Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
you "sound money" luddites
It's hilarious that the people promoting electronic, programmable virtual currency are the "Luddites" in your mind
The expression "sound money" was appropriated by goldbugs--the ones who want to go back to the gold standard. It has nothing to do with electronic,
Always happy to educate.
@macsga: I'll see what I can do.
It has everything to do with bitcoin. It is the main thing.
Bitcoin is a clumsy throwback to the gold standard days. The rest of the world has long since discovered the benefits of elastic money supply--benefits proven both empirically and through the works of John Maynard Keynes, the father of modern economics.
Bitcoiners, gold bugs and other Austrian School vandals now wish to destroy decades of economic progress, thrusting the world back into pre-Keynesian economic darkness.
Luddites
You have to read more. When elasticity is needed, the market will compensate with expanding the credit.
Anyway, we (the sound money supporters) are going to prove, in a world scale experiment, that it works and it fixes the main problems of the monetary policy of today (the zero interest rate policy and the expanding money supply), namely wealth distribution from savers to bankers and loaners, and waste of capital through bad investments.
Modern money is not mattress stuffing. It is not meant to be hoarded, that's not what money is for.
Re. "we (the sound money supporters) are going to prove, in a world scale experiment": Thus far, it's been little more than a sideshow of greed, petty criminality, and incompetence.
TL;DR: Not impressed. Neither with the talk nor the product
