Re: 2013-08-20 SovereignMan: This is the way they'll 'nationalize' gold
I already have a critical response from a good friend of mine who says:
[i have permission to post his email here]
4) The only appeal of BitCoin (other than the anonymity for people who want to avoid taxes or buy illegal items) is that it currently has speculative potential in that its absolute value may increase. But guess what? It's increasing against a fiat currency. If fiat currency disappears, so does the appeal of BitCoin.
I could go on and on, but here's the bottom line: BitCoin cannot work in the current economy because, among other things, it does not support a credit market (so that people can borrow), and that's a vital part of our economy, and our way of life. But beyond that, if fiat money fails, the government will make BitCoin it's own currency, and the game will go on.
Now how's THAT for a conspiracy theory!
What do you think of this
[i have permission to post his email here]
Quote
4) The only appeal of BitCoin (other than the anonymity for people who want to avoid taxes or buy illegal items) is that it currently has speculative potential in that its absolute value may increase. But guess what? It's increasing against a fiat currency. If fiat currency disappears, so does the appeal of BitCoin.
I could go on and on, but here's the bottom line: BitCoin cannot work in the current economy because, among other things, it does not support a credit market (so that people can borrow), and that's a vital part of our economy, and our way of life. But beyond that, if fiat money fails, the government will make BitCoin it's own currency, and the game will go on.
Now how's THAT for a conspiracy theory!
What do you think of this
Your friend should learn more about bitcoin. There are many advantages to Bitcoin compared to fiat. Anonymity for avoiding taxes and buying illegal items aren't even among them, lol. Things like irreversible transactions that clear faster than fiat systems, the ability to send money internationally without outrageous fees, ability to be in total control of your own wealth, etc. And it's a common misconception that Bitcoin can't support a credit market. It already does, you can borrow BTC on Bitfinex, for example. Even if no one was willing to lend Bitcoin, it doesn't mean that it doesn't have a place in the economy. I'm sure you will always be able to borrow fiat since the cost to manufacture it is essentially zero.
greate replies! THANKS! [although the last paragraph speculates quite a bit about his abilities... and honestly, he is quite a "master" in his field of Systems Architect... by "systems" I mean, he designs large international accounting systems like that of large international universities, and franchises (LARGE ONES) He can't be that bad, if those companies hire him to be "the brain" behind the redesigns of their systems
Let's see what he says to these!
