License to print money... BitCoin?
March 18th, 2015 at 8:44:58 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Well, the technology behind bitcoin is getting more use. For some people bitcoin was the ability to move large amounts of money clandestinely and to anywhere in the world (or conversely the ability to cash in at different places around the world clandestinely). To other people it was shelter from arbitrary decisions made by central banks. But in it's place was an extremely volatile marketplace. To a third group the volatility was the draw. It was like gambling. The first two groups of people are being catered to in the future. Ecuador craves the stability of the US dollar, which it has unilaterally been using for 15 years, but the purchase and distribution of the banknotes costs the government a fortune. It would much rather back up a digital currency with US treasury notes, but instead of banknotes, it wants it's people to tap smart phones together. While theoretically they could distribute more Ecuadorian digital dollars than it has treasury notes, I don't think that is their goal. Cayman islands dollars are fixed at KYD$1=US$1.20 unlike Bahamian dollars which are fixed at parity, I assume that Cayman islands uses the odd exchange rate so that the local dollars are not entirely replaced by US dollars. But they are a very small wealthy island, and I suspect that they see no need to go to a digital currency. |
March 26th, 2015 at 3:16:01 AM permalink | |
Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 | UK declares broad public policy of allowing unrestricted Bit Coin startups in the hope that a well regulated, opt-in society will develop. |
March 26th, 2015 at 8:11:03 AM permalink | |
petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | http://www.britannica.com/EBchecked/topic/245850/Greshams-law Gresham's Law of economics, bad money drives out good The last official act of any government is to loot the treasury. GW |
March 26th, 2015 at 10:24:13 AM permalink | |
Fleastiff Member since: Oct 27, 2012 Threads: 62 Posts: 7831 |
An Economist: a person so devoid of reason and common sense that he thinks there is such a thing as "bad money" or that a consumer with a dollar in his hand is thinking about the next dollar. Think of The Alabama Song from the Rise and Fall of the City of Mahoggony. The opera is often presented in German, Spanish, Portugese, Hebrew, but the Alabama Song is always song in English as young ladies in the audience stand and undo a few buttons and hike skirts. https://www.youtube.com/watch?v=dIlmRIncwIg Tech Dirt: https://www.techdirt.com/articles/20150323/06185230403/uk-positioning-itself-as-bitcoins-best-friend.shtml |
March 26th, 2015 at 12:18:24 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
I haven't thought about that Opera for years. We heard the 1979 performance at the Metropolitan Opera on simulcast (a technique popular in the mid 1970's and early 1980's when television had no stereo capability). The aging Lotte Lenya (who was in her 80's) passed the baton to Teresa Stratas as the interpreter of her deceased husband, Kurt Weill's work. I remember at the time how ironic it was too watch the women in furs arriving at the Met to watch such a scathing satire about the evils of capitalism. |
March 27th, 2015 at 12:45:34 PM permalink | |
petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | No fiat currency has ever lasted as long as the US $. http://www.economicreason.com/usdollarcollapse/world-reserve-currencies-what-happened-during-previous-periods-of-transition/ The last official act of any government is to loot the treasury. GW |
March 27th, 2015 at 7:02:45 PM permalink | |
petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | Yellen says cash is not a store of value: http://www.zerohedge.com/news/2015-03-27/santelli-stunned-janet-yellen-admits-cash-not-store-value?page=1 The last official act of any government is to loot the treasury. GW |
March 27th, 2015 at 9:07:36 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
Well she said it is "not a very convenient store of value", but given negative interest rates it is valuable. |
March 29th, 2015 at 3:26:32 AM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Welcome to Sweden - the most cash-free society on the planet As I said earlier, the Swedes are the only country to be reducing their cash supply, primarily by reducing the number of 1000 krona=US$116 banknotes. But Swedes are releasing a new series of banknotes this year, and introducing the 200 krona banknote. The 1000 krona banknote is not being eliminated. There is no word if they are going to reduce the total currency amount of 8.8€ billions The Better than Cash alliance is being funded by Bill and Melinda Gates, along with more obvious sponsors like Visa, MasterCard and CitiBank. |
March 29th, 2015 at 10:53:28 AM permalink | |
petroglyph Member since: Aug 3, 2014 Threads: 25 Posts: 6227 | http://news.yahoo.com/beijing-says-denmark-applies-join-china-backed-aiib-070428757--sector.html Rats leaving a sinking ship. The last official act of any government is to loot the treasury. GW |