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     4 years ago  

    There is also no elasticity which is required for monetary policy. People who buy into the idea of Bitcoin backed currency are looking to slow human progress to a snail's pace. They are as misguided as the gold back people are.

    Sadly, these people have little clue about history.

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       4 years ago  

      Yea I don't think it would work out either. You can't have a functioning economy if people aren't willing to spend.

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         4 years ago  

        Nope and Bitcoin is not going to be spend. Of course, the case Saylor is laying out is that governments buy up Bitcoin then use that to back the currency. This is akin to what the gold standard people want.

        It would stifle innovation.

        Do people not realize that the world experienced the great technological boom in its history, by an order of magnitude, over the last 50 years? Of course, that just about coincides with the move by Nixon.

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           4 years ago  

          Do people not realize that the world experienced the great technological boom in its history, by an order of magnitude, over the last 50 years?

          I don't think so but I wonder if Peter Schiff will move towards this mind set once gold can be created synthetically.

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             4 years ago  

            Or if he will think that when underwater drones turn into mining rigs and can increase the gold supply very quickly.

            There is a ton of gold on the ocean floor, it is just a matter of getting to it.

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               4 years ago  

              What is next after the ocean floor? The volcanos?

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               4 years ago  

              And also in the ocean water itself... it's not easy to extract it nowadays but one day we'll be able to do that

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                 4 years ago  

                I do not have enough knowledge of the nuances of economics to weigh in on this question.

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