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Very Hot Topic (More than 25 Replies) Deficit Spending, Debt & Printing (Read 1046 times)
The Opposition
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Re: Deficit Spending, Debt & Printing
Reply #30 - Oct 21st, 2019 at 1:41am
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yamcha wrote on Oct 21st, 2019 at 1:01am:
But what is cryptocurrency based on?  What is it backed by?  Even though it is virtual, how is it real?


This actually ties into what I was talking about.

Cryptocurrency is backed by nothing but its continued scarcity and the fact that it was mined through labour. Of each type of cryptocurrency, only so much can ever come into existence.

In a sense, it preserves the value of the labour that went into mining it.

Labour is always scarce. There is never infinite labour.

Therefore anything produced by a significant amount of labour is scarce.

This is not Marx's theory of value. I'm not claiming that if a wooden top takes ten thousand hours of labour to make, it's worth tens of thousands of dollars.

I am saying that if something about that particular kind of top precludes making it in any other way, and forces that much labour to actually be put into it, you could use it as currency and it would be very good as currency because it precludes inflation. No one would be able to drop the value of the tops below the value of their own labour.

If they're used as currency, tops will be made until their value drops to just under what people can make doing other things. Then people will do other things. This keeps the money in perfect supply to what the economy needs.
  

This moral relativism of yours is exactly what lets government take this freedom, then that freedom, until we have lost them all.
-SnarkySack
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yamcha
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Re: Deficit Spending, Debt & Printing
Reply #31 - Oct 21st, 2019 at 1:44am
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So, in a way, it is like Lincoln's Greenbacks?

Btw, still waiting for your reply on my NAP/India post.
  
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The Opposition
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Re: Deficit Spending, Debt & Printing
Reply #32 - Oct 21st, 2019 at 1:55am
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yamcha wrote on Oct 21st, 2019 at 1:44am:
So, in a way, it is like Lincoln's Greenbacks?

Btw, still waiting for your reply on my NAP/India post.


It's in the God topic, right?
  

This moral relativism of yours is exactly what lets government take this freedom, then that freedom, until we have lost them all.
-SnarkySack
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yamcha
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Re: Deficit Spending, Debt & Printing
Reply #33 - Oct 21st, 2019 at 2:07am
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I reposted it for you.  let me find it.

Word of the day, page 18 Reply #278.

Also please read through my last word of the day.  I put effort into making those posts but if people aren't really interested then I will stop.
  
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kaz
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Re: Deficit Spending, Debt & Printing
Reply #34 - Oct 21st, 2019 at 9:55am
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yamcha wrote on Oct 20th, 2019 at 8:12pm:
I want to make 2 points here:

1.  Not only should we go back to the Gold Standard but also Full Reserve Banking.

2. I do not and have never met anyone who understands cryptocurrency i.e. Bitcoin.  I have read many internet articles and a book or two on Bitcoin.  I have also talked to very intelligent friends who have degrees in finance and are active traders who also are unable to explain it.

Can anyone here clearly tell me how it works and exactly what its value is based on and how that is calculated?


Sure, but I'll have to come back to it when I have more time.  Remind me if you still want me to and I forget.  But chain block currencies are a very good thing
  

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kaz
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Re: Deficit Spending, Debt & Printing
Reply #35 - Oct 21st, 2019 at 9:57am
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The Opposition wrote on Oct 21st, 2019 at 12:44am:
I can give you the short version. And no, I don't know how exactly they prevent people from counterfeiting bitcoins


I'll explain that too.  But basically every transaction ever done is encoded in the chain blocks.  And there are lots of people who verify them.  The currencies depend on those people to ensure accuracy.  I'll explain that in more detail later
  

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yamcha
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Re: Deficit Spending, Debt & Printing
Reply #36 - Oct 21st, 2019 at 9:57am
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kaz wrote on Oct 21st, 2019 at 9:55am:
Sure, but I'll have to come back to it when I have more time.  Remind me if you still want me to and I forget.  But chain block currencies are a very good thing


Take your time but if you could give an in-depth clarification it would be appreciated.
  
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kaz
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Re: Deficit Spending, Debt & Printing
Reply #37 - Oct 21st, 2019 at 10:00am
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SkyChief wrote on Oct 20th, 2019 at 10:34pm:
We cannot go back to the Gold Standard without a complete reset of the banking system.  There isn't enough above-ground gold on the planet to back all of the US dollars in circulation.

We cannot go back to Full-Reserve banking without a complete reset of the banking system.

interesting fact:

The United States currently has $125 Trillion in unfunded liabilities.


It would certainly be a reboot of the banking system, agreed.

But what you said on there isn't enough gold is wrong.  I'll explain.

The purpose of the gold standard is not to go back in time.  It's to stop the government from stealing going forward.  It's to freeze the value of the currency by pinning it to gold.  So, let's say there are $1T in currency and there are one billion ounces of Gold.  You divide the $1T/1B and gold is fixed at $1,000 an ounce moving forward.

Granted, this doesn't recoup the money government has been stealing from you.  But it stops them from stealing going forward because if they print money, people take the gold
  

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kaz
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Re: Deficit Spending, Debt & Printing
Reply #38 - Oct 21st, 2019 at 10:02am
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yamcha wrote on Oct 21st, 2019 at 9:57am:
Take your time but if you could give an in-depth clarification it would be appreciated.


Sure.  It's actually pretty cool.  But it does require taking the time to write a careful summary to be understood
  

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SkyChief
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Re: Deficit Spending, Debt & Printing
Reply #39 - Oct 21st, 2019 at 12:51pm
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Federal Reserve Cartel. . . .  scamming us since 1913.
  

Governments will always devise ways to deprive an honest man of his money or property, and claim that it's legal.
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