its a stupid post:
1. he acts like the banks borrow from the Fed on equal terms to the rest of us. NO. they get to borrow at 0% and turn around and lend it to us @ usurious credit card rates of 15%.
2. he doesn't understand that the "assets" (bad debt) that the banks turn over to the Fed for newly printed cash are marked at model (full) value, not market value. all the subprime garbage, aka MBS, they sold to the Fed for cash was worth only a fraction of its original value in the market place. meanwhile, the freshly printed cash the Fed hands over to the banks devalue the rest of our money.
3. the deflation argument has been shot down many times here. as long as we have a free market in Bitcoin (no manipulation by a special interest group like the Fed) then there will be healthy disagreement as to its present and future value all along the way up the asymptotic release curve over time. so some will spend freely who think its correctly valued or overvalued, others will hoard who think its undervalued. so what. i personally do not call Bitcoin a deflationary currency. i call it a fixed supply currency which is a description of its ultimate target. the main point is that its
issuance is not "hoarded" by a bankster-like elite for their own benefit.
4. early adopters "work" for their money (block rewards). anyone who mines knows what i'm talking about. they've also put up their hard earned USD's for equipment and electricity, not to mention all the time and expertise they need to garner to make it work. there's risk as well from obsolescence of equipment or from Bitcoin going to zero. the GPU to ASIC transition is a perfect example.
5. NO, we do not want a Tweets per day exponentially rising graph depicting our currency. you can have your fiat.
6. convertibility clearly has not been a problem as we have plenty of exchanges. it will get better too.
7. as for a panic and dump? we've had quite a few of those already but yet here we are @$11.20.
