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    Author Topic: The current Bitcoin economic model doesn't work  (Read 96640 times)
    MoonShadow
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    October 06, 2011, 06:16:57 PM
     #421

    For miners like me, it's not really about the value of the currency (BTC, USD, whatever) -- it's about the core principles and the concept.

    Your valuation of BTC against USD shows that you do not think the same way about crypto-currencies as people like myself do.
    What's wrong with you folks? I thought I was a conspiracy nut job till I saw people on this forum. Does a crypto-currency need to be stupidly volatile to be a good crypto-currency? Does anchoring its price to the average global electricity price means we're selling our souls to OPEC or something? Do you see Bitcoin ever going mainstream when one cannot even ensure it'll keep half of its worth by next week?

    The premise of bitcoin is:
    1- Anonymity
    2- Control

    My proposed model doesn't even touch these concepts. It's a purely economic suggestion. An unstable medium of exchange is a bad medium of exchange.

    And you know what? By insisting on making Bitcoin fail it's probably you who's working for The Manipulator!

    I shot down this idea back in Feb.  What has changed, Suggester?  Have the laws of economics been repealed since I last posted?  Do you have a new plan to peg the value of the bitcoin to a commodity service/product that doesn't break anonimity? 

    "The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

    - Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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