Goldman Sachs now in the Crypto Exchange business & JP Morgan admit that Crypto is a threat

Duke of Marmalade said:
he thinks there is a non trivial chance that it will fail. But it is clear from his doctrine that paradise on this planet would be in sight if bitcoin replaced all fiat.
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FIAT currencies fail all the time...it's nothing new. Maybe some are more stable than others but none are invincible. FIAT currencies are far from perfect. That's where this discussion has taken us...although I've yet to see you embrace the fact.
 
Duke of Marmalade said:
I am referring to B/S. My read of his (apologies if it should be her) position is that he thinks there is a non trivial chance that it will fail. But it is clear from his doctrine that paradise on this planet would be in sight if bitcoin replaced all fiat.
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Oh dear, having already explained my views, with supporting articles from economists and financial journals in other threads, im pleased not to have to trawl through those pages to expose the spoofer doctrine above. Instead, this topic suffices.

Duke of Marmalade said:
personally I prefer my currency to have the guardianship of a central bank like the ECB
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To which I replied;

TheBigShort said:
Me too,
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I did query this following comment, asking to elaborate some;

Duke of Marmalade said:
We can also see the attraction for some of a decentralised currency
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...but alas, no response.
 
Firefly said:
The point being that it will be very difficult for Revenue to audit transactions or profits in Bitcoin as you agree. Unless you think people are 100% honest the public coffers will suffer....
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Ditto with cash. But as far as I know Revenue still accept cash payments.
 
Firefly said:
The point being that it will be very difficult for Revenue to audit transactions or profits in Bitcoin as you agree. Unless you think people are 100% honest the public coffers will suffer....
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Perhaps Firefly, it is Revenue's model of collection via inserting themselves into contracting party transactions, using compulsion and coercion, that is being found out to be inadequate for current expenditure.

And the solution is probably to adapt it's business model.
That should probably include a major reassessment of expenditure.

Technology and the transmission of 'money', is outgrowing the traditional confines of national boundaries.
 
Whatever about incoming finances, perhaps it has a role to play in public expenditure in a limited way given its traceability through the block chain. It certainly is a no brainer when it comes to aid and charitable donations. Might lead to a need for considerably less donations and taxes.
 
Duke of Marmalade said:
Oh no. Nobody has suggested a complete swap out. Let's not be coy here. I am referring to B/S. My read of his (apologies if it should be her) position is that he thinks there is a non trivial chance that it will fail. But it is clear from his doctrine that paradise on this planet would be in sight if bitcoin replaced all fiat.
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Are you still banging your drum about that musing over the "Mises' Regression Theorem" discussion?
Where Satoshi invites a thought experiment about a boring, grey, base metal?
 
TheBigShort said:
Is there a point to this?
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The Greek government are responsible for their national accounts and it's not the fault of the currency (either their own or the Euro) nor the fault of a bank whom they employed to cook the books for them.
 
Firefly said:
The Greek government are responsible for their national accounts and it's not the fault of the currency (either their own or the Euro) nor the fault of a bank whom they employed to cook the books for them.
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The fact that the currecy is open to corruption and manipulation by central authorities is the issue I have.
My currency, the euro, is also open to manipulation through the greatest money printing scheme ever - QE.

(I disagree that GS have no responsibilty. If I employ you, as an accountant, to cook my books then as an accountant you are acting fraudently and should at a minimum, lose their licence to practice).
 
tecate said:
Whatever about incoming finances, perhaps it has a role to play in public expenditure in a limited way given its traceability through the block chain. It certainly is a no brainer when it comes to aid and charitable donations. Might lead to a need for considerably less donations and taxes.
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That's a pretty important whatever though. If crypto currencies were to become mainstream, they would, by their design (the "crypto" part) make it very difficult for governments to collect taxes.

Why I am convened though beats me....a cheaper government wouldn't be the end of the world ;)
 
Firefly said:
The Greek government are responsible for their national accounts and it's not the fault of the currency (either their own or the Euro) nor the fault of a bank whom they employed to cook the books for them.
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I'm sure the bank didn't mind at all ;-)

FIAT are mandated by governments. They're intertwined. Bottom line here is that all FIAT currencies are flawed.
 
Firefly said:
Whose expenditure? People who use Bitcoin or the government spending taxes ?
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Government spending taxes of course.
They can't spend what they can't compel you to hand over.

Well, unless they collude with a cartel of banks to print more Debt instruments like the current FIAT system allows for.
 
Firefly said:
That's a pretty important whatever though. If crypto currencies were to become mainstream, they would, by their design (the "crypto" part) make it very difficult for governments to collect taxes.
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Finally the opportunity to agree. It's a difficulty..although who knows, maybe there's a way to overcome it (I don't have a solution). In any event, we are not talking about a total switch.
I queried if you felt the same way about cash?

Duke and others suggest that crypto brings absolutely nothing to the table. Many others suggest it can do certain things better.
Firefly said:
Why I am convened though beats me....a cheaper government wouldn't be the end of the world ;)
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not sure I follow but then I do have a cerveza in front of me. :)
 
Duke of Marmalade said:
Apologies for no response. I did think about your question. Alas, I see no attraction in cryptocurrency, so I withdraw my earlier comment and apologise for any offence taken.
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No offence taken. Just somewhat tiresome to have to pull you up when you deliberately misrepresent viewpoints - im not the only one that has to do it.
Which is a shame, because as an self-proclaimed ABC you do at least put forward rationale points that give pause for thought, unlike some of the hot-air, con job, commentators.

Thanks for clearing up the earlier comment.
 
TheBigShort said:
(I disagree that GS have no responsibilty. If I employ you, as an accountant, to cook my books then as an accountant you are acting fraudently and should at a minimum, lose their licence to practice).
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Do you have a link to the fraud committed by GS and a link to which law was broken?
 
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