Quote from: mindrust on March 07, 2019, 01:21:03 PM

Quote from: fxsurfer on March 07, 2019, 12:53:48 PM

For. e.g. fiat money is created when a bank grants a loan i.e. SOMETHING, which is why paying someone with fiat money is actually the transfer of rights derived from bank loans. That is why fiat money fits the definition of payment SOMETHING (rights recorded in the banking system) are transferred from one person to another.

This is retarded.

Bitcoin can do everything what FIAT money does, except the inflation which is a feature.

the FED can create infinite amounts of Dollars but there will be only 21 million bitcoins. No central bank has the power to create more coins.

This is retarded. Gosh - I was about to say that but you beat me too it Tongue

"Fiat money is created when a bank grants a loan" - What? So your saying that banks can 'Make Something from Nothing"? and call it valuable? Just grant as many loans as possible then right? Still making tons of free money?

I really thought you made it clear that something cannot come from nothing?

Fiat money is made from a printing press, and since the gold standard is out the window, the value is traditionally based upon the economy and the amount of 'bills' in circulation... But that is still something people need to agree on, which is why currencies are also very unstable.

I'm guessing your methods of "Money Creation" was what Venezuela was following.