Yesterday: 12:46 - "Bitcoin is both a currency and a payment system" 26:30 - "There's a small transaction fee" 30:40 "The answer to mankinds problems, a simple medium of exchange" Today: 38:58 - "was once fast and cheap is now slow and expensive" 39:05 - "bitcoin forking into multiple versions and alternative cryptocurrencies gaining market shares" 50:05 - "it's no longer a currency only a speculative vehicle for people to make gains from and not something which you could use in starbucks to buy a cup of coffee" 50:20 - "a friend of mine just did a transaction that took 4 hours for a confirmation" 51:20 - "some cryptocurrencies offer the ability to pay extra to have your transaction mined first and that really is not fair; a distributed ledger should record every transaction at the absolute time of event" 1:10:40 - "what has happend to bitcoin is that it is no longer the promise of a currency" 1:10:55 - "nobody is using it for transactions they're using it as a speculation now. So it's not living up to the original promise what bitcoin was supposed to be." Bitcoin (Cash) lives up to all of the original Bitcoins promises.
Powerful words from Mike Maloney: "I would like to encourage all of your viewers to start using the free market cryptos [like Bitcoin Cash] in transactions...There's a very small window here...Its about how its going to change the world..Its the difference between freedom and enslavement." @14m21s
Resubmitted because the previous one got tagged "Fiat" for some reason: Link to thread in question Here, the user links to a rather amusing and conspiratorial video by Mike Maloney about the evils of FIAT CURRENCY, but I'm not RIing the video, rather the post, which argues that bitcoin should replace fiat currency.
The fact that there is constant debt, inflation and devaluation of the dollar (and other currencies) seems to be completely backwards of how it should be
It has an unpredictable supply, it's easily counterfeited, not very durable and inflation.
I'll address the inflation/unpredictable supply in a moment, but as for the counterfeiting, the US treasury itself says counterfeiting is pretty rare, saying that "In sum, counterfeiting is not currently a serious problem for the U.S. economy as a whole." As for durability, I couldn't really find studies on how many dollars are defaced/broken/ripped every year, but I'd say it's pretty low and not a huge issue in the grand scheme of things.
Inflation incentives spending rather than saving. You might argue that spending drives the economy forth, but it also creates bad habits among people, and makes it more profitable to loan, rather than save.
The OP does not here account for the fact that interest rates will adjust to accommodate inflation. For instance, during the 1970s/early 1980s, when inflation was very high, we saw nominal interest rates go up accordingly - thus, in the long run, predicted inflation doesn't really impact the savings rate. Here is a good paper that lays out in theoretical and empirical terms why low, stable inflation is good. There are two primary reasons: Firstly, some inflation allows the federal reserve more breathing room to lower interest rates when it needs to during recessions. Low interest rates encourage spending, and since the real interest rate is the nominal interest rate minus inflation, having some inflation allows you to get the real interest rate low or negative if need be. Secondly, there are various costs to deflation. One is wage stickiness. Because productivity of workers is affected by their wages (higher wages increase morale), deflation, which requires wage decreases in order to keep real wages the same, will negatively impact productivity (however, inflation will allow employers to lower real wages by keeping wages the same without negatively impacting morale in the same way).
This episode is from the docuseries, Hidden Secrets of Money by precious metals dealer and monetary historian, Mike Maloney tracking his journey into the realm of Bitcoin so far, interviewing leaders in that field and he has this to say: “In 2008, a new technology was introduced that is so important that its destiny and the destiny of mankind are inextricably interlinked. Mike Maloney was born in Willamette, Oregon, and spent most of his youth in the Los Angeles area. He is a life-long inventor and entrepreneur. At age 17 he traveled all over the U.S. selling mini-bikes and go-karts. By age 23, Mike founded the sales firm of Michael Maloney & Associates, growing it to five employees and two branch offices. Michael Maloney is a gold and silver bullion dealer. Michael "Mike" Maloney is the owner and founder of Goldsilver which is amonng the most highly respected investment education company in the world since 2005 as well as known to be the worldwide superior for gold and silver trading. Mike Maloney is the author of the most promiment and top selling precious metals book for investments of all Mike Maloney was born in Willamette, Oregon, and spent most of his youth in the Los Angeles area. He is a life-long inventor and entrepreneur. At age 17 he traveled all over the U.S. selling mini-bikes and go-karts. By age 23, Mike founded the sales firm of Michael Maloney & Associates, growing it to five employees and two branch offices. Mike Maloney - QE Infinity Will Ignite Bitcoin, Gold & Silver Today we sit down with Gold & Silver investing guru Mike Maloney. Mike & his team also created the hidden secrets of money series many of you will have watched.
Hidden Secrets Of Money - Mike Maloney S1 • E1 Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney - Duration: 25:56. GoldSilver (w/ Mike Maloney) 4,505,678 views 25:56 Welcome to YouTube's most compelling investing channel. Author of the world's #1 best selling book 'Guide To Investing In Gold & Silver', Mike Maloney, is yo... In this video, Mike Maloney explains Bitcoin and what his thoughts are on the concept. Coming soon: An in-depth discussion on Bitcoin with Chris Martenson. Hidden Secrets Of Money - Mike Maloney S1 • E8 From Bitcoin To Hedera Hashgraph (Documentary) Hidden Secrets Of Money Episode 8 - Duration: 1:14:26. GoldSilver (w/ Mike Maloney) 1,058,716 views ... Hidden Secrets Of Money - Mike Maloney S1 • E8 From Bitcoin To Hedera Hashgraph (Documentary) Hidden Secrets Of Money Episode 8 - Duration: 1:14:26. GoldSilver (w/ Mike Maloney) 1,089,414 views ...