sinclaire
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sinclaire has not written any posts yet.
a) Future abuses via Satoshi having too many Bitcoin or from a Bitcoin elite can be countered right here and right now by supporting alt-cryptocurrencies. If one government backed Bitcoin then back the alts so that that one government competes with all those other government backed alt currencies. My attitude and behavior remains unchanged regardless of who backed Bitcoin initially or who Satoshi is.
b) Backdoors should be assumed to be in Bitcoin already. If you run it on Windows and you didn't compile it yourself then assume the NSA and FBi backdoor is already there in the code you either didn't compile yourself or you ran on a closed source operation... (read more)
I could agree with you if people were rational but they aren't. People need incentives to do what is rational and deflation provides those incentives by rewarding the rational and punishing the irrational. You can spend in a deflationary currency but if you spend on stuff which isn't worth it then you get to experience buyers remorse or guilt over all the money you could have saved if you had not bought that Pizza. I think that is a really good thing because it makes people give considerably more thought into their investments.
And you're right if people are saving rather than spending it means products aren't good enough. And most products truly aren't good enough which is why people are sending that signal. Businesses who need capital in the Bitcoin world can get it from USD which is inflationary. There is plenty of credit and cheap USD money that angel investors can supply to Bitcoin businesses. This is why USD and Bitcoin will have to co-exist.
It could have been created by the UN or by multiple governments. Does it even matter just so long as the code is released, it works, and it solves problems? It wouldn't surprise me at all if Intel agencies utilize Bitcoin nor would it surprise me if operatives helped to develop it. It does not change the utility of Bitcoin for me just because of it's origins.
Yes I know Bitcoins are deflationary and I think that is one of the best things about Bitcoin. I think demand should always increase faster than supply if you look at it holistically. We have a world where population growth is increasing faster than job growth can ever keep up, we have a sustainability problem with pollution and waste, and we have inflationary currencies, credit, and debt contributing to diminished liberty and justice for all. Spending isn't always a good thing when we currently spend on stuff which destroys the planet, which isn't necessary, which doesn't make sense, it's growth for growth sake and it's as bad as economic cancer.
Volatility is... (read more)
So what you're basically saying is that we must increase the supply of fools by offering cheap money so they can buy stuff which isn't valuable(junk) so as to inflate the economy. I disagree if that is what you suggest.
The reason for my disagreement is because I disagree when you say people wont be willing to spend. People are willing to spend on entertainment provided they have an income. People will spend on entertainment because there is no guarantee any of us will be alive in 10 years when Bitcoins could be worth 1 million a coin or whatever high value number people are throwing around. There is also no guarantee Bitcoin... (read more)
Saving and investment are the solution to debt. Bitcoin encourages both saving and investing. Investing isn't the same as mere spending because you earn profits on investing. The majority of people in the USA are in debt because of inflation, credit, loans, etc.
And speculation is popular because it's perhaps the easiest way to make profits from Bitcoin. People don't create money to waste money unless it's inflationary on purpose. People tend to want to earn, save, and invest. Bitcoin allows people to earn, save, and invest, but the reason why people don't like to spend is because it's very hard to earn.
People do like to save, invest and speculate. The point is if I own any Bitcoins I'm not going to spend it on a Pizza which once I eat it those Bitcoins are gone forever and I can never get them back? No I'm instead going to invest my Bitcoins to either help... (read more)
a) When I can earn Bitcoins I will be more likely to spend them. Dollars as inflationary but I'm not likely to spend the last dollar in my pocket on something I don't actually need. Bitcoins are inflationary but I'm not likely to spend my last Bitcoin on something I don't really need. It's currently very hard to earn a significant amount of Bitcoins so no one is ready to spend them and at the same time there aren't many places to spend them either. So while the deflation is good we need to be able to replace every Bitcoin we spent to make it spendable like a currency. When I can... (read more)
Not really. There will be people who like to eat. There will be morbidly obese people who will eat until a heart attack. But there is nothing fundamental about pizza that it's essential to the planet, the survival of the species, the sustainability of the environment, or staying happy and healthy. If it were important then people would buy more pizza, such as if pizza were shown to extend human lifespan then yes people will buy a lot of pizza. But if pizza doesn't do that but vitamins do then people will spend Bitcoin on expensive vitamins instead of pizza but the Bitcoin will always be spent.