Quote from: Nougat on June 03, 2017, 10:06:15 PM

Quote from: spartak_t on June 02, 2017, 10:44:03 AM

Can you imagine the levels of inflation, which digital currencies can create? The great depression, Zimbabwe's inflation and housing bubble combined will look like a jokes. Maybe this was the idea behind Bitcoin. About 45 years ago Nixon ended convertibility of US $ to gold and it appears that after several years banks will "back" their fiat money with... Ripple or BallsCoin.

But hey, making money is a good thing, right? Enjoy the ride!

You were so close to the right answer but it is not blockchain that is causing inflation of fiat, it is central banks that continuously expand the fiat supply. Blockchain just happens to be the single best sink for this inflation (see Gresham's Law) but the world is just barely starting to realize this. As this trend continues enormous fortunes will be made (and lost) as wealth is transferred to various blockchain products (and between existing and new products).

" As this trend continues enormous fortunes will be made (and lost)''

And critics happen to ignore the hugh loss Investors suffer. They focus only on the profits. Isn't it crazy how the human mind work. Everyone subconsciously feels good when ordinary folks are suffering but becomes uncomfortable when things go well for them.

This reminds me what happened between Youtube & youtubers. Most YouTubers were making a hell lot of money from their videos ...elites who couldn't make good videos become too jealous and pulled out most of their companies from advertising on YouTube under the pretext that videos aren't sutable for children. I bet they now enjoy watching youtubers complain of not making good money anymore.