You work your butt off, and a rich dude does nothing and gets rich - how? - page 5.

Timetwister

legendary

Activity: 1199

Merit: 1047

Quote from: wasserman99 on September 04, 2014, 01:42:07 AM

Quote from: superresistant on September 03, 2014, 02:18:55 AM

Quote from: Ozziecoin on September 02, 2014, 11:46:55 PM

Quote from: Timetwister on September 02, 2014, 10:57:45 AM

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.
Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

Please explain how Fractional Reserve Banking works and why is it that M2 money supply is growing so fast? Where is all that money coming from?

Quantitative Easing is creating money out of thin air.
FIAT money (USD) is not backed by anything since president Nixon.
Money is created on demand, the more money created, the lower the value.

History shows that all FIAT money end up being worth zero.

Even when the dollar was backed by gold there was not anything special that was giving gold it's value. Gold is valuable because people think it is valuable.

Fiat money does generally lose value over time however this happens very slowly and there are ways people can protect themselves from these price declines.

Very slowly? It depends, look at the Argentinian Peso or the Venezuelan Bolivar. And historically there are dozens of examples of hyperinflation. http://en.wikipedia.org/wiki/Hyperinflation

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: superresistant on September 03, 2014, 02:18:55 AM

Quote from: Ozziecoin on September 02, 2014, 11:46:55 PM

Quote from: Timetwister on September 02, 2014, 10:57:45 AM

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.
Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

Please explain how Fractional Reserve Banking works and why is it that M2 money supply is growing so fast? Where is all that money coming from?

Quantitative Easing is creating money out of thin air.
FIAT money (USD) is not backed by anything since president Nixon.
Money is created on demand, the more money created, the lower the value.

History shows that all FIAT money end up being worth zero.

Even when the dollar was backed by gold there was not anything special that was giving gold it's value. Gold is valuable because people think it is valuable.

Fiat money does generally lose value over time however this happens very slowly and there are ways people can protect themselves from these price declines.

zimmah

legendary

Activity: 1106

Merit: 1005

Quote from: PowerCordZ on August 29, 2014, 07:17:42 AM

This is all about good and bad karma. Those who brought good karma with them from previous life they are rich and the people who brought bad karma they are poor.

you don't seriously believe this shit do you?

oh man, if this were true i can't imagine what the next wave of reincarnations would look like, with all the evil in the world right now, live must be incredibly shitty the next generation.

marney111

newbie

Activity: 20

Merit: 0

Maybe we can ask our mom this question. Its all her fault she didnt work that hard to get rich. LOL

Ozziecoin

sr. member

Activity: 448

Merit: 250

Quote from: superresistant on September 03, 2014, 02:18:55 AM

Quote from: Ozziecoin on September 02, 2014, 11:46:55 PM

Quote from: Timetwister on September 02, 2014, 10:57:45 AM

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.
Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

Please explain how Fractional Reserve Banking works and why is it that M2 money supply is growing so fast? Where is all that money coming from?

Quantitative Easing is creating money out of thin air.
FIAT money (USD) is not backed by anything since president Nixon.
Money is created on demand, the more money created, the lower the value.

History shows that all FIAT money end up being worth zero.

This fact alone makes digital currencies a worthwhile endeavour. Bankers are stealing from us all. The rort must be stopped.

Timetwister

legendary

Activity: 1199

Merit: 1047

Quote from: Ozziecoin on September 02, 2014, 11:46:55 PM

Quote from: Timetwister on September 02, 2014, 10:57:45 AM

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.

Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

Please explain how Fractional Reserve Banking works and why is it that M2 money supply is growing so fast? Where is all that money coming from?

What does that have to do with what I said? I know fiat's problems and that the money supply is increasing. That's why I'm an advocate of the gold standard and I also love bitcoins.

superresistant

legendary

Activity: 2156

Merit: 1131

Quote from: Ozziecoin on September 02, 2014, 11:46:55 PM

Quote from: Timetwister on September 02, 2014, 10:57:45 AM

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.
Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

Please explain how Fractional Reserve Banking works and why is it that M2 money supply is growing so fast? Where is all that money coming from?

Quantitative Easing is creating money out of thin air.
FIAT money (USD) is not backed by anything since president Nixon.
Money is created on demand, the more money created, the lower the value.

History shows that all FIAT money end up being worth zero.

Hendrick0909

newbie

Activity: 42

Merit: 0

Quote from: trashymonkey on May 22, 2014, 10:00:51 PM

Poor people work for their money, rich people have their money work for them.

And that is the way of the world. ¯\_(ツ)_/¯

We just have to accept this fact. And its how the world evolve nowadays.

Ozziecoin

sr. member

Activity: 448

Merit: 250

Quote from: Timetwister on September 02, 2014, 10:57:45 AM

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.

Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

Please explain how Fractional Reserve Banking works and why is it that M2 money supply is growing so fast? Where is all that money coming from?

Timetwister

legendary

Activity: 1199

Merit: 1047

Money doesn't make money. Only investing it properly will make you richer. And to invest, you need to win money first, and choose not to spend it.

Take a look at the Forbes' list of say 30 years ago and tell me if you even know any of them.

superresistant

legendary

Activity: 2156

Merit: 1131

Quote from: PowerCordZ on August 29, 2014, 07:17:42 AM

This is all about good and bad karma. Those who brought good karma with them from previous life they are rich and the people who brought bad karma they are poor.

There is WAY MORE people alive today than all dead people cumulated from the past.
Where are the souls come from if there are not enough dead corpse ?
http://www.worldometers.info/world-population/#pastfuture
How can we have previous life if there are no life before ?
Was there 100 souls in one body ?
I like the reincarnation paradox Cheesy

botany

legendary

Activity: 1582

Merit: 1064

Quote from: wenben on August 29, 2014, 07:40:56 AM

Quote from: PowerCordZ on August 29, 2014, 07:17:42 AM

This is all about good and bad karma. Those who brought good karma with them from previous life they are rich and the people who brought bad karma they are poor.

This is bitcoin economy forum. Not Hindu religious karma/casta discussion group.

He is just being philosophical. Instead of the word karma, think of it as fate.

Ringumbau

newbie

Activity: 42

Merit: 0

Quote from: PowerCordZ on August 29, 2014, 07:17:42 AM

This is all about good and bad karma. Those who brought good karma with them from previous life they are rich and the people who brought bad karma they are poor.

So early adopters bought a lot of discount karma right? Roll Eyes

wenben

full member

Activity: 164

Merit: 100

Quote from: PowerCordZ on August 29, 2014, 07:17:42 AM

This is all about good and bad karma. Those who brought good karma with them from previous life they are rich and the people who brought bad karma they are poor.

This is bitcoin economy forum. Not Hindu religious karma/casta discussion group.

PowerCordZ

member

Activity: 77

Merit: 10

This is all about good and bad karma. Those who brought good karma with them from previous life they are rich and the people who brought bad karma they are poor.

yunkie

member

Activity: 83

Merit: 10

Thats the basic function of capitalism Embarrassed

cinder

full member

Activity: 153

Merit: 100

Quote from: TaunSew on August 29, 2014, 02:13:18 AM

Quote from: Ozziecoin on August 07, 2014, 07:47:11 PM

Quote from: leopard2 on August 07, 2014, 05:58:55 PM

Interest (and that includes appreciation of assets, rent, dividends etc) is a re-distribution mechanism from hard working people to rich people

It is natural because there is a tipping point where the growth of assets you own (minus living expenses) becomes positive.

Sure enough rich people benefit from a continuous inflation. Their real world assets are like a sail in the winds of inflation, so to speak. Angry

It's actually worse than what you say. M3 money growth is expanding at a rate of 10 to 11% per year. So, 2 to 3% is inflation (matching productivity growth) and the rest goes to increasing asset prices. So, that's why we see asset price growth of roughly 7% per year on average.

Fractional reserve banking is also inflationary as the banks can print money out of thin air and assigned this out in the form of mortgages, student loans, et cetera - the system works until there is a bank run but bank runs can't happen anymore (Occupied Wallstreet tried to orchestrate a run on Bank of America and failed as banks can take indefinite banking holidays or blame "technical errors")

Bank run can still happen if there is no bail out from the government. That is assuming the country has the reserve currency status.

For the rest of the world, even government won't be able to stop bank run if the bank is badly managed.

TaunSew

hero member

Activity: 756

Merit: 506

Quote from: Ozziecoin on August 07, 2014, 07:47:11 PM

Quote from: leopard2 on August 07, 2014, 05:58:55 PM

Interest (and that includes appreciation of assets, rent, dividends etc) is a re-distribution mechanism from hard working people to rich people

It is natural because there is a tipping point where the growth of assets you own (minus living expenses) becomes positive.

Sure enough rich people benefit from a continuous inflation. Their real world assets are like a sail in the winds of inflation, so to speak. Angry

It's actually worse than what you say. M3 money growth is expanding at a rate of 10 to 11% per year. So, 2 to 3% is inflation (matching productivity growth) and the rest goes to increasing asset prices. So, that's why we see asset price growth of roughly 7% per year on average.

Fractional reserve banking is also inflationary as the banks can print money out of thin air and assigned this out in the form of mortgages, student loans, et cetera - the system works until there is a bank run but bank runs can't happen anymore (Occupied Wallstreet tried to orchestrate a run on Bank of America and failed as banks can take indefinite banking holidays or blame "technical errors")

Ozziecoin

sr. member

Activity: 448

Merit: 250

I am not a gold and silver buff because I believe Btc is better. With that in mind, watch this video explanation of how the US financial system actually works: https://m.youtube.com/watch?v=iFDe5kUUyT0

Ozziecoin

sr. member

Activity: 448

Merit: 250

Quote from: leopard2 on August 07, 2014, 05:58:55 PM

Interest (and that includes appreciation of assets, rent, dividends etc) is a re-distribution mechanism from hard working people to rich people

It is natural because there is a tipping point where the growth of assets you own (minus living expenses) becomes positive.

Sure enough rich people benefit from a continuous inflation. Their real world assets are like a sail in the winds of inflation, so to speak. Angry

It's actually worse than what you say. M3 money growth is expanding at a rate of 10 to 11% per year. So, 2 to 3% is inflation (matching productivity growth) and the rest goes to increasing asset prices. So, that's why we see asset price growth of roughly 7% per year on average.

Topic: You work your butt off, and a rich dude does nothing and gets rich - how? - page 5. (Read 23837 times)