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ScottAdamsSays's profile
Scott Adams
Scott Adams
Scott Adams
Verified account
@ScottAdamsSays

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Scott AdamsVerified account

@ScottAdamsSays

My Micro Lesson (2-4 min. videos) on being more happier and more effective in life are on Locals: http://bit.ly/2Ygv2tf 

Pleasanton CA
youtube.com/c/realCoffeeWi…
Joined October 2014

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    1. Scott Adams‏Verified account @ScottAdamsSays 20 Mar 2020

      If the government created and issued a government-backed crypto currency to all citizens (or just low income people), and ordered all businesses that are able to accept it do so, explain in comments how that would play out? Good or bad? #cryptocurrency #coronavirus

      565 replies 116 retweets 698 likes
    2. Joshua Gans‏Verified account @joshgans 20 Mar 2020
      Replying to @ScottAdamsSays

      I thought of a similar thing. The question I haven’t worked is whether it is really different from just sending cash. Is there a benefit to having currency that will be worthless later on?

      1 reply 0 retweets 2 likes
    3. Scott Adams‏Verified account @ScottAdamsSays 20 Mar 2020
      Replying to @joshgans

      No national debt created. That seems different.

      5 replies 0 retweets 6 likes
    4. Joshua Gans‏Verified account @joshgans 20 Mar 2020
      Replying to @ScottAdamsSays

      Not if you want to switch it over at some stage. If I get paid for something, there will be someone holding it when the stuff stops. So you want to exchange or redeem. In other words, it is a debt obligation.

      1 reply 0 retweets 1 like
    5. Scott Adams‏Verified account @ScottAdamsSays 20 Mar 2020
      Replying to @joshgans

      Why not keep them separate forever? You are helping me think through this. Bitcoin exists and yet it can be exchanged for cash.

      1 reply 0 retweets 1 like
    6. Joshua Gans‏Verified account @joshgans 20 Mar 2020
      Replying to @ScottAdamsSays

      You could do it, but I don’t think it would work. What problem would it be solving? Debt is debt. Can’t create something out of nothing.

      1 reply 0 retweets 2 likes
    7. Scott Adams‏Verified account @ScottAdamsSays 20 Mar 2020
      Replying to @joshgans

      Explain how Bitcoin added to the national debt. It didn't. Now explain how a new crypto like Bitcoin would do so. It would not.

      2 replies 0 retweets 2 likes
    8. Joshua Gans‏Verified account @joshgans 20 Mar 2020
      Replying to @ScottAdamsSays

      Neither printing USD nor minting new tokens add to the debt but expand the money supply. Point is if you want to print money, just do that.

      2 replies 0 retweets 1 like
    9. Scott Adams‏Verified account @ScottAdamsSays 20 Mar 2020
      Replying to @joshgans

      A trillion dollar payment to citizens doesn't increase the national debt?

      1 reply 0 retweets 2 likes
    10. Joshua Gans‏Verified account @joshgans 20 Mar 2020
      Replying to @ScottAdamsSays

      No. It causes inflation potentially but does not increase the national debt. Issuing govt bonds is how they do that. Remember when they wanted to mint a platinum coin to get around the debt ceiling. Same thing

      1 reply 0 retweets 2 likes
      Scott Adams‏Verified account @ScottAdamsSays 20 Mar 2020
      Replying to @joshgans

      Press is talking about it like it is increasing debt. Didn't realize it was just a printing question. Given that, why would crypto increase inflation any more than Bitcoin did?

      8:59 AM - 20 Mar 2020
      • 1 Like
      • Bejoy Koshy
      1 reply 0 retweets 1 like
        1. New conversation
        2. Joshua Gans‏Verified account @joshgans 20 Mar 2020
          Replying to @ScottAdamsSays

          There is a subtle issue because the Fed doesn’t print money but instead engages in a process called quantitative easing. I don’t know enough to know whether that shows up in the account. But Congress is intending to add to the debt.

          1 reply 0 retweets 2 likes
        3. Dr. J‏ @DrJ63929603 20 Mar 2020
          Replying to @joshgans @ScottAdamsSays

          Here is another way to think about the question. Cash is a non-interest bearing debt of the USG. The Fed conducts monetary policy by picking a target (eg, an interest rate, or bonds if QE), and then buying or selling bonds to hit the target.

          1 reply 0 retweets 0 likes
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