So let me get this clear:

enjoy your bailouts and unsustainable debt based growth

>central banks just create money for the sake of it
>the ability fiat money gives to optimise monetary policy is bad, and not one of the greatest advances in economic policy-making of the 20th century

why are you saying it has cheaper transactions then visa/mastercard?
when i buy with my card I DONT PAY FOR THE TRANSACTION
when i send money with my bank account
I PAY FIXED FEE which is about 1.3eur per transaction NOMATHER HOW BIG....???????????????????????????????????????????????

>what is the federal reserve?

>unsustainable debt based growth

The public debt? Why is it unsustainable? The government can always pay its debts, it issues the currency. At the moment we probably don't even have enough deficit, and taxes are too high at the same time.

>Private central banks create fiat money out of nothing
>Literally loan it to the population with interest
>Other banks can now lend out 90% more than what they hold in reserves, thus creating more fiat money out of thin air AGAIN WITH INTEREST

Literally a fucking ponzy scheme

Can't wait for crypto to wreck the jews

>a made up product is worth $1
>people buy it with real money now it's worth >$1
>other people produce it and sell it
>now they have a product they didn't buy it for real money but they sell it and get real money
>they get the real money from the other person that bought it for real money
>now the product is worthless?????

I buy mining equipment (with real money) and pay for electricity and AC to run it (with real money). Then I sell the product to someone else (for real money).

I buy a machine to make a product (with real money) and pay for electricity to run it (with real money) then sell the product to someone else (for real money).

What about this is unusual?

IOTA is fee free.

>fractional-reserve banking is bad

GTFO with 'real money'. What is fucking Yellen coin faggot? Just paper with no limit on how many pieces they have in circulation which is much worse. North Koreans just copied the printing presses and print it for themselves.

Supply&Demand
Ever played a game where people pay ''real'' money for ingame items? Kind of the same, except crypto takes it to another level.

so by saying product instead of crypto unreal non material unbacked(except by supply/demand)coin which value is NEVER certain

you tried to explain.....

EVERY SINGLE PRODUCE HAS AN APROXIMATE CERTAIN VALUE.

i tought i was a mormon but no its u

nice meme you sure showed him! haha

>a made up crypto currency is worth $1
>people buy it for real money so now its worth more then 1 dollar
>other people mine it and get its value
>the cost to mine it takes considerable amounts of investment and energy costs

>I'm retarded

>it's intangible so it's worthless
Meanwhile banks are paying millions per year for bloomberg terminal. A piece of software.

Honestly bitcoin is the Rick and Morty of cryptocurrencies. You need a high IQ to understand it.

>banks create fiat out of nothing

So? Private is really stretching that term for the fed, they're just "supposed" to be independent from Congress and the Treasury so it supposedly doesn't overspend, even though the Treasury and the Fed's activity is so interwoven it doesn't matter. The Treasury can spend as much as it wants through the norms it observes now, but it can also literally mint a trillion dollar coin and deposit it in the TGA and spend it how it pleases.

>Loans it at interest

That is banking for you

>Money multiplier

Even taking it as it is, I don't understand the problem with this either. Banks make loans as needed, they don't even need the Fed to purposely have a policy of expansion. They assess an opportunity to make a loan based on the strength of the credit, make the loan and if they don't have the reserves to cover it they go to the interbank market and get the funds on a short loan. If they can't do that, they go to the Fed's discount window. This isn't alarming because all this means is banks are profit seeking institutions, they want good opportunities to make a profit on their loans. That means the money supply expands and contracts based on demand, how many credit worthy people or institutions have the need for money.

>Bitcoin solves the problem of infinite money creation.

That's a problem of the government, not the currency.

>Bitcoin solves the problem of not being able to transfer money anywhere in the world.

Already possible with low-cost money transfer services. Bitcoin is more useful for criminals because of the anonymity.

>Bitcoin used to have cheap transactions, cheaper than visa/mastercard (other cryptos are now better suited)

It doesn't cost me anything to use credit/debit cards and it's a whole lot faster than Bitcoin.

>BItcoin does not need a middleman for a transaction, thus you can send money to anyone, anywhere in the world without needing the banks/governments approval.

You need to send it through Bitcoin network for a hefty fee. That's the middleman.

Cash. Hard cash is used more on illegal anything.

so let me get this straight
>made up paper money is worth $
>a bunch of dudes in a back room are printing billions of dollars a year and passing it off to their banker buddies
>now they trade this paper for people's time and energy

isn't this a bubble?

>a. The ability to move large amount of payments worldwide

Bitcoin's network gets clogged up frequently with unconfirmed transactions. The fees are also exorbitant. It's useless for transferring money.

>b. Store of value

Price is highly unstable despite its huge market cap which proves that market cap means nothing.

>when i buy with my card I DONT PAY FOR THE TRANSACTION
businesses accepting credit cards pay transaction fees, and they pass those into the price of the goods you buy

why are you even on a business & finance board?

When the government owns and controls the currency, it is a problem of the currency.

You and I can't transfer without an intermediary who may not be trustworthy or even available.

Valid

It is still peer-to-peer in the sense that between you and I sits no barriers. Miners merely verify the legitimacy of the transaction, they don't act as escrow. The middleman never actually possesses the money, and fees are pretty reasonable unless you want it done in an hour.

Transaction times are actually faster because most electronic transactions take 1-3 days to go through. They're pending until then.

Fees are lower in general as well, because we're talking about business side fees. Thats why some businesses say stuff like "no cards for under $5". They account for fees in their prices.

>optimise monetary policy
>aka steal wealth from the people to cover the government's own fucking stupid mistakes and buy votes with the promise of free shit the treasury couldn't ordinarily afford

The government having the ability to do this is literal cancer, and it's going to be withdrawn from them forcibly by crypocurrencies in the coming epoch as long as there are people who understand the scam they're pulling and decide to fight it.

>Fractional-reserve banking is a good thing!

Then go live to venezuela where inflation is like 6 gorillion per year you fucking retard... the money you made one hour ago is probably worth shit now because of retards like you fucking idiotic chimp
>muh govurnmnt not bad, muh govrmnt print mone for gibs

There is still hope for biz

>The government having the ability to do this is literal cancer, and it's going to be withdrawn from them forcibly by crypocurrencies in the coming epoch as long as there are people who understand the scam they're pulling and decide to fight it.

Putting aside the other stuff you said, why is crypto going to end government fiat. The perks that are supposed to endear businesses, the ones that businesses like Newegg list on their bitcoin page, are all about fees and speed. They describe how crypto is digital cash.

The government can just make the "crypto dollar" with the same kind of speed and low fees, which they can issue as they wish, and businesses aren't going to care. They just want to make better margins, they just want the tech. There are already countries talking about issuing cryptocurrency.

Venezuela had inflation for the same reason almost any country has experienced really rapid inflation, a supply side shock. It wasn't printing money so much as their dumb policies that made store shelves empty. Now everything is really expensive because there is a high demand and nothing to buy.

It's not going to be an overnight thing, and it's not that government's can't have a digital currency of their own per say. But it means that, by not having a monopoly over control of the currency supply, the competition from other cryptos will whittle away their ability to control that supply.

For example, the government could come up with a speedy easy cryptocoin. But if they try to print it or double its supply, people will be able to store their wealth and trade in stable cryptos that have a guaranteed limited supply, bypassing inflation of the fiat. Once cryptos are highly embedded and their problems (volatility, etc) solved, and people can do this on a mass scale instantly, then governments printing digital fiat would have no effect, so they won't do/literally won't be able to do it.

There's also big incentives for businesses to trade in cryptos that can't be inflated away or manipulated compared to ones that governments can. Also if people are holding particular cryptos for the above reason, businesses will want to follow where the money in and start accepting those cryptos.

...The only way out for governments is if they come in heavily with enforcement, bans on cryptos etc, which will happen first in authoritarian countries. But then that's why this is ideological. If there's enough people willing to fight for the right to conduct their own trades with whatever medium they want then enforcement will be subverted, politicians will emerge in favour of that right, etc.

>brainlet doesn't know the difference between fiscal policy and monetary policy

Color me surprised