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originally posted by: AugustusMasonicus
And you think all of the factors I pointed out will not influence Bitcoins? Money is money whether it is colored rocks or it takes some unbacked electronic form.
originally posted by: Aazadan
Bitcoins are much more analogous to a non renewable resource than a currency. Due to the way they're created there's a finite number of them in existence and there will always be a finite number. Buying and selling in bitcoins is like buying and selling in shares of gold or oil which is also finite but has increasing supply until it peaks.
originally posted by: SubTruth
a reply to: Aazadan
Bitcoin........OK guys TPTB control the currencies and the laws governing them.......Bitcoin is at the whims of TPTB if they wanted to ban them they could. That is why it is kinda like gambling and you could win or lose.
If times get really hard or Bitcoins gain real traction they will ban them to save the system already in place......Do I agree with using fiat currencies backed by nothing other than faith......NO.
originally posted by: AugustusMasonicus
There is a finite amount of ALL money and the factors I mentioned earlier affect all types of currency including Bitcoins to one degree or another.
originally posted by: Aazadan
Bitcoin still has issues but other than outright banning it a government has little control over Bitcoin and that's what's so good about it. It moves the control of money outside the hands of any specific government.
originally posted by: kwakakev
Considering the rubber glove treatment Greece has received with its budgets and accounts recently, I do put more of the responsibility into the hands of the European Union than with Greece.
originally posted by: kwakakev
More of a responsibility for the economic mess of Greece and the others that are following.
Looking back in history things have gotten messy and confusing when there are too many competing currencies. But as events are showing there are just too many competing forces to centralise all currency management.
How did the other European countries force Greece to make horrendous economic and social policy decisions?
originally posted by: kwakakev
With the second paragraph I am implying that there must be a better way to make money work. The interest and profit gouging that currently goes on just to get one new dollar into the system needs a new overhaul. Governments have been the ones left to pick up the tab for a while.
Seeing some of the division, divide and stale mates going on at the IMF, the world does need a more fairer and updated macroeconomic framework.
originally posted by: kwakakev
How China set up its own development bank to bypass the restrictive terms of IMF loans has been one issue.
The progress of the SDR in trying to define a global currency unit is still an ongoing work in progress.
The magic of money is that it never existed before taking out that loan, well not these days anyway. It is your assurance to repay it that creates the asset that is traded.
originally posted by: kwakakev
Indications with China's regional development bank is that it is moving towards more reasonable loan terms.
How I view the position of the SDR is that it currently the closest contender for some kind of standardised global currency unit. As such its main focus is on measuring the wealth of a specific currency and is not directly affected by interest rates or any other specific economic policies. What the SDR will do is allow for a level playing field and provide some back up as the world continues to experiment with various currency designs and implementations.
So with this money magic Greece can easily get Trillions, as long as it promises to pay it back.
Greece cannot even pay back the billions it owes, why would they loan it an order of magnitude of money more?