My Conversation with Bitcoin Haters...

https://www.economist.com/blogs/buttonwood/2017/11/greater-fool-theory-0?fsrc=scn%2Ftw%2Fte%2Fbl%2Fed%2F%3Ffsrc%3Dscn%2Ftw%2Fte%2Fbl%2Fed%2Fthebitcoinbubblegreaterfooltheory

Tommy Wooley ,

"For me, it's a form of political protest against the US Dollar"

Tommy Wooley

While we are at it let's talk about the impending hyperinflation of the dollar. Since, Nixon took us off the gold standard in 1972, our national debt has risen to over 20 trillion, the Federal Reserve prints money at will and is un auditable. Beware of the upcoming stock market crash. Currently, interest rates are near zero, so this discourages saving and basically is an invisible tax on people that have dollars. Talk about bubbles, we didn't learn anything from the last crash in 2008-9 except coincidentally that was when bitcoin was born

someone#1

I was in elementary school the first time I heard goldbugs making this prediction, and it's always been a few years away the whole time. Suffice it to say that I find this prediction... unconvincing. That $20T of government debt becomes much less scary once you remind yourself of a few salient facts:

1. The US GDP is $15T/yr
2. $5.6T is owed to various elements of the federal gov't.
3. An additional $2.5T is owed to the Federal Reserve
4. $6T is owed to foreign entities
5. The balance ($5.9T) is held by various US entities (individuals, mutual funds, insurance companies, pension funds, and so on)

The most notable thing about BTC is the degree to which it is an on-the-nose parody of gold... from the negative environmental consequences to the expensive transactions to the dipshit fanboys.

someone#2

You left out the amount foreign countries owe us -- somewhere between 11 and 15 Trillion. The payment on the net debt is reasonable.

Tommy Wooley

By the way, i'm no expert, maybe someone can reply by explaining to me why the US dollar will maintain its value in the long run. As far as i can see, it's strong because its backed by the largest military many times over.

someone#3

Hyperinflation based on conjecture and allegations of printing money are baseless. Then money is valued because of military? How does that work?

Valuation is consistent because the US is the safest investment and has the best economy. Additionally, the US is the currency of choice for most international business and oil despite China, Russia, and Iran trying to displace it.

I am most amused at the conspiracy theories but at best they are not based in fact or logic.

Tommy Wooley

Thanks for the feedback, the US is basically the world currency, other nations base their currency off our 'petrol dollar' . And this will probably be true for the foreseeable future.

someone#4

Let's just say that these crypto coins take hold as a global currency. someone#3 do you think it could depreciate our dollar? Or will the middle paragraph help hold our value as Americans? Cause didn't the bigger countries lose value when they did the Euro?

someone#3

The euro is not strong because the eu economy is is till dependant on nation state economies.

Nations, corporations, and rich people have a vested interest in manipulating and possibly controlling e currencies. Hackers working for nations have an interest on hacking those systems.

It's hard to see them growing past the people enamored of them now.

That plus it allows economies to be manipulated by nations possibly at odds with each other.