Published on 12, July, 2020
Please share your interest to me through these questions. Feel free to answer as you wish but use the questions as a guide please.
Now, I am definitely more interested in your interests than mine but wanted to share my own as a warmup.
I am so happy to read what passion you have in your life, how it came to you and how it reveals itself.
1. The evolution of money and disempowering the majority of the worlds central banks (and entire countries too if things go to plan)
2. Around 2012/13 when my Bitcoin obsession started.
3. All day every day pretty much. My well being is important to the success of the project so i live a Buddhist lifestyle (no drink, drugs, sex + daily meditation practice)
4. N/A
5. My vision is still a long way off because of the sheer scale of the project and the number of people involved. There has been lots of work going on for the last 7 years however
I love money, just very curious about banks. What would happen if your plan becomes real about the central banks? Can you give me little more details about this you´re saying please? :)
If we don´t have banks around, there will be chaos I belive.
I see a future for commercial banks but it's the central banks that are the problem. They have been printing money like crazy for decades and sooner or later the masses will realize that their money is becoming more common than muck whereas it used to be scarce. I think the US dollar has lost something like 80% of its value since 1970
Thanks for answering mate.
Well the full digitalization of money is just a matter of time imo, it's just a case of which currencies become the most valued and widely used by people. If that were Bitcoin in say 5 to 10 years time there would likely be widespread inequality at first because not many people would own any still
Say Bitcoin or a similar digital currency becomes the most widely used international currency. Would there be more economic inequality, less inequality or neutral? Or don't know? Sorry for all the questions but i'm interested.
Why is creating money out of thin air bad?
One of the main reasons gold is valuable is because it's scarce. If an asteroid made of say 2 million tonnes of gold fell to earth the value of everyones gold would eventually go down because gold would no longer be scarce. That's sort of what's happening with central banks, they are printing more and more money (they call it quantitative easing) so over time fiat currencies lose value, but it happens so slowly that most people aren't aware it's happening.
So whereas your pounds are essentially unlimited in quantity and nobody knows how many exist, with Bitcoin it is known exactly how many there are at any given time and that there will never be more than 21 million of them. Bitcoin isn't the perfect form of money but it's a huge leap forward in the evolution of money
Why is creating money out of thin air bad? Isn't Bitcoin just another form of currency that is in itself created by humans?
My understanding is these guys have something to say about printing money.
I'm sure they do. In my opinion Bitcoin distributes new units of currency much more fairly than any system prior to it's arrival although it's certainly not perfect. More importantly however is that no person, group or institution can change the 21 million coin cap or create new bitcoin out of thin air
https://en.wikipedia.org/wiki/Modern_Monetary_Theory My understanding is these guys have something to say about printing money. This is an area of economics that is definitely contested.