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Discussion => Security => Topic started by: pkizenko98 on April 22, 2013, 04:26 pm

Title: Time magazine article on bitcoins!!!
Post by: pkizenko98 on April 22, 2013, 04:26 pm
Hey

Now I have previously disowned time magazine because of the shoddy articles that have become more and more present in the publication.  It has really gone downhill, and I can't wait to cancel my subscription, however I just happened to open one up and what do I see?  A very interesting one page article on bit-coins, my favorite type of currency!  Has anyone come across this article I would like to know what your thoughts are on it.  It's in the April 22nd issue!  The article in my opinion had more glowing things to say about bit-coins than negatives, quoting many references to the coin such as "The Napster of Money", and "Perfect Money"!

I'm interested in hearing your thoughts on the rumor that the financial crisis in Cyprus, which caused Spanish users to buy bit-coins as an alternative to the euro caused the latest spike and subsequent crash of bit-coins.  This sounds like bs to me, but I really have not looked into it.

Another thing I did want to mention was Paul Krugman in his NY Times articles statement referring to bit-coins that,

"What we want from a monetary system isn't to make people holding money rich' we want it to facilitate transactions and make the economy as a whole rich." 

What is this man talking about?  Is that not the types of systems we already have?  Ones that make the holder of money rich?

Help me out here guys!
Title: Re: Time magazine article on bitcoins!!!
Post by: goblin on April 22, 2013, 04:34 pm
Another thing I did want to mention was Paul Krugman in his NY Times articles statement referring to bit-coins that,

"What we want from a monetary system isn't to make people holding money rich' we want it to facilitate transactions and make the economy as a whole rich." 

What is this man talking about?  Is that not the types of systems we already have?  Ones that make the holder of money rich?

Help me out here guys!
No, holding money (i.e., fiat cash currency) is a sure way to lose wealth, in the long run. Because it is being debased through constant money printing and quantitative easing.

But I wouldn't put too much stock into what nobel-prize winning Krugman has to say,. The man is wedded to establishment thinking. There's no newness in anything he writes. If you want to learn about economics, listen to Joseph Stieglitz, Richard Wolff  and Max Keiser.

goblin
Title: Re: Time magazine article on bitcoins!!!
Post by: pkizenko98 on April 22, 2013, 05:06 pm
+1 thanks