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Old 12-14-2018, 05:45 PM
 
Location: Manchester NH
7,317 posts, read 1,982,034 times
Reputation: 2213

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Quote:
Originally Posted by ukrkoz View Post
Because the so called capitalism is being re-formatted? Because crypto currency was another pump to suck money out of people? Don't you know that demonetization of population been implemented for last several years?
Of course, this is absolutely true.
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Old 12-14-2018, 05:50 PM
 
Location: between three Great Lakes.
1,674 posts, read 1,830,213 times
Reputation: 5533
Quote:
Originally Posted by Gatopescado View Post
Why is Bitcoin crashing?

Because its some made-up hokie bunk? That would be my guess.
Precisely! It's a frat-boy scheme to get ahead. The idea deserves to die (as do frat boys.)
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Old 12-14-2018, 05:51 PM
 
Location: Manchester NH
7,317 posts, read 1,982,034 times
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Quote:
Originally Posted by NewbieHere View Post
No, but your statement you support a country with no currency is very off. I donít like bit coin, never invested in them, so why are they falling. Who knows? Tulip mania ones to mind.
Thatís long term, the gift economy was the basis of human interaction.

Capitalism inflated prices to the point goods are collected for investment rather than functions. Bitcoin is the holy grail of that idea, which is why without state control it will fail.
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Old 12-14-2018, 06:15 PM
 
10,680 posts, read 5,140,124 times
Reputation: 7121
Quote:
Originally Posted by Winterfall8324 View Post
That’s long term, the gift economy was the basis of human interaction.

Capitalism inflated prices to the point goods are collected for investment rather than functions. Bitcoin is the holy grail of that idea, which is why without state control it will fail.
More crazy talk here. Capitalism doesn’t equate to bitcoin. In fact most capitalists warn about bitcoin, where have you been. Jump to conclusion aren’t we. How old are you?
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Old 12-14-2018, 06:16 PM
 
Location: Northern Maine
9,585 posts, read 14,442,713 times
Reputation: 9148
"I doubt he or she has spent any time in a room with people who understand economics. "

You rang? In 1918 you could buy a cow with a $20 gold piece. Today you can buy a cow with that same $20 gold piece. A $20 bill will get you about 4 pounds of good hamburg; so what has changed? The real values of the gold piece and cow have not changed. The Federal Reserve is two lies in one term. It is not federal and there is no reserve.

Many books have been written about where we have been since the big meeting on Jekyll Island over a century ago. The best and most thorough is "The Forgotten Man" by Amity Schlaes. I spent three months in that book one summer. It is thumb-worn and has numerous post-its as bookmarks. Amity is a respected economist and is invited to guest on financial shows from time to time.

Amazon has the book.
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Old 12-14-2018, 07:10 PM
 
Location: Manchester NH
7,317 posts, read 1,982,034 times
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Quote:
Originally Posted by NewbieHere View Post
More crazy talk here. Capitalism doesnít equate to bitcoin. In fact most capitalists warn about bitcoin, where have you been. Jump to conclusion arenít we. How old are you?
State intervention is not capitalism.

Furthermore centralized currency meant to concentrate wealth into the hands of a few.

Both are bad but bitcoin shows the impossiblity of a free market system.
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Old 12-14-2018, 08:52 PM
 
10,680 posts, read 5,140,124 times
Reputation: 7121
Quote:
Originally Posted by Winterfall8324 View Post
State intervention is not capitalism.

Furthermore centralized currency meant to concentrate wealth into the hands of a few.

Both are bad but bitcoin shows the impossiblity of a free market system.
What does that mean really? Translate to me. Then why are you saying capitalism doesn’t work because we don’t really have one according to you. But sorry I’m done playing with kids from high school. Stay in school, stay out of drugs and bitcoin is my advice.
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Old 12-14-2018, 09:13 PM
 
7,454 posts, read 8,301,106 times
Reputation: 5533
Quote:
Originally Posted by Northern Maine Land Man View Post
"I doubt he or she has spent any time in a room with people who understand economics. "

You rang? In 1918 you could buy a cow with a $20 gold piece. Today you can buy a cow with that same $20 gold piece. A $20 bill will get you about 4 pounds of good hamburg; so what has changed? The real values of the gold piece and cow have not changed. The Federal Reserve is two lies in one term. It is not federal and there is no reserve.

Many books have been written about where we have been since the big meeting on Jekyll Island over a century ago. The best and most thorough is "The Forgotten Man" by Amity Schlaes. I spent three months in that book one summer. It is thumb-worn and has numerous post-its as bookmarks. Amity is a respected economist and is invited to guest on financial shows from time to time.

Amazon has the book.
I like some of her thinking and she is an excellent writer but Shlaes isn't an economist. She has an English degree from Yale.
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Old 12-14-2018, 10:22 PM
 
Location: Manchester NH
7,317 posts, read 1,982,034 times
Reputation: 2213
Quote:
Originally Posted by NewbieHere View Post
What does that mean really? Translate to me. Then why are you saying capitalism doesnít work because we donít really have one according to you. But sorry Iím done playing with kids from high school. Stay in school, stay out of drugs and bitcoin is my advice.
What's your problem?

You know nothing about me. I'm simple stating how applying free market principles to currency has failed and shows why the state monopoly model is required to maintain the presence of capitalism in a society.

The failure of bitcoin is a testimony to the failures of capitalism.

Get a grip and grow up.
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Old 12-14-2018, 10:50 PM
 
3,980 posts, read 3,139,033 times
Reputation: 2845
What killed crypto is the exchanges that were constantly getting hacked into and losing millions of dollars worth of customers funds as a result. Many other exchanges were simply ripping people off outright. That is probably what killed bitcoin more than anything. Most were shady and could not be trusted.

The relentless, non-stop media attacks on bitcoin didn't help either.
When 99% of mainstream reporting on bitcoin was negative, naturally
people will be scared to put money into it (I certainly was).
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