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Thread: Bitcoin

  1. #31
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    Quote Originally Posted by Laramie Hartmann View Post
    Certain asset classes have seen high price inflation: the markets, housing, etc.
    I understand this, as well as the Mises links that coldfire has posted. The point I was trying to make that the prediction of a global fiat collapse is bullshit. If we are studying the markets, QE is a form of money printing that leads to asset price inflation, huge asset price inflation. The result of this seems to be debt deflation - although consumer prices are steady, households have more and more of their income tied into covering their basic living expenses, which leaves less money to be spent on goods and services, which deflates the economy while making very certain people very rich (on paper at least). The result of this is however not runaway inflation like the neoclassical dogma preaches, the runaway inflation that causes a currency collapse happens exclusively when a massively incompetent government, always a socialist one, prints money to pay debts denominated in a foreign currency. There is no exception to this rule. The result of QE is simply stagnation, like Japan has had for a long time - Japan, the most cash based economy in the world. Interestingly enough, Germany, the dominant European economy, is extremely cash heavy too.

    I may have been unclear, I wasn't saying don't buy bitcoin or gold, but don't do it out of fear that fiat currencies will collapse. If you already have a house, or have taken out a mortgage before 2008, and a job, and savings, you can freely convert these savings to pure cash and bury it in your back yard, it will probably be worth the same in consumer terms for the next 20 to 50 years that reserve currency countries run QE to fix their moronic policies of 2020. If you wanna use it to speculate on bitcoin or gold, or even to have a safety net in case of what if, go ahead. But especially if you are buying gold, be aware that there is at least a 50 percent chance that you re giving your dollars to Putin.

  2. #32
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    Quote Originally Posted by Jovan Dragisic View Post
    ...50 percent chance that you re giving your dollars to Putin.
    It looks to me like the Russian presence in crypto is a direct response to sanctions that have made inefficient their access to international banking infrastructure. It would probably be a good thing if Russia can create a viable alternative system.

    Who is it that is manipulating the prices of gold and other commodities?
    JPMorgan set to pay $1 billion fine for metals market manipulation
    Who owns the big mining companies (Rio Tinto for example)?
    Who has control over how much gold is actually available for trade on the market?

    I think Putin is a price taker rather than a price maker in both of these situations.

  3. #33
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    Quote Originally Posted by Yngvi View Post
    I think Putin is a price taker rather than a price maker in both of these situations.
    Whatever he is, he's employed a huge media industry to get people into gold. I haven't dug into the story, but I can smell the vodka from here.

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