tag:blogger.com,1999:blog-2761684730989137546.post6897575322249408077..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Clint Ballinger — When Bitcoin goes to Zero, Don’t Blame Regulationmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger58125tag:blogger.com,1999:blog-2761684730989137546.post-25856026267753791322018-02-05T08:45:26.434-05:002018-02-05T08:45:26.434-05:00"I'm not sure what's happened to you ..."I'm not sure what's happened to you Matt. You used to be half sensible. "<br /><br />I'm not advocating for it I'm just pointing out what is indeed happening...<br /><br />We're getting our clocks cleaned by crypto we have to up our game....Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-73163543652116575472018-02-05T08:16:46.591-05:002018-02-05T08:16:46.591-05:00“not local or international ones driven by liberta...“not local or international ones driven by libertarian nut jobs. ”<br /><br />99.9999 % of people are libertarians at some level...<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-72933001294151405782018-02-05T04:52:08.414-05:002018-02-05T04:52:08.414-05:00"You think wrong. The MMT position is that Bi..."You think wrong. The MMT position is that Bitcoins are not a monetary instrument. It isn't. It's a commodity"<br /><br />A commodity or not, its price will drop to zero.<br /><br />Of course, not literally zero, because there are crazy people that would buy and sell anything. There could be price quotes even for my dirty underwear.<br /><br />The enthusiasts will make sure there will be some small, crazy market for bitcoin, but its price will get very close to zero.Andréhttps://www.blogger.com/profile/10935332922520483975noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-35468797887254781252018-02-05T01:18:53.470-05:002018-02-05T01:18:53.470-05:00"and that is never done... maybe crypto will ..."and that is never done... maybe crypto will do it..."<br /><br />Can't. The crypto is only issued to people who already have it. Increasingly so with 'proof of stake'. <br /><br />The systemic failure in a currency area is that those with desire do not have the money to translate that desire into demand in a manner that will cause them to be hired so they can pay for that demand. That's what involuntary unemployment boils down to, and it cannot be resolved in a libertarian system because of 'permanent jobs'. <br /><br />The efficiency requirement of permanent jobs contradicts with the market clearing requirement that every job is market tested every day to see if somebody else will do it cheaper. The Fungibility Fallacy is you like. NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-5788923095170546862018-02-05T01:12:40.248-05:002018-02-05T01:12:40.248-05:00"The whole (progressive) point of alternative..."The whole (progressive) point of alternative currencies is to increase purchasing power when the unit of account is scarce. Cryptos is one way, community currencies another."<br /><br />It doesn't increase purchasing power. The same purchasing power exists all the time in any operational system. We buy on credit between each other. Everything else is just various records of that process. <br /><br />Cryptocurrencies are just new electronic commodities. Because they can be hoarded so easily the value moves too far away from the instrinsic value. They are like works of art rather than transactional devices. <br /><br />But they are useful in that their rise causes all the same mistakes to arise as well, and a new generation then learns why we ended up with national currencies and elected governments, not local or international ones driven by libertarian nut jobs. <br />NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-56867212852315727412018-02-05T01:04:29.155-05:002018-02-05T01:04:29.155-05:00"Zero."
You didn't bother reading t..."Zero."<br /><br />You didn't bother reading the article did you. <br /><br />I'm not sure what's happened to you Matt. You used to be half sensible. Recently you gone full religious belief. <br /><br />NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46000999766084300322018-02-04T23:48:36.495-05:002018-02-04T23:48:36.495-05:00The whole (progressive) point of alternative curre...The whole (progressive) point of alternative currencies is to increase purchasing power when the unit of account is scarce. Cryptos is one way, community currencies another.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-87470264886760747202018-02-04T23:32:07.487-05:002018-02-04T23:32:07.487-05:00Then other coins can be issued and those will exp...Then other coins can be issued and those will expand the total coins in circulation... this is not being done in USD system currently hence the problems where Warren says “if somebody saves then we can’t buy all of our output “ govt has to issue more USD and that is never done... maybe crypto will do it...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-62726762481144387522018-02-04T21:50:15.147-05:002018-02-04T21:50:15.147-05:00Matt
As long as no one saves in bitcoin things ca...Matt <br />As long as no one saves in bitcoin things can keep moving. What are the chances that a bunch of libertards aren’t going to save? They think saving is the key to growth rather than the result of growth.<br /><br />As soon as some entities start hoarding (they will call it saving) then eventually there won’t be enough coins to meet the demands for services/goods.Greghttps://www.blogger.com/profile/03139782404004492965noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-54476780767564776332018-02-04T17:25:31.878-05:002018-02-04T17:25:31.878-05:00"cryptos system and free banking"
Maybe..."cryptos system and free banking"<br /><br />Maybe the credit aspects? iow what today we would view as 'Bank Credit'...<br /><br />coins would just be used in parts of the economy where there isnt a lot of bank credit used... small ticket items.... personal care items, hourly wages, groceries, meals out, concert tickets, transport, .. stuff you dont have to use bank credit for...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-3433392017439900462018-02-04T17:17:19.172-05:002018-02-04T17:17:19.172-05:00" receptivity and ability, aka "attitude..." receptivity and ability, aka "attitude and aptitude."<br /><br />Both lacking imo... hence here come the coins...<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-37775814459845480902018-02-04T17:09:49.024-05:002018-02-04T17:09:49.024-05:00Go all around the world teaching MMT to the unwash...<i>Go all around the world teaching MMT to the unwashed shit hole nations? They cant even teach it to the US</i> <br /><br />As an educator, I can say that learning has two prerequisites — receptivity and ability, aka "attitude and aptitude."<br /><br />There must be willingness to learn and capacity to learn.<br /><br />These are somewhat rare.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-48053893486683398852018-02-04T17:06:25.288-05:002018-02-04T17:06:25.288-05:00What is the difference between a rival cryptos sys...What is the difference between a rival cryptos system and free banking?Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-86871635578471586772018-02-04T17:02:26.772-05:002018-02-04T17:02:26.772-05:00"manes" should be "many ways."..."manes" should be "many ways."Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-38544992971895692592018-02-04T17:02:08.323-05:002018-02-04T17:02:08.323-05:00Evertually the current USD zombies are just going ...<i>Evertually the current USD zombies are just going to convert to coin as the world de-dollarizes...</i> <br /><br />That is questionable unless central banks save in non-government crypto.<br /><br />The likelihood is that government will issue blockchain-based currency in some form. Russia looks prepared to do so, and Venezuela is also (backed by oil).<br /><br />There are manes to de-dollarize.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-36521556837393062762018-02-04T17:00:14.541-05:002018-02-04T17:00:14.541-05:00Well what is MMT's solution?
Go all around th...Well what is MMT's solution?<br /><br />Go all around the world teaching MMT to the unwashed shit hole nations? They cant even teach it to the US<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-52292213806787981672018-02-04T16:58:55.273-05:002018-02-04T16:58:55.273-05:00U.S. Household Debt Reaches Record $13 Trillion<a href="https://www.forbes.com/sites/zackfriedman/2017/11/14/debt-auto-loans/#23c2e6f6ffbf" rel="nofollow">U.S. Household Debt Reaches Record $13 Trillion</a>Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-13432403964157514842018-02-04T16:58:05.144-05:002018-02-04T16:58:05.144-05:00I'm saying that bank lending by USD depository...I'm saying that bank lending by USD depository institutions is not that big...<br /><br />You can have an accounts receivable or an accounts payable in a coin as easy as a USD... no bank credit involved...<br /><br />You work and get paid every two weeks so your employer owes you 2 weeks pay no bank lending involved ... this could be in coin ...<br /><br />debit cards could be in coin... <br /><br />There is probably more trade credit than bank credit... no reason trade credit couldnt be in coin...<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-33250665979868883422018-02-04T16:52:59.277-05:002018-02-04T16:52:59.277-05:00"Bitcoin isnt the only one out there.... many..."Bitcoin isnt the only one out there.... many coins are coming out every week.."<br /><br /><br />Right and 99% of them will totally bust after one looks to be "the best" and everyone tries to run to it. Greghttps://www.blogger.com/profile/03139782404004492965noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-54843539186576421812018-02-04T16:49:53.715-05:002018-02-04T16:49:53.715-05:00They use soda pop for exchange in forgotten Appala...They use soda pop for exchange in forgotten Appalachia flyover country why not coin???<br /><br />govt says F Appalachia so they use soda as they can...<br /><br />http://www.nationalreview.com/article/367903/white-ghetto-kevin-d-williamson<br /><br />"immediately converted into a unit of exchange, in this case cases of soda."<br /><br />Humans are resourceful.... git 'er done....<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-90941350471462433702018-02-04T16:48:40.814-05:002018-02-04T16:48:40.814-05:00"Bank Credit doesnt even go up $1T in a year ..."Bank Credit doesnt even go up $1T in a year and we have a $19T economy... even with the USD zombies glomming on to the USD system instead of using their own currency..."<br /><br /><br /><br />One 10 dollar bill can generate 1000$ of GDP by being exchanged between 200 people for services, but everyone needs that 10$ bill for the circuit to complete.<br /><br /><br />"Bank lending is facilitating just a small part of GDP.."<br /><br /><br />Every business has a line of credit, every citizen uses a credit card unless they are destitute, every corporation has debt. Yes some entities net position is positive but that is only when you consider market valuations of stocks etc. If stock prices plummet many entities become in the red.<br />Credit is the lifeblood of the economy. Its a simple factGreghttps://www.blogger.com/profile/03139782404004492965noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46904099025947921202018-02-04T16:31:00.732-05:002018-02-04T16:31:00.732-05:00"how can everyone convert their US dollars to..."how can everyone convert their US dollars to crypto?"<br /><br />They dont have to... you just accept the coin for whatever you are selling...<br /><br />Bitcoin isnt the only one out there.... many coins are coming out every week...<br /><br />Evertually the current USD zombies are just going to convert to coin as the world de-dollarizes...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-814302296921941272018-02-04T16:24:27.570-05:002018-02-04T16:24:27.570-05:00Bank Credit doesnt even go up $1T in a year and we...Bank Credit doesnt even go up $1T in a year and we have a $19T economy... even with the USD zombies glomming on to the USD system instead of using their own currency...<br /><br />Bank lending is facilitating just a small part of GDP...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-73370143094148551392018-02-04T16:03:07.849-05:002018-02-04T16:03:07.849-05:00"Most of the economy doesn’t involve credit....."Most of the economy doesn’t involve credit... at least not bank credit..."<br /><br /><br />Maybe the most questionable thing ever posted here.Greghttps://www.blogger.com/profile/03139782404004492965noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-82781531784172169672018-02-04T15:59:27.243-05:002018-02-04T15:59:27.243-05:00Exactly right Tom
So Matt, how can everyone conve...Exactly right Tom<br /><br />So Matt, how can everyone convert their US dollars to crypto? There has to be someone with crypto who also wants dollars or the deal doesn’t take place but if everyone abandons the US dollar en masse, how do you get crypto? (Abandoning the dollar ain’t happening btw,<br />you think Trump wants that as his legacy?)Greghttps://www.blogger.com/profile/03139782404004492965noreply@blogger.com