Poll
Question: Closing BTC Price June 28:
$0 - 5 (2.6%)
<$7,000 - 4 (2.1%)
$7,000-$7,499 - 0 (0%)
$7,500-$7,999 - 0 (0%)
$8,000-$8,499 - 1 (0.5%)
$8,500-$8,999 - 3 (1.6%)
$9,000-$9,499 - 4 (2.1%)
$9,500-$9,999 - 27 (14.2%)
$10,000-$10,499 - 26 (13.7%)
$10,500-10,999 - 15 (7.9%)
$11,000-$11,499 - 14 (7.4%)
$11,500-$12,000 - 17 (8.9%)
>$12,000 - 59 (31.1%)
>$20,000 - 15 (7.9%)
Total Voters: 190

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21253638 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (68 posts by 16 users deleted.)
Richy_T
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February 19, 2014, 06:10:21 PM


I hate banks and I am aware that the world's financial system is a humongous runaway Ponzi scheme (in the strict sense of the word).  You will find that among my tweets.

But I do not see how cryptocoins will save us from it.  They too are fiat money, or rather wannabe fiat money for now. Since one cannot prevent new coins from being started, they will be inflationary too.  New cryptos will be created for the same reason that governments print more money and banks fabricate credit withou assets: because it makes the creator richer at the expense of the users.

And "selling" bitcoin as a safe hedge against inflation, at the present time, makes no sense at all. 

Key difference: You have no choice but to use government money (well, not completely true anymore). You have the choice not to use the scamcoins. There may be a crypto-coin which pushes out Bitcoin, there may eventually be several different crypto coins which fill different niches, possibly some even inflationary but the presence of alt-coins does not imply inflation in-and-of itself since they are not fungible.