License to print money... BitCoin?

March 12th, 2015 at 7:31:49 PM permalink
Fleastiff
Member since: Oct 27, 2012
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Perhaps Sweden has the right idea. Sweden legalized Bit Coins of all types, not as currency but as a commodity that it is legal to own sell trade or do anything else with. If the buyers and sellers want to use it as a currency, so be it.
March 16th, 2015 at 4:25:33 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4144
Goldman Sachs: Bitcoin is a megatrend that with improved payment security will revolutionize banking.

link
March 16th, 2015 at 4:57:27 PM permalink
Wizard
Administrator
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There was a good show on The Inside Man about Bitcoin about a month ago. Morgan Spurlock attempted to live a week on just one bitcoin, spending nothing else, but he was allowed to work for more. About half of the show was devoted to explaining what a Bitcoin is and how they work.

After the show I had a lot more respect for Bitcoins. Still, I would feel a lot better if there was a credible government agency regulating them. I think a small country like Lichtenstein or Luxembourg would do very well to take the basic Bitcoin framework, fix what known weaknesses there are, and regulate them. After Cyprus, there is no way I would trust any country in southern Europe to do it. Call me an elitist, but I want some Germans on the staff.
Knowledge is Good -- Emil Faber
March 16th, 2015 at 5:47:02 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
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How about the straight and narrow, no-nonsense Finnish society. Their country's bit coin seems to be working and any citizen who signs up for it gets it automatically.
March 17th, 2015 at 3:41:48 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
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Quote: Wizard
Call me an elitist, but I want some Germans on the staff.

Don't forget the Iceland went belly up. Their banks stole all that money from Brits .

The market capitalization of Bitcoins is 3.84€ billions = $4.05 billion

In contrast the market cap of Euros is just over a trillion Euros. That is well under the US dollar capitalization of $1.3trillion
1,041€ billions Euro zone 3,111€ Per Capita 2014

The six EU currencies with no hope of circulating outside their country total 99.91€ billions.
31.3€ billions Polish złoty 813 € Per Capita 2014
26.3€ billions Romanian leu 1,317 € Per Capita 2014
16.9€ billions Czech koruna 1,607 € Per Capita 2014
11.9€ billions Hungarian forint 1,202 € Per Capita 2014
8.2€ billions Croatian kuna 1,938 € Per Capita 2014
5.2€ billions Bulgarian lev 720 € Per Capita 2014

The other EU currencies that are subject to speculation total just over 100€ billions.
99.1€ billions British Pound 1,536 € Per Capita 2014
8.8€ billions Danish krone 1,576 € Per Capita 2013
8.6€ billions Swedish krona 893 € Per Capita 2014

The independent Western European currencies (including Switzerland with it's huge supply of fiat money)
59.74€ billions Switzerland 7,392 € Per Capita 2013
5.72€ billions Norwegian Kroner 1,125 € Per Capita 2014
0.32€ billions Iceland 1,000 € Per Capita 2015

If the part about bitcoins that you like is the ability to use anonymous digital currency, then Ecuador is developing digital currency based on the US dolllar they adopted in 2000

Sweden is by far the developed country that is closest to going to an all digital currency.

Personally, I think Iceland should be going to a digital currency, as they may want to base their currency on another one (Euro, Norewegian kroner, Canadian dollar)
March 17th, 2015 at 3:52:47 AM permalink
Pacomartin
Member since: Oct 24, 2012
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Some statistics in Sweden resemble a third world developing country. There is a small amount of currency per person, there is very few ATM's in the country per capita. You can't write checks. Most banks have no cash at the tellers and almost all public transportation will not accept cash.

Their biggest banknote is worth US$116 but they have removed so many from circulation that there is now less than 1 banknote per capita circulating. The 500 krona banknote worth US$58 is very popular, much more than the US$50 banknote is in the USA.

Their is a vocal grassroots movement to get rid of physical currency. However, despite all this emotion, the government is issuing a completely new set of banknotes and coins. They are even introducing a new denomination.
March 17th, 2015 at 5:29:39 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4144
Quote: Pacomartin
Don't forget the Iceland went belly up. Their banks stole all that money from Brits .
The Icelandic BANKS went belly up; the British stole all that money by declaring Iceland a terrorist nation and seizing funds.

>>>>>>>>>>31.3€ billions Polish złoty 813 € Per Capita 2014
Long the joke of economists. You can barely give a zloty away.

>>>>>Sweden is by far the developed country that is closest to going to an all digital currency.
Is that the country with a political party named Turn the State into Green Cheese?

>I think Iceland should be going to a digital currency, as they may want to base their currency on another
Isn't the Icelandic currency based on the Russian Mafia??
March 17th, 2015 at 8:02:06 AM permalink
buzzardknot
Member since: Mar 16, 2015
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I read somewhere an economist say a bit coin was worth between $3 and $3,000. And the problem was nobody knew which figure was closest to the real value.
March 17th, 2015 at 10:33:02 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7571
Quote: Fleastiff
Is that the country with a political party named Turn the State into Green Cheese?


Swedish Green Party

Quote: Fleastiff
Long the joke of economists. You can barely give a zloty away.


Many of the East European currencies have suffered from severe inflation. The worst was the Yugoslav dinar which between 1990 and 1994 lost 26 zeros in four different redenominations. That is one more than the 25 zeros that Zimbabwe lost between 2006 and 2009. It makes the three zeros that Mexico lost in 1993 seem paltry.

To be fair when Italy converted it was at 1 EUR = 1,936.27 lira so they should have probably lost three zeros somewhere along the way.

Quote: Fleastiff
The Icelandic BANKS went belly up; the British stole all that money by declaring Iceland a terrorist nation and seizing funds.
Isn't the Icelandic currency based on the Russian Mafia??


I don't know, but it would probably help the mafia to control a currency. Iceland will almost certainly have to base their currency on another currency. It would make matters easier if it was digital.

If Greece goes back to the drachma, it will be very difficult to distribute banknotes again. Who would want them if Euros are around considering how unstable the drachma would be. I think it has to come back as a digital currency.

It makes sense for Poland to go digital now. That way the transition will be smoothed, and if they want to stay out of the Eurozone, it will be easier to stay out. It would also be easier to leave if they have a culture of digital payments.
March 18th, 2015 at 11:14:02 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4144
Bitcoin, victim of volatility and security lapses, re-establishes itself by finally getting a Central Bank.

Monetas, in a nutshell, is a global payment system that can transfer any currency or commodity to another person anywhere in the world through a phone app, without a central authority controlling the transaction. To do so, it relies on the underlying technology behind bitcoin transactions. Its ultimate goal is what Gevers calls “the democratisation of finance” across borders and currencies.

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