Quote from: Beliathon on March 25, 2014, 02:02:37 PM

Quote from: twiifm on March 25, 2014, 08:42:40 AM

I want my money to be inflationary and controlled by a Central Bank. Cause I want to avoid something like Great Depression

*boggle* I don't follow your logic. Inflation and hyper-inflation have been the great evils of money since fiat was invented. Cryptocurrency solves this problem, and it does so with grace and elegance.

Quote from: twiifm on March 25, 2014, 07:33:55 AM

Winklevoss guys own 100K bit coins. That means they already own .5% of all the bitcoin wealth. But since there's been 12M mined coins. Thats little more than half. So already 2 guys own 1% of wealth for the rest of history.

This is major fail of both math and logic. Let me help you out with that.

First of all, "the Winklevii" is not a two-headed mythical giant. It's two human beings, not one. You can't count their wealth as one, even if they're twins.

Each Winklevoss owns 50k BTC, right? That's 0.5% of total BTC today, each. But only half the Bitcoins have been mined. When all BTC has been mined, they will own only 0.25% of total BTC each.
Bear in mind, that's assuming neither of them or their children or grandchildren spends ONE SINGLE Bitcoin, and assuming they don't buy more.

And if they DO buy more, it only pushes the price of Bitcoin up for all of us! Anyone buying BTC is doing us a favor!

Now being the entrepreneurs that they are, it stands to reason that instead of simply hoarding all that wealth, these guys will end up investing most of it in businesses around the Bitcoin economy, helping it grow and further benefiting all of us who are invested in this new form of money. So you see, the Winkles aren't your enemy. Let go of this childish envy and embrace EVERYONE who is a part of the Bitcoin community, because ANYONE who melts their fiat for Bitcoin is helping you grow wealthy.

No it doesn't solve that problem. Not even close. Actual printed cash is a very small portion of money supply. The vast majority of cash relates to cash that gets borrowed and relent. When you have a fiat currency, a central bank can adjust the actual amount of printed currency to keep inflation stable. With BTC, you can't. So when the economy expands, BTC will be floating around like crazy, and worth less (prices and inflation rise). When the economy contracts, BTC will be scarce, and worth more (prices and inflation fall).

BTC only means the actual printed/mined amount remains stable, but will not eliminate inflation/deflation in the short term. If anything, it will make the short term inflation/deflation a bigger problem.