Broadband Tech > Filesharing Software > Would you pay for Usenet with Bitcoin?

reply to Rakeesh

Re: Would you pay for Usenet with Bitcoin?

The US dollar enjoys what is called the "Reserve Currency" status. If we ever lose that status, which is very likely in the next 10 years and the World Bank has even discussed going to a more stable currency by 2018, we would see a shit storm of epic proportions the likes we have not seen and will make the 2008 economic collapse pale in comparison. The value of our dollar would drop like a rock.

Normally when a country prints money, it creates inflation. The more of that currency in circulation, the more it devalues. However since our currency enjoys this special reserve status, inflation doesn't have the usual impact that it should have. We can print money, run the presses 24hrs a day 365 days a year, to pay off our debts. Now think about the countries that have loaned us money. Do you think they like us paying back our debts by making money out of thin air? Just let that bit fester in your head for a bit. IDK about you, but if I loaned someone some money and they had a printing press that made money to pay me back with, I would be pissed especially if I couldn't do the same thing.

When you bypass the dollar and start trading in another type of currency, you devalue the dollar. For example Iran, which some of our politicians want to start a war with, wants to trade oil for gold with India and China. This is some serious business because it affects the dollar. It is no wonder that some of our politicians want to war with Iran. Because if this starts catching on and more people start trading in gold, guess what, our dollar will drop like a rock.

Food for thought:

..thought provoking post..

reply to sandman_1
Thank you for the "rant", it is such a breath of fresh air to know that there are other people out there that are wise to the ponzy scheme that is the Federal Reserve...they go on printing and stealing our wealth right out from under us, it's frustrating to say the least as they actually penalize those of us who try to save, they keep interest rates at zero to prevent the whole system from collapsing...everyone do yourselves a favor and start investing in something that people will always be willing to trade for and accept, ideally this is gold but silver is an excellent alternative also - its value is highly distorted because the banks fix the price of silver through fractional reserve banking as well.

problem is the gold standard just does not work any longer.

But really I never understood it as a ponzy scheme. Though I do know banking as an industry from the reserve on down is never to be trusted even if I keep my money in a bank.

I cannot trust people that, crash an economy, get tax dollars to stay afloat and still get their seven figure bonus.
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[65 Arcanist]Filan(High Elf) Zone: Broadband Reports

Actually the Gold Standard does work and keeps government spending in check because it, the government, can only spend what it actually has. When Nixon took us off the gold standard, it was the death nail for this country. Our country has been steadily going down hill since then.

Also gold is a good indicator of a weak currency. The higher the gold prices the weaker the currency. Anyway people need to be aware that there is a storm coming and prepare for the worst. Remember the bread lines in the USSR back in the '80s? I can see that happening here.