Re: [ANN][DASH] Dash (dash.org) | First Self-Funding Self-Governing Crypto Currency
I see the phenomenon of credit inflation beyond the base supply as a 20th century thing, fueled in part by dramatic population growth in the Americas
I think it just depends on what you define as "money" and what you define as "credit". The two are so interchangeable as to be indistinguishable today. Almost all modern money is created by the credit markets.
Maybe we both need to read this.
I'm 73 so not in the workforce (yea) but I put in my 40 back in the day.
Well that makes sense with the Dash thread being one of the few on Bitcointalk that's not populated by adolescent children
A Bretton Woods contemporary ! Congratulations - now I understand your monetary philosophy At primary school Australia in the 60s us littlies were bullied into saving for the future. The Man from The Bank came, put up his trestle table (literally . . . ); and took our penny deposits. At that time, the notion of owning gold as a store of value would have been thought insane though home ownership was recognised as a non-monetary 'store of value.'
No one explained that 7% per annum C.P.I inflation meant that in fifteen years or so the purchasing power of any unit of currency had halved.
And sure as hell no one explained to us that our-money-that-the-banks-kept-safe-for-us was the lubricant of a fractional-reserve-banking system making Mr. Bank obscenely rich (though 7-15% per annum interest rate was the norm).
So, now were in the terminal-decline phase of fiat currencies certainly my conviction the discussion above is helping me fine tune my thoughts: nil-inflation crypto commodity'? or super-inflationary enough-units-to-go-around-if-it-all-catches-on cryptographic currency? infinitely-scaleable digital cash, entrenched-therefore-super-useful-but-doomed Point-Of-Sale fiat system, post-holocaust-barter 'instrument of exchange.'