"Crypto" is being hyped not as currency in the sense of a unit of account, a medium of exchange, or a record of debt, but rather as an asset class in the sense of being a store of value. What could go wrong?
Zero Hedge
"One Hell Of An Invention": Ray Dalio Reveals Bridgewater May Soon Buy Bitcoin
Tyler Durden
"One Hell Of An Invention": Ray Dalio Reveals Bridgewater May Soon Buy Bitcoin
Tyler Durden
3 comments:
cant wait to see what happens when banks start lending people munnie to buy and sell bitcoin...
Banks don't lend money (unless they use their vault cash); they create new liabilities for fiat when they "lend."
And, due to government-privilege, those liabilities for fiat are largely a sham toward the non-bank private sector.
And sham liabilities mean sham accounting and also, the negative feedback that would otherwise keep bank liability creation in check is also a sham.
Hence an inherently thieving and unstable banking model.
Waiting for governments like US to realize companies larger and more powerful will demand payment in their company currency. It ensures that companies can receive all the financial benefits from the real wealth that they create. The company can always set the price of their goods to ensure government taxes can not provision more than any other global competition pays to their government.
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