2/ From the founding of the Bank of England, central banks have been used as means for states to fund their policies (often warfare) without risking the popular ire caused by direct taxation.
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3/ When the capital provided by central banks is misallocated by either the state or in a market distorted by artificially low interest rates, an inevitable collapse occurs. The central bank is the root of these periodic market dislocations.
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4/ Prior to the 20th century, ordinary people could always flee to hard currency (gold) to save themselves from the effects of the failed, inflationist, policies of the central bank. This ended across much of the world in the 20th century as gold was outlawed.
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5/ Bitcoin finally promises an alternative for citizens across the world to keep their savings in a form of money that can neither be confiscated nor inflated. It is gold on steroids.
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6/ Predictably, the establishment is raising alarums that if Bitcoin were to become the world's reserve currency, central bank policy would become ineffective. Indeed it would. *And this is a good thing*.
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7/ To claim central bank policy is what saves us from deep recessions is like claiming that a scoundrel who breaks your leg is helping you if he afterwards offers you a crutch.
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8/ Please keep your crutches and pray save us from the broken legs. We don't want your Rentenmarks, your Pesos your Dollars or your Yen. We want
#Bitcoin. We want sound money.এই থ্রেডটি দেখান -
9/ Quote taken from:https://www.wsj.com/articles/is-it-time-to-regulate-bitcoin-1512409004 …
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কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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@real_vijay, how do you think things will unfold once the global ban on mining and transacting in Bitcoin takes hold? A hash power drop to almost nothing, all online exchanges, web wallets, meatspace merchants, merchant services/APIs and bank interactions shuttered. -
Requires long, complex answer. I don't think btc is liquid enough to withstand this now but bureacracies often move very slowly. India has tried to ban gold for decades to no avail. Can btc become liquid enough in time for attack? Open question.
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Liquidity (ability to trade at "stable" prices) would be a consequence of successful defense, not its source. Visa is a highly liquid medium yet its operation/liquidity can be trivially destroyed, and thus cannot pose an "existential threat" to nation states.
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Like gold, bitcoin cannot be eliminated. But despite its existence the people of the world (including Indians) primarily use state money. The seizure of gold and outlawing of its contracting in the US was quite a successful operation. Those who used gold became black market.
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I would argue that Indians primarily save in gold and transact in rupees.
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Yet this argument by analogy does not resolve the question of securing the money in light of states facing an existential threat. Saving alone cannot secure
#bitcoin, it must be transacted to be secured. -
What do you mean by "transacted"? Does gold need to be transacted to be secure? Is your point that the block reward will eventually go away?
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Gold remains gold independent of tx volume. If nobody accepts bitcoin as payment there is nobody to reject invalid coin. Who then determines what is valid? How do miners pay expenses? And with no tx fees, who is mining?
- 9টি আরও উত্তর
নতুন কথা-বার্তা -
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Boooooom!
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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Problem, reaction, solution...
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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Wind are changing, time are changing. Great great view Vijay
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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লোড হতে বেশ কিছুক্ষণ সময় নিচ্ছে।
টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।