0
0

[–] avgwhtguy1 ago 

Bitcoin doesnt have the same problem because its divisible, thus it is a superior currency in the face of deflation. It doesn't need to grow at the same rate as the economy, it can divide at the same rate as the economy grows.

Im not worried about cutting pennies, they're printed plenty fast. If pennies were backed by a finite supply of gold, then you could imagine a scenario where pennies would need to be cut.

Inflation and deflation are separate forces, but both will come in time if a currency is incapable of balancing its supply based upon demand. Any designed currency should be designed to handle demand, deflation, inflation, and counterfeiting. I do not believe that requires a central banker or a monopoly, and cryptocurrency proves that. That being said, the USA should have a monopoly on the production a national currency, it's in the constitution. It is not in the constitution and doesn't have precedent that citizens would be barred from using currencies other than the federal one. And given that, the federal currency should be strong, which derives from utility. Crypto has proven utility and thus strong and increasing value doesnt need central planning or gold backing.

0
0

[–] EyeOfHorus ago 

I stopped reading at your penny bullshit. Pennies were made of copper, just as quarters and dollars were made of silver. The unit of value was the value of the material they were minted. If you chopped a dollar into 1/4s' then you'd end up with four Quarters. Sound money.

FRN's can't do this. PERIOD. That is why our money is a forgery.

I suggest you unlearn the bullshit you spew.

0
0

[–] avgwhtguy1 ago 

To your own admission you didn't read what you're calling bullshit.

Likewise, you've probably never had the attention span for monetary policy, thus why you cling to this silly idea of a gold backed currency yet you cant defend it for shit.