BITCOIN as an alternative to regular currency

[ShaunWhite]

...... that is worth zero and sell for an immediate profit.

And yet some people still don't think capitalism is fcked up. Growth/wealth is the consequence of adding value, if you're just printing money then you're just repeating the mistakes of the Weinmar Replubic in the 20s. A loaf of bread in Berlin that cost around 160 Marks at the end of 1922 cost 200,000,000,000 Marks by late 1923. By November 1923, one US dollar was worth 4,210,500,000,000 German marks. (thx wiki).

Just because crapto currencies are virtual rather than pound notes it doesn't mean they aren't inflationary, they used to call making fungible "money" forgery rather than entrepeneurialism for good reason. Its not just a bit naughty, if unrestrained it can bring down a whole society. People have their heads so stuck in 2023 that they forget 1923.

[Euler]

When I started investing I read up on the great depression and the Wiemar inflation.

So I've built a collection of inflationary notes which I have in my office as a constant reminder. DM's from the Weimar, Zim dollars and Yugoslave thingys whatever they were. Can't remember.

Focuses the mind.

[ShaunWhite]

I've just created a list of 8 billion random numbers, they're £1 each if anyone wants any. They don't have any actual value yet but I'm in talks with The Magic Bean shop about them being accepted and I've already got Wish Genie on-board at 1num per wish, limited to 3 per customer.

[jamesedwards]

...... that is worth zero and sell for an immediate profit.

And yet some people still don't think capitalism is fcked up.

Without capitalism we'd still be living in caves.

[ShaunWhite]

Without capitalism we'd still be living in caves.

With capitalism some don't even have a cave.

That's a smart arse wordplay reply but I don't see a problem with that. 'Primative' tribes were content for centuries until one of them got a tin roof and an Adidas t-shirt.

[sionascaig]

"All cryptocurrencies are either inflationary or deflationary, depending on how their total supply changes over time. Cryptocurrencies with hard supply limits increase in intrinsic value over time and are, therefore, deflationary. Cryptocurrencies with potential unlimited supplies are inherently inflationary." wiki

==> I suppose if, in general, cryto currencies are limited, but you keep on creating new ones then inflationary.

Right, off to get some magic beans..

[ShaunWhite]

When I started investing I read up on the great depression and the Wiemar inflation.

So I've built a collection of inflationary notes which I have in my office as a constant reminder. DM's from the Weimar, Zim dollars and Yugoslave thingys whatever they were. Can't remember.

Focuses the mind.

ditto. Not a collection as such more 'that's a keeper' from various trips.

20230114_153109.jpg

[Archangel]

Every time theres a asset bubble I am always reminded of this. Focus the mind as history constantly repeats itself

https://www.investopedia.com/terms/d/du ... bubble.asp

[jamesedwards]

Without capitalism we'd still be living in caves.

With capitalism some don't even have a cave.

That's a smart arse wordplay reply but I don't see a problem with that. 'Primative' tribes were content for centuries until one of them got a tin roof and an Adidas t-shirt.

We automate bots that leverage free market laws to appropriate funds from others. Sounds very much like capitalist behaviour to me?

[gazuty]

Without capitalism we'd still be living in caves.

With capitalism some don't even have a cave.

That's a smart arse wordplay reply but I don't see a problem with that. 'Primative' tribes were content for centuries until one of them got a tin roof and an Adidas t-shirt.

Capitalism has dragged more people out of abject poverty than any other system.

Not everyone makes it - but more people get there in capitalism than otherwise. Of course, China went with market capitalism and an authoritarian political system. They now seem to be pulling the reigns on the market system and reinserting the State. Be very interesting if they can continue to provide for and develop a middle class or if they slide backwards.

The next question is what (if anything) do we owe those who don’t make it? That is where arguments over levels of taxation and the welfare state.

For me, I don’t want to trip over beggars in the street, that’s where I set the balance. Others will set it elsewhere.

[ShaunWhite]

We automate bots that leverage free market laws to appropriate funds from others. Sounds very much like capitalist behaviour to me?

It's barter, we're paid for giving people the opportunity to have a fun bet.

It's going to be hard to debate Capitalism vs Marxism in the proverbial 128 characters let alone change opinions. But that sort of obstacle has never stopped us. We all work with probabilities so my conclusion is that the ideal siutation is somewhere in the middle, capitalism with a conscience, or Marxism with a margin. If I learned nothing from Ted talks it's that the answer is always alliterative.

... Who's round is it?

[jamesedwards]

For me, I don’t want to trip over beggars in the street, that’s where I set the balance. Others will set it elsewhere.

The trouble is it's difficult to tell between those genuinely in need and career-beggars treating it as a regular income in lieu of employment. Where I live we are fortunate to have a homeless charity that guarantees free local accommodation for anyone who needs it, yet the highstreet is full of the usual regulars who rock up with their sleeping bags every morning then pack up and go home once the shops shut. Some even commute in every day from the nearby city by train!

[gazuty]

The trouble is it's difficult to tell between those genuinely in need and career-beggars treating it as a regular income in lieu of employment. Where I live we are fortunate to have a homeless charity that guarantees free local accommodation for anyone who needs it, yet the highstreet is full of the usual regulars who rock up with their sleeping bags every morning then pack up and go home once the shops shut. Some even commute in every day from the nearby city by train!

Grifters and scammers abound. Welfare cheats etc and at the other end some wealthy people who do not pay all (or any) of their taxes.

If a society gets too many of these people it grates and causes problem. They are sand in the gears. A little is undesirable but society can still function, too much sand and things continually break down.

There is no utopia - the struggle is there for all of us.

[Kai]

Weinmar Replubic

Cool discussion but someone's got to report those word crimes : https://www.youtube.com/watch?v=8Gv0H-vPoDc

[ShaunWhite]

There is no utopia - the struggle is there for all of us.

.....Best wishes for the new year.
Mr G and family.



It's only the 15th but that's an early contender for bleakest post of the year surely.