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shares crash worldwide
Comments
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In this moment in time the FTSE at around 6050.0
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Under the Gold Standard there was FRB: each ounce of gol had multiple claims on it. Indeed that's what led to its ultimate collapse in 1971. The French wanted 'their' gold out of the system and there was effectively a bank run, just the same as happened with Northern Rock really.
Debt has acted as money since at least the Roman times so really if we are going to use Bitcoins solely as a currency with no FRB as seems to be implied in dryhat's posts then really we are looking at a deflationary world if GDP is going to continue to rise as if the money supply is constrained but the number of goods and services rise then the goods and services need to cost less each. This is what happened in the west in the 1870s: post Civil War USA and also Germany and France expanded their economies rapidly and the money supply couldn't keep up. That led to deflation in the early part of the decade and a vicious depression in the second part.
The sole advantage to Bitcoin is that it operates in a shadow banking system that has no AML controls. No AML controls make it very good for people who need to get around AML, e.g. drug dealers.
Ultimately, the US and EU will get their act together and put Bitcoin on the suspect list for money laundering and the gig will be up.
HTH.
You should stop looking back and start looking forward.
Our current economic model and the old ways of doing things is no longer fit for purpose and is clearly failing.
The new economy needs a new money.
And Bitcoin is it.0 -
You should stop looking back and start looking forward.
Our current economic model and the old ways of doing things is no longer fit for purpose and is clearly failing.
The new economy needs a new money.
And Bitcoin is it.
hitler knew that the Germany system wasn't fit for purpose
stalin new that the russian system wasn't fit for purpose
Pol Pot knew the Cambodian system wasn't fit for purpose
..................
but they weren't necessarialy correct0
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