During the bank bailouts, the government just printed a bunch of money and gave it to the banks. They did this because it was politically expedient, well really because they had to or the whole damned system would collapse.
They could have nationalised the banks, had the bankers sent to jailed and prevent commercial banks from gambling with depositor's money yet they did not because the state under capitalism works on behalf of the monopolists.
Yet the problem is not new, throughout history, every nation that has ever failed, has had their currency end in hyperinflation.
Or could it be that the nations which had economic issues suffered from hyperinflation? Cause and effect etc.
The temptation to print money is too strong.
You do know the Government knows about the consequences. I wonder why Federal Reserve is constantly on about controlling inflation like its their primary goal.
No corruptible, tempted authority could use it to turn on the money printer and rob entire generations of their wealth or force them to pay for wars they did not support.
Is it though? Because there have been various forks of Bitcoin. I think you are not understanding what money is. Money is used its used to reward people for their labor. Capitalists take a part of the productivity of the labor for themselves. This means those with more control over production has a disproportionate control over the resources. Those with more resources can buy ASICs and GPUs to mine more crypto than a homeless person, this will create inequality and the resulting consequences.
He made a currency which cannot be corrupted and cannot be hacked
Yeah I wonder why Bitcoin forks exist and why exchanges and rich coiners get hacked so often. Could it be that there is more to stealing crypto than not being able to manipulate blockchain? Its almost like humans are imperfect and make mistakes.
It is neutral technology open to anybody with a phone or a computer and access to the internet.
And those without a phone, computer or internet can get paid in cash.
99.9% uptime, with instant transfers across borders
Uptime ultimately depends on the reliability of those who run the internet. Lets say someone cut all the fiber links between NA and Europe/Asia, crypto will fail. Its reliability is dependent on real things like network switches, fiber optic cables and routers all of which are imperfect.
You know what else can do instant transfers? PayPal, Card transfers and thousands of instant money transfer systems which exist. Bitcoin meanwhile can take hours to confirm a tx.
Which is much less than you need to open a bank account.
You dont a phone or internet to open bank account. You go to a bank branch fill a form along with an ID, there you have a bank account. Don't have a bank account? You can get paid in cash
Bitcoin doesn't care about your credit history.
Neither does most banks. Credit history is for obtaining credit cards and loans, not for opening bank accounts. Its why even children can open their own bank accounts.
or whether or not you can provide a reliable mailing address
Neither does cash. You can also have virtual addresses provided to bank and there are digital banks which don't even ask for that.
You never have to wait days for a payment to clear
As mentioned earlier, neither does paypal. In fact, paypal and cards are faster than crypto in many cases.
. Bitcoin doesn't close on weekends and will never charge you exorbitant fees to use your own money.
Neither does internet banking. Bitcoin does charge fees, if you do a tx with zero fees there is a good chance itll never clear.
And it makes sure nobody can print away its value.
And nobody can stop someone from accumulating value in your wonderful utopia.
"crypto bad"
Yes, ghg emissions, no banking insurance, can be stolen very easily, slow and fluctuating value, easy to do price manipulation etc etc
He didn't stick around to get rich off it, he didn't use it for celebrity, he just made Bitcoin and disappeared.
Doesn't he have like over a million bitcoin? Your definition of 'getting rich off it' is selling it for real money. If lets say real money didn't exist, wouldn't he be the richest person on the planet?
Finally I want to ask, what do you think of age of consent laws?
They could have nationalised the banks, had the bankers sent to jailed and prevent commercial banks from gambling with depositor's money yet they did not because the state under capitalism works on behalf of the monopolists.
Or could it be that the nations which had economic issues suffered from hyperinflation? Cause and effect etc.
You do know the Government knows about the consequences. I wonder why Federal Reserve is constantly on about controlling inflation like its their primary goal.
Is it though? Because there have been various forks of Bitcoin. I think you are not understanding what money is. Money is used its used to reward people for their labor. Capitalists take a part of the productivity of the labor for themselves. This means those with more control over production has a disproportionate control over the resources. Those with more resources can buy ASICs and GPUs to mine more crypto than a homeless person, this will create inequality and the resulting consequences.
Yeah I wonder why Bitcoin forks exist and why exchanges and rich coiners get hacked so often. Could it be that there is more to stealing crypto than not being able to manipulate blockchain? Its almost like humans are imperfect and make mistakes.
And those without a phone, computer or internet can get paid in cash.
Uptime ultimately depends on the reliability of those who run the internet. Lets say someone cut all the fiber links between NA and Europe/Asia, crypto will fail. Its reliability is dependent on real things like network switches, fiber optic cables and routers all of which are imperfect.
You know what else can do instant transfers? PayPal, Card transfers and thousands of instant money transfer systems which exist. Bitcoin meanwhile can take hours to confirm a tx.
You dont a phone or internet to open bank account. You go to a bank branch fill a form along with an ID, there you have a bank account. Don't have a bank account? You can get paid in cash
Neither does most banks. Credit history is for obtaining credit cards and loans, not for opening bank accounts. Its why even children can open their own bank accounts.
Neither does cash. You can also have virtual addresses provided to bank and there are digital banks which don't even ask for that.
As mentioned earlier, neither does paypal. In fact, paypal and cards are faster than crypto in many cases.
Neither does internet banking. Bitcoin does charge fees, if you do a tx with zero fees there is a good chance itll never clear.
And nobody can stop someone from accumulating value in your wonderful utopia.
Yes, ghg emissions, no banking insurance, can be stolen very easily, slow and fluctuating value, easy to do price manipulation etc etc
Doesn't he have like over a million bitcoin? Your definition of 'getting rich off it' is selling it for real money. If lets say real money didn't exist, wouldn't he be the richest person on the planet?
Finally I want to ask, what do you think of age of consent laws?