Source: Richard Branson
quote: Whether his comments are shameless promotion (looking to tie his service to a hot news item and/or to inflate the value of his own Bitcoin investment
quote: Of course he doesn't have any coins--anyone bashing crypto obviously doesn't have anything invested, else they would be lauding it with praise.
quote: Regardless of whether he's trying to pump it up to make money, that is generally the name of the game and in my opinion it would make sense for these guys to start taking ads out for Bitcoin in India if they want it to blow up beyond belief.
quote: All currency value is imaginary.All fiat currencies have no value apart from what people believes it has.
quote: It could obviously be argued that "no backer" is actually a benefit of bitcoins. As far as I know, every fiat currency in history has ended in hyperinflation because the temptation to counterfeit/inflate what everyone else has to work for is ultimately abused to the breaking point.
quote: Even when we were on a gold standard, it was more convenient dealing in the redeemable notes, far more notes got printed than gold existed, and the charade finally ended.
quote: Even the world reserve dollar could soon lose its luster since our debt has become so massive that interest rates can never be raised anymore. Interest rates are where real savings and prudent loans originate, so our economy is pretty much 100% reliant on foreigners continuing the stack our paper in their vaults in exchange for goods. Bernanke and now Yellen threaten tapers that never happen and never will.
quote: A casino issues chips, but Bitcoin has no issuer and is clearly easier to transact with than a physical object. Though it's true that it's not widely accepted yet, people are clearly betting on its potential that it will be.
quote: There really was no good reason to limit the amount of dollars in circulation to whatever stockpile of gold happened to be in the treasury. In fact, the gold standard itself was a charade to instill confidence in the dollar.
quote: Given what happened with the Continental Dollar when the country was founded, there was a very good reason to back currency with gold: prevent hyperinflation and debt monetization. Which, deja vu, appears to be where we're headed again. Unless you can somehow explain how our central bank is going to hold rates down at 0% with eternal foreign support or raise them and wreak havoc on mortgages while simultaneously causing tax revenue to be eaten by alive by our short national debt maturity.
quote: If the value of gold plummets, the value of the currency would tank along with it regardless of our country's economic performance, causing prices for goods rise across the board.
quote: This is a hypothetical impossibility, gold just doesn't show up like that.
quote: Certainly no one single discovery could ever equal even 2% of existing supply.
quote: I would challenge you to look at how stable prices were under the duration we were under a gold standard. Not surprisingly, they were very stable and the country was never on foreign life support with garbage interest rates and 15% unemployment.
quote: GDP has nothing to do with monetary value. You must be "educated" to completely miss my point that badly. I wrote supply and demand with supply controlled arbitrarily by the central bank.
quote: This is the main mechanic that governs money's perceived value. Interest rates control liquidity. Right now the Fed is inflating the money supply like crazy (monetary easing, aka printing money) while keeping interest rates artificially low. If you don't know why that is a problem, you clearly need a better education.
quote: Dude we've all seen the story of the dude who invested $30 something bucks in Bitcoin and ended up practically rich.
quote: It's not a perfect system, and the exchanges aren't as convenient as other real currencies. But I don't see how you can claim all the things about it you have in the face of the facts.
quote: No money has any "real" value in today's post-gold standard economies. The only value money has is what we have decided it has through manipulation. Bitcoin is no different.
quote: But aren't Bit Coins just another fiat currency?