....

side note: money isn't just created out of thin air ....

I understand how the money system works well enough, but you have to explain why do you think a deflationary currency is a flawed one? Even money needs to be printed, so why is Bitcoin having had to be mined bad? and what has lost coins got to do with anything? And since you brought up Germany and Zimbabwe, you just provided 2 real world cases of why debt-based, inflationary currency will always adjusts its value according. It's a proven that creating more money to cover past debt incurs even more debt, not only not solving the problem at hand but decreasing the already depreciated value of current money even more.

Whatever fancy words you use to term it, it's still the same. Quantitative Easing is but a fancy word for "let's print more money and inject it into the economy". Those retained debts you speak about were still created from nothing ever since the money system went off the gold standard. It's even worse, using debt to create new money is mathematically illogical and unsustainable. It should be very, very obvious by now.

Hey there nuff, I think you have solidly fried my brain today =] ... thank you so and thank you to Roger_murdock as well haha =] ... made my day in those comments, anyways have a read of this article http://www.economicshelp.org/blog/11731/debt/what-happens-when-the-government-runs-out-of-money/ it helps you out to understand what it means to "print money" ... printing money doesn't always has to involve debt ...

additional note: In Response to btctrader71 , at that point you are expecting millionaires and ultra high net worths and banks to only be able to exchange and liquidate your $100,000 bitcoins?? lols in reality I don't get how that would logically and realistically play out X_X and that is scary.