1/ Bitcoin will usher an era of unprecedented peace and prosperity.
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11/ When (not if) some Asian central bank or a large sovereign wealth fund announces they put 5% of their reserves into a basket of blue-chip cryptocurrencies, the world will never the same again.
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12/ Bitcoin is a profound Economic Rennaisance, falsely wrapped in a Tech Bubble, itself falsely wrapped in a Get-Rich-Quick Scheme. The complete takeover success of cryptocurrencies is inevitable destiny. It is mathematically inescapable. Once you see this, you can't unsee it.
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Markets broke and seized up totally in 33, and only fiat has kept them greased up enough to be clearing since. Free will and human action will continue, of course, but without capital, wages, employees, tax, states, money of any kind.
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Fiat is one of the biggest scams in history of mankind. Arbitrarily expanding money supply literally devaluing wealth of the citizenry continuously. Sure there may be some pain in the unwind, but long term it will add insane efficiencies
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Yes, that was Keynes explicit point. Through deficit spending the state could reduce the purchasing power of wages without nominally lowering wages. Wage prices are reliably sticky related to most everything else that inflates easily.
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I don't know why you would call that a "scam". It built the Nazis a wermacht. It built the US armed services. It prevented a depression for over 80 years. The problem is not that it is some scam but that it has worked flawlessly in highly destructive ways.
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But implicit in what you say is the suggestion that a return to gold or a turn to bitcoin, by reinstalling a commodity money, would produce a system with less government and plenty of exchange. Your assumption rests on thin air and there is considerable evidence it is false.
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Keynes himself thought this would become impossible and that the only alternative was, eventually, the elimination of wage labor. His calculations projected this would become necessity ... well... around now.
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Marx theorized this development in some depth predicting what he called "absolute overaccumulation", a point at which commodity money would be structurally non-viable, it would be necessary to continuously depress wages.
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Orthodox economics today is basically silent on this, hand-waving that we'll save the economy by opening a new frontier on Mars or, uh, in Cyberspace™. Their models simply *assume* unbounded demand expansion - like yours.
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