"Bitcoin’s Place in the Coming Economic Crash"by Evan Faggart - on Coinbrief.net

practicaldreamer

hero member

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Merit: 500

Yes - good on yuh Evan.

Just to add my tuppeneth - the currency has to be backed by something/there has to be a consensus that it has real value (not just nominal)

I mean, to just create more and more dollars without it being backed by anything would immediately lead to hyperinflation IMHO and wouldn't happen. The US has been in the fortunate position of being able to control a very sizeable proportion of the worlds natural resources (including labour) for over a half century now. They have thus been able to sustain/afford the "debasement" of their currency - you could say that they have been able to afford to subsidize it. The real threat is their loosening grip on the reigns of world power - and that is largely down to the emergence of the BRICS countries - esp. China/Russia.
This isn't all about fractional reserve banking in my view - but agreed, as does virtually everyone in this nascent bitcoin community of ours, it has played a large part in economic decline and the disenfranchisement of the citizens of the western world.

johny08

legendary

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Quote from: DynamicDK on May 02, 2014, 07:00:18 PM

I posted this over in general, but it probably would be better received here.

Evan Faggart is the newest writer for Coinbrief.net, and is a student of Austrian Economics, currently studying at the University of North Carolina. Lets show him some support! Cheesy

http://coinbrief.net/bitcoins-economic-crash/

Good article. Can you make also a second part with elaborating more the Bitcoins role to make a difference to FIAT. Its not coming clear out, besides some stereotypes.

I always wonder, why the economical schools dont teach their students about money before the 20th century. It seems like their whole nature of knowledge is until Bretton Woods, the good ones going to Black Friday and 1% can analyse in a proper way little more down in time. But how the monetary situation with Contras and Pros before 20th century, if you start speaking about that, everyone think you are crazy.

Therefor all the newby students, or Evan Faggart too, cant think (because he did not learned) to compare limited supply of Bitcoins with before Bretton Woods systems.

DynamicDK

full member

Activity: 160

Merit: 100

I posted this over in general, but it probably would be better received here.

Evan Faggart is the newest writer for Coinbrief.net, and is a student of Austrian Economics, currently studying at the University of North Carolina. Lets show him some support! Cheesy

http://coinbrief.net/bitcoins-economic-crash/

Topic: "Bitcoin’s Place in the Coming Economic Crash"by Evan Faggart - on Coinbrief.net (Read 784 times)