Quote from: kurious on December 07, 2013, 10:50:14 PM

Quote from: Erdogan on December 07, 2013, 10:24:30 PM

Quote from: kurious on December 07, 2013, 10:18:03 PM

Quote from: Erdogan on December 07, 2013, 10:12:56 PM

Quote from: John999 on December 07, 2013, 09:13:26 PM

Quote from: rocks on December 07, 2013, 09:08:37 PM

Quote from: ErisDiscordia on December 07, 2013, 07:59:59 PM

Bitcoin is by design encouraging saving and thus attracts people who would like to save. (But have only shitty ways of doing so thanks to the inflationary monetary system Grin

)

The is the argument against a gold (or bitcoin) standard by the FED and banking status quo.

Under today's credit fiat system, it makes no sense to "save" money in currency since it continuously inflates. Instead savers are suppose to invest the money into businesses, capital spending, stocks, etc.

The problem is today no one saves this way, instead savers (those with disposable income over expenses) spend money frivolously on vacations/restaurants/crap instead of saving for the long term, and many of those who do invest do so in bubble type assets (i.e. large houses).

The fiat credit system is suppose to work in theory, but in practice it obviously does not. Hence bitcoin. It provides a real escape for true savers.

Saving is good, hoarding like a lunatic is not.

Confession: My name (pseudonym) is Erdogan, and I am addicted to the austrian economics.

Everything that is produced, has to be consumed or invested (in capital goods). When you buy a car, you pay with your work. Or, even easier to understand: when a farmer buys a pair of rubber boots, he really pays with potatoes. The money is just oil in the trading machinery. Money has to be maximally tradable, and it has to keep its value in the short run and the long run.

The two main functions of money, medium of exchange and store of value, are closely related, and you can not have the one, and not the other.

When you save money, you let other people consume what you do not consume. All saving is for the purpose of spending later. Tomorrow, next summer, when you retire, or by your descendants in the next few generations.

Hoarding is just a derogtive name for for saving, and the hate is undeserved. What is bad with letting some needy child getting in front of you in the toilette queue?

The savers (hoarders) deserve to be able to spend the full value of their savings when they later decide to spend.

With bitcoin, of course, you will be able to spend more. That is because bitcoin, the new money, is in the implementation phase. When you save in bitcoin, you do not just save, you are also an entrepreneur. You are paid for your knowledge and vision, by giving the world a better money.

The bitcoiners saw all that they had made, and it was very good.

Agree with some of the economics (although I am a Keynesian).

However, we are not gods - we are believers. There is a difference.

Hehe, nonbeliever here, I just had to loan and adapt this elegant phrase from the bible.

I know and I can forgive you. It's nice to see economics theory here instead of mathemetics and physics for a change. It is supposed to be a child board of 'Economics' after all...

Thanks mate.