





Bitcoins on the rise





Source: BitCoin Magazine

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RE: Not for me
By PontiusP on 2/28/2013 6:38:56 PM , Rating: 2
We traded gold, which was real, self regulating money, for a ponzi scheme. Bitcoin is not the ponzi, debt-based money is.

In our current system, debt-based money can only be paid off with more debt, leading to an eventual collapse. With gold, you do get the hoarding problem, but at least you don't get guaranteed collapse and rampant currency devaluation.

I'll take gold over fiat debt-based money any day of the week.

RE: Not for me
By Mint on 2/28/2013 8:39:34 PM , Rating: 2
You're forgetting debt default and debt erosion through inflation.

Interest rates exceeded inflation for almost the entire period before the recession. That means just as much debt - private and public - would have been created under a gold standard.
That's because you don't understand the ramifications.

If we switched to a gold back dollar today, whatever the astronomical value of gold would be to do that, the debt that the wealthy hold would be given a free 1-2% boost in real interest due to lack of inflation. There's ~$50T in public+private debt in the US, so that's a free $500B+ per year going to the wealthy for doing nothing.

That doesn't even take into account the hoarding that Solandri was talking about, which would make the wealth gap skyrocket even more. But does the productive value of gold go up? Of course not. So you're back to a virtual fiat currency anyway, only it's controlled by the wealthy, who profit massively from deflation.

RE: Not for me
By NellyFromMA on 3/1/2013 3:30:03 PM , Rating: 2
LOL, if you think our current currency system if flawed but bit coins ARENT, you are on another planet.

There is a LOT of overlap in the premise.

Both are failed IMO. As to a resolution, good luck with that.

RE: Not for me
By NellyFromMA on 3/1/2013 3:36:13 PM , Rating: 2
Except, gold makes no sense because WHO CARES how much gold someone has? That was great way back before people actually put any thought into the subject but truth is as ridiculous as our current debt-based currency is, gold is even more so. It means nothing, which is worse than debt because at least the valuation is derived from parameters that actually do have tangible use to all citizens involved.

