Re:Report on Stablecoins [pdf]
by bubbleRefuge on Monday November 01, 2021 @08:40PM
(#29075380)
He is right in the figurative sense that the government's power to tax and spend in its own fiat currency is what drives demand for the currency. W. Mosler, one of the founders of MMT, has this allegory: If we are in a room full of people with a single exit and I am blocking the exit with a gun in my hand and tell you you need one my business cards to exit the room, then my business card has value.
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Re:Report on Stablecoins [pdf]
by stickfigure on Tuesday November 02, 2021 @02:12AM
(#29077673)
Sure, but the issue is not demand but supply. Enforcing the scarcity of USD requires a large military. Enforcing the scarcity of BTC merely requires electricity.
Re:Report on Stablecoins [pdf]
by arcticbull on Tuesday November 02, 2021 @02:28AM
(#29077765)
It merely requires massive amounts of electricity and e-waste vastly disproportional to its benefit and proportional to its price. Don't mince words.
Proof of stake is just a fork that'll happen whenever there's enough force applied by the power providers.
This excess low cost energy that can't be moved easily to other areas is often the only kind of energy bitcoin can use to win the economics of btc mining. It in fact subsidizes a lot of green energy and makes it more viable in the longer term.
Re:Report on Stablecoins [pdf]
by bubbleRefuge on Tuesday November 02, 2021 @10:58AM
(#29082218)
Not following this line of thinking now. How does the military enforce scarcity? Also, scarcity of fiat currency is relative to the amount of goods and services available for sale in the economy and the demand for them.
Re:Report on Stablecoins [pdf]
by stickfigure on Tuesday November 02, 2021 @11:38AM
(#29082855)
What stops other nations from simply printing your currency?