Calvert28 Posted February 5, 2018 Share Posted February 5, 2018 14 minutes ago, jrry32 said: Yes, except for the fact that the dollar is guaranteed by the U.S. government. The same government that keeps printing USD (monopoly) dollars? They haven't exactly made the best decisions. Quote Link to comment Share on other sites More sharing options...
jrry32 Posted February 5, 2018 Share Posted February 5, 2018 1 minute ago, Calvert28 said: The same government that keeps printing USD (monopoly) dollars? They haven't exactly made the best decisions. And why is that? Quote Link to comment Share on other sites More sharing options...
cddolphin Posted February 5, 2018 Share Posted February 5, 2018 38 minutes ago, jrry32 said: Yes, except for the fact that the dollar is guaranteed by the U.S. government. So not backed a commodity, then. Faith. Quote Link to comment Share on other sites More sharing options...
Calvert28 Posted February 5, 2018 Share Posted February 5, 2018 2 minutes ago, jrry32 said: And why is that? Not sure what your asking here. Why they are printing currency or why they are bad decision makers. Quote Link to comment Share on other sites More sharing options...
cddolphin Posted February 5, 2018 Share Posted February 5, 2018 (edited) 1 minute ago, Calvert28 said: Not sure what your asking here. Why they are printing currency or why they are bad decision makers. 1. Because a certain degree of inflation is necessary when you have an uncapped money supply 2. Because humans, on average, are bad at making decisions that are painful in the short term yet fruitful long term. Edited February 5, 2018 by cddolphin Quote Link to comment Share on other sites More sharing options...
jrry32 Posted February 5, 2018 Share Posted February 5, 2018 56 minutes ago, cddolphin said: So not backed a commodity, then. Faith. If you're ignoring the backing of the U.S. government, sure. But as long as the U.S. exists, the dollar is guaranteed. The same is not true of cryptos. 53 minutes ago, Calvert28 said: Not sure what your asking here. Why they are printing currency or why they are bad decision makers. The latter. I know why they're printing currency. Quote Link to comment Share on other sites More sharing options...
Calvert28 Posted February 5, 2018 Share Posted February 5, 2018 56 minutes ago, cddolphin said: 1. Because a certain degree of inflation is necessary when you have an uncapped money supply 2. Because humans, on average, are bad at making decisions that are painful in the short term yet fruitful long term. "Certain Degree" and yet these people keep going on and on. So why are we supposed to be dependent on these bad decision makers who tell us we don't know how to invest our own money. Which is essentially what they are saying. Quote Link to comment Share on other sites More sharing options...
Calvert28 Posted February 5, 2018 Share Posted February 5, 2018 5 minutes ago, jrry32 said: The latter. I know why they're printing currency. Because they corrupt individuals who have only the mindset of retaining or gaining power. For the interest of themselves not the public. And then they give BS statements about their proven practices. We are told this is bad for us, that we shouldn't be allowed to invest our money here, that there is too much risk involved. It's just one thing after another to try and either scare us or coerce us into keeping faith in these individuals who helped bring about these major crises such as the 08 crash brought on by greedy policies and even more greedy bankers. Quote Link to comment Share on other sites More sharing options...
cddolphin Posted February 5, 2018 Share Posted February 5, 2018 21 minutes ago, jrry32 said: If you're ignoring the backing of the U.S. government, sure. I'm not ignoring it. I'm saying the intangible backing of the US (or any) government is not the same as tying a currency to a commodity such as gold. It simply isn't. And if you have unshakeable faith in the US as it pertains to it's ability to keep control of it's own monetary policy / supply, well, here's hoping history doesn't repeat itself. The US dollar in it's current iteration is very young, about 57 years old. Now I'm not saying crypto currency is a "stable" as the dollar is, currently. I don't think anybody would be so foolish to suggest that. But some people need to remove the dollar from this curious pedestal. Quote Link to comment Share on other sites More sharing options...
mistakey Posted February 5, 2018 Share Posted February 5, 2018 1 hour ago, Calvert28 said: The same government that keeps printing USD (monopoly) dollars? They haven't exactly made the best decisions. lol what pray tell could you have against janet yellen? Quote Link to comment Share on other sites More sharing options...
mistakey Posted February 5, 2018 Share Posted February 5, 2018 Just now, cddolphin said: I'm not ignoring it. I'm saying the intangible backing of the US (or any) government is not the same as tying a currency to a commodity such as gold. It simply isn't. And if you have unshakeable faith in the US as it pertains to it's ability to keep control of it's own monetary policy / supply, well, here's hoping history doesn't repeat itself. The US dollar in it's current iteration is very young, about 57 years old. Now I'm not saying crypto currency is a "stable" as the dollar is, currently. I don't think anybody would be so foolish to suggest that. But some people need to remove the dollar from this curious pedestal. the pedestal of being the worlds' reserve currency? the pedestal of being such a safe asset that when people downgrade it it gains strength? 1 Quote Link to comment Share on other sites More sharing options...
mistakey Posted February 5, 2018 Share Posted February 5, 2018 i dabbled in some cryptos as evidenced in this thread, but 2 things fall apart to me as to why people think bitcoin will be good 1. its a store of wealth. from 15k to 7k in 1 month. this one fails 2. less regulation = freed from the shackles of the overbearing government. with the south korean insider trading issue, its very clear that rich people who own the majority of it will always act like a cartel and take advantage of people like you and me. anarcho-capitalism fails here. 1 Quote Link to comment Share on other sites More sharing options...
mistakey Posted February 5, 2018 Share Posted February 5, 2018 1 hour ago, Mossburg said: I learned a new word. Thank you sir. no problemo Quote Link to comment Share on other sites More sharing options...
cddolphin Posted February 5, 2018 Share Posted February 5, 2018 (edited) 2 minutes ago, mistakey said: the pedestal of being the worlds' reserve currency? the pedestal of being such a safe asset that when people downgrade it it gains strength? The pedestal of the dollar being this infallible currency. It's nothing if not silly and completely based in fiction given all the historical data we collectively possess when it comes to life/death cycles of fiat currency. The idea flies right in the face of reality. The dollar isn't special. It's established. Edited February 5, 2018 by cddolphin Quote Link to comment Share on other sites More sharing options...
Calvert28 Posted February 5, 2018 Share Posted February 5, 2018 Just now, mistakey said: i dabbled in some cryptos as evidenced in this thread, but 2 things fall apart to me as to why people think bitcoin will be good 1. its a store of wealth. from 15k to 7k in 1 month. this one fails 2. less regulation = freed from the shackles of the overbearing government. with the south korean insider trading issue, its very clear that rich people who own the majority of it will always act like a cartel and take advantage of people like you and me. anarcho-capitalism fails here. So why are you even bothering posting in this thread if all you think is that it's a scam? Quote Link to comment Share on other sites More sharing options...
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