Mervyn_Pumpkinhead
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June 29, 2014, 08:16:31 AM


Bitcoin doesn't care about 'unit's value', it's practical functions remains and behaves exactly the same with Bitcoin at $1 or $1000 on exchanges. And in the end, this is exactly what gives real value to the protocol.

I don't know how you feel about central banks printing hazillions of paper money devaluating and stealing your live savings. Are you saying because you know who they are you are okay with that?

Banksters are the real criminals here, they are slaving world population, our friends, families and kids by debt, not a bunch of anonymous drug dealers.

And about MtGox, i lost €9000 and 100BTC myself. But it was a risk i was taking by having so much money on a unregulated exchange, and i'm ok with that. We are now in the Bitcoin Wild West Era, but things will change in a future with regulated and insured exchanges.

And i would care less, if those criminals you are talking about dump the stolen Gox coins on Stamp, cheap coins! Smiley



Unit value wouldn't matter if bitcoin would be a play money that doesn't have a unit value. If bitcoin tries to be a serious financial tool, then unit value and it's stability and predictability are one of the most important things. In the world of finance, one of the most important aspects is planning. And you can't make any plans based on a currency that isn't predictable.

The main flaw of central banks is that they are too optimistic in "printing money from the future". When their optimistic plans don't work out, then they make new optimistic plans to try to ignore the failour of their previous plans. This creates a situation where there isn't enough wealth that everyone hoped for, and the necessary wealth will be created in the form.of debt, that basically is a promise that somehow we will create this wealth in the future.
The other important flaw forn the US Fed, is the lack of regulation and too much freedom and trust towards the private sector. US Fed runs on the assumption that the private sector knows what it's doing and is ethical in it's reasoning.  Of course that's not the case, and the outcome for this is that the public sector is paying for the private sectors stupid risks.

What is the solution for it? I am sure that the solution isn't bitcoin. Bitcoin as a solution would be like cleaning your room with a grenade. It won't fix the existing problems, and it will create a new and even worse problems.
The sad thing is that there isn't an easy fix for this problem. The solution would.be in people educating themselves and working harder on theie choices on who will they elect for the public office. If people are educating themselves through youtube and  giving their vote based on who screams nonsense louder, then we shouldn't be surprised that crooks get elected who in turn hire new crooks in the power circles.

For all the virtues that the current generation lacks, I miss the sense of responsibility the most. Everyone likes to blame the evil banksters, while they themselves don't even work 10 minutes a year to chose on which electee  to vote for.