Re:A Prediction: Bitcoin Is Doomed to Fail
by XorNot on Thursday November 28, 2013 @12:51AM
(#6813223)
There was a mad rush to acquire gold from the new world, which promptly collapsed the economy of Spain.
In practice, no one suddenly got richer because they'd gotten all this new gold, they just experienced massive inflation (and forgot to peg their tax rate to it, so their revenues collapsed but their expenditures did not and they went bankrupt).
Because it turns out you can't eat gold nor make weapons or ships with it.
In practice, no one suddenly got richer because they'd gotten all this new gold, they just experienced massive inflation (and forgot to peg their tax rate to it, so their revenues collapsed but their expenditures did not and they went bankrupt).
Because it turns out you can't eat gold nor make weapons or ships with it.