Austin Steinbart's Proposal to Save America

originally posted by: monkeyluv
a reply to: tanstaafl

Who are you kidding? Money is essentially a promissory note,

FRNs used to be promissory notes. In 1965 they were converted to dishonored evidence of debt.

and the same applies to crypto!

I couldn't care less about 'crypto', I'm talking about bitcoin.

The only thing that makes it legit are your "lucrative opportunities" to buy and sell electronic tokens which you still have to value in dollars.

No, like anything that has ever been used as money, what gives it value is the perception of others, combines with the supply and demand.

a reply to: tanstaafl

It's obvious that existing loans can't be paid if new ones aren't be made, but what are the circumstances for the latter to take place? Financiers lend for a living.

It's obvious that national debt is a hidden tax; are you expecting it to be otherwise? But it's not the only debt, and given that isn't the main driver of inflation.

You can slow down, but you need to speed up later. It's a capitalist system with boom and busts, remember? But the trend line is upward.

Your last point is for me a fine example of mental masturbation. Apparently, you're trying to imagine a non-evil world where not only will the wealth of "the people" not be stolen but that even money is considered wealth. I think they tried that before with tally sticks, but it just doesn't provide the same "lucrative opportunities" for more financial gambling as crypto, right?

You can stop fapping now.

a reply to: tanstaafl

Oh, right, they used to be backed by gold, which is certainly critical for various critical processes, non-corrosive contact points in equipment, and dental filling if paste isn't available.

Stop kidding yourself.

Bitcoin is part of crypto. Backed by electricity. LOL.

About your last point, I definitely agree: perception matters, and driving supply and demand.

Talk about shooting yourself in the foot.

a reply to: tanstaafl

Bitcoin's the best! Plus lots of "lucrative opportunities". Come right in, folks, don't be shy!

a reply to: tanstaafl

Oh, yeah, I forgot: it can save the world!

What a sales pitch!