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Bitcoin to be accepted at Bobby Dodd
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<blockquote data-quote="DTGT" data-source="post: 84561" data-attributes="member: 455"><p>It is not hard to get your head around it. The money never entered the economy. The banks didn't loan it out.</p><p></p><p>I guess saying all fiat money will fail is like saying the earth will eventually be consumed by the sun. It is a meaningless statement. Bitcoin is not an answer; it is inherently deflationary. There is a limit on the number that can be mined and the cost to mine later Bitcoins is increasing. The group of stuff to buy will outpace the currency; less money chasing stuff, less cash for everyone to spend.</p><p></p><p>You have similar problems with gold, except the gold exchange rate additionally allows traders to rip the face off the governments with arbitrage. With gold, the limit of how fast your economy can grow, and increase the money supply, is arbitrarily limited by your mining technology.</p></blockquote><p></p>
[QUOTE="DTGT, post: 84561, member: 455"] It is not hard to get your head around it. The money never entered the economy. The banks didn't loan it out. I guess saying all fiat money will fail is like saying the earth will eventually be consumed by the sun. It is a meaningless statement. Bitcoin is not an answer; it is inherently deflationary. There is a limit on the number that can be mined and the cost to mine later Bitcoins is increasing. The group of stuff to buy will outpace the currency; less money chasing stuff, less cash for everyone to spend. You have similar problems with gold, except the gold exchange rate additionally allows traders to rip the face off the governments with arbitrage. With gold, the limit of how fast your economy can grow, and increase the money supply, is arbitrarily limited by your mining technology. [/QUOTE]
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