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/biz/ - Business & Finance

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1685112 No.1685112 [Reply] [Original]

Do libertarians realize that even if Bitcoin somehow became a widely-accepted global currency, fractional reserve banking is never going away?
It worked with gold and it will work with Bitcoin. Banks will never stop creating money out of thin air.

>> No.1685118

And so? The more fantasy paper the more goes to imaginary hashes.

>> No.1685136

>>1685112
The capitalist method is in serious trouble though, It's automating everything it can and that's going to create nightmare levels of unemployment which in turn will translate into higher violent crime rates.

Canada is already testing their UBI model now, And we better hope for futures sake that it works.

>> No.1685589

>>1685112
Kek, read the creature from Jekyll island you fucking statist Subhuman

>> No.1685592

They aren't really libertarians running bitcoin.
It IS the federal reserve reincarnate. That is why they left rates so low for so long. They were waiting for Bitcoin to pull in more suckers. There limit was reached and here come those rates.

>> No.1685593

You can't create more than 21 million bitcoin, you can check if your bitcoins exist in the blockchain. OP is dumb.

>> No.1685595

>>1685593
But you CAN create over 600+ (basically infinity alt coins). Bitcoin has it's own derivatives. ENDLESS PRINTING. Like a hydra.

>> No.1686995

>>1685595
so fucking what. BTC always has 80%+ of crypto money dominance.

>> No.1687090

>>1685136
Well then you just scrap the old production machines.

>> No.1687095

>>1685112
lol i would love to see them make bitcoin out of thin air tho. or you are saying sql wallets that are actually representing debt towards the bank?

>> No.1687108

>>1685112

Jesus. Banks do not create money out of thin air. Get a finance or economics books.

>> No.1687123
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1687123

>>1685112
Banks do not create money out of thin air. This is a widely spread myth started by gold bugs. Banks can only leverage, they do not create money by adding some magical numbers to your account. This is the myth (most likely) started by gold shills

Gold is just as fiat as dollar is. Bitcoin is a fun play but it has a shut down button so it a playchip it will be always

>> No.1687181

>>1687108
u shud rly educated urself

>> No.1687184

>>1687123
do u know the definition of fiat or commodity currency?

>> No.1687193

>>1687123
Wrong. A bank takes cash that you deposit and lend it out to other people. Once you give a bank your money, they can take risky measures to "employ" your money

>> No.1687197

>>1687123
>Bitcoin is a fun play but it has a shut down button
The whole purpose of bitcoin is that that isn't true. Retard.

>> No.1687198

>>1687197
>The whole purpose of bitcoin is that that isn't true. Retard.
I like how you not only assume the internet will always exist (for has it not already existed forever?) but call others retards for even suggesting there might be an end to it.

ah, kids.

>> No.1687200
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1687200

>>1687198
I cringed

>> No.1687680

>>1687181

I graduated in economics, finished my master in finance and have a full time position contract at a bank in the city of london for this january. No need to worry about my education.

But banks do not create money out of thin air. Ever heard of Basel regulation? Tier 1 capital? Common Equity Tier 1 Capital (CET1)?
Again open an economics books and read how a bank works and stop informing yourself on those "the world is controled by lizard" webpages.

>> No.1687683

>>1686995
adorable....E N D L E S S P R I N T I N G

>> No.1687684

>>1687198
r u 4real bro

>> No.1687690

>>1687090
But the businesses who do that will fail because the businesses that use machines will be more efficient and have fewer expenses

>> No.1687693

>>1687123
>gold is just as fiat as money is
Fucking this
Gold cucks always forget that gold has no inherent value either
If shit really goes down only things with real, concrete uses like food and tools and women will have value

>> No.1687698
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1687698

>>1687693
Says the one using electronics with gold inside.
How much you learn on the internet?
Not that much I'm guessing.

>> No.1687709

>>1687198
Even if the internet ends, the server with the longest proof of work chain can be used to restore the network. This goes beyond the internet, it is philosophical. The only way for bitcoin to disappear is if every nodes get destroyed.

>> No.1687712

>>1687698
There's not much gold in a computer. There are also other interesting, rare materials in a computer, and it can be cheapy recycled out. If gold was only used in electronics, it wouldn't be worth a whole lot.
The high value of gold is driven by the idea that gold is valuable, same as money, homey.

>> No.1687716

>>1685136
>economies have never adapted to changes in technology ever

This is what libertardians actually believe

>those horse shoe and carriage industries are going to fire their employees with the automobile!
>how can the cotton gin manufacturers ever compete with those newfangled tractors?!
>THE ECONOMY IS DOOMED, THE STEAM ENGINE WILL RUIN HORSE BREEDERS EVERYWHERE

>> No.1687717
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1687717

>> No.1687900

>>1687716
Nice meme, but it isn't libertarians you are talking about. Libertarians invented the broken window fallacy to debunk the argument that you just bothered to debunk again.

>> No.1687904

>>1687900
The joke is that the libertarians conservacucks are the only retards losing their minds over automation taking their jerbs

>> No.1687905

>>1685112
Do any of you even know what the fuck a libertarian is? Because it doesn't sound like you do.

>> No.1687968

>>1687904
>The joke is that the libertarians conservacucks are the only retards losing their minds over automation taking their jerbs

"I don't know what libertarians or conservatives are", the post

>> No.1687974

>>1687968
>Im not talking about the ideology itself just the people who """"are libertarians""""

Fucking retard

>> No.1687976

>>1685136
I work in industrial and manufacturing automation. Can you please point to the great AI/automation innovation that is going to make everyone unemployed? The worst case is probably touchscreens at fast food restaurants. Havent seen much else.

>> No.1687983

>>1687974
Neither the people nor the ideology they claim support this bullshit.

You should be talking about reddit socialist scum, who are the actual people pushing this shit.

BTW, the actual solution is to go full unterrified Jeffersonian.

>> No.1688022

>>1687717

Lol this is hilarious