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

TheBigShort said:
Yes, but the adoption of the euro as their currency facilitated the increases in spending.
The punt or drachma would not have been capable of these levels of spending without crashing those currencies.
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I'm confused. So we have "euro wicked, drachma good". My understanding is that bitcoin is meant to be be an answer to incontinent currencies like the drachma.
 
Duke of Marmalade said:
I'm confused. So we have "euro wicked, drachma good".
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Confused? We can't be having that :)
The discussion turned to the euro to make the point that it is very much flawed.

Duke of Marmalade said:
My understanding is that bitcoin is meant to be be an answer to incontinent currencies like the drachma.
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Has someone in this discussion suggested a complete swap out? I guess I missed that part...
Does BTC have legitimate uses? Certainly.
 
Duke of Marmalade said:
I'm confused.
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Clearly.

Duke of Marmalade said:
So we have "euro wicked, drachma good"
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Your words not mine.

The Greek government would never have been able to borrow to the extent it did without cooking the books using Drachma, with the assistance of the banking sector, to meet the criteria to join the euro.
Once in the euro, they were able to borrow beyond their capacity (without the need for cooking the books, they had the euro).
 
tecate said:
Has someone in this discussion suggested a complete swap out? I guess I missed that part...
Does BTC have legitimate uses? Certainly.
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I acknowledge that you have consistently argued that bitcoin could enjoy a niche role alongside fiat and I find that a credible position albeit one which, admittedly IMHO, is in error.

But others in the discussion have adopted a more evangelistic stance whereby they clearly long for a situation where crypto delivers us from the wicked corruption of central bank controlled currencies. These same people seem to have a sympathetic nostalgia for the likes of the drachma, which I find a tad contradictory.
 
TheBigShort said:
The Greek government would never have been able to borrow to the extent it did without cooking the books using Drachma, with the assistance of the banking sector, to meet the criteria to join the euro.
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So that's whose fault exactly?
 
Duke of Marmalade said:
But others in the discussion have adopted a more evangelistic stance whereby they clearly long for a situation where crypto delivers us from the wicked corruption of central bank controlled currencies.
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You have to bear in n mind that it's the ills of the existing system that led to the BTC project in the first instance. I think anyone who has any any tine for crypto acknowledges this. I have not seen anyone here suggest there will be a complete swap out.
 
Duke of Marmalade said:
But others in the discussion have adopted a more evangelist approach whereby they clearly long for a situation where crypto delivers us from the wicked corruption of central bank controlled currencies.
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I detect a tone of sarcasm? Underlying the sarcasm is a tolerance for corruption.
Thats understandable to an extent. The monetary system is so vast that certain levels of corruption and fraud can be withstood without adversely contributing to the demise of fiat currencies.
But when the level of corruption reaches the levels governments (e.g Greece), banks, and central bankers themselves, then that is a cause for concern.
If you cant trust the referee and the linesmen and the fourth official, then why trust the players?
 
tecate said:
You have to bear in n mind that it's the ills of the existing system that led to the BTC project in the first instance. I think anyone who has any any tine for crypto acknowledges this. I have not seen anyone here suggest there will be a complete swap out.
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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.
 
TheBigShort said:
Why not? The revenue have authority to demand payment in euro. If all I have is bitcoin it will be me who has to convert it to euro to comply.
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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....
 
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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I don't disagree that it presents a difficulty but not the same level of difficulty as cash.
 
Replaced all Fiat, Duke?
I doubt the most coercive nation states among the world could countenance something like that.
Not before pressing her boot firmly on her citizen's necks.

Let's see what Futurists have to say:
“Cryptocurrency is very much here to stay,” said futurist and author Thomas Frey, noting that he’s speaking to the Federal Reserve in September on the topic. He predicts that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

“When people like [International Monetary Fund managing director] Christine Lagardesay cryptocurrencies could displace central banks and international banking, that’s very significant,” Frey said.
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The rise of cryptocurrencies over the past couple years represents “the legitimization of a new asset class emerging alongside the traditional global economy,” according to Dr. James Canton of the [broken link removed]. “I’d say you can expect an exponential increase of new investment vehicles to come from cryptofinance.”
The future of commerce will be shaped by the crypto supply chain, which will have less friction and more exponential value between buyers and sellers of all products,” Canton said.
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http://time.com/money/5178814/the-future-of-cryptocurrency/
 
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