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Bitcoin misguided fear money creation
Dysfunctions of the bankmoney regime
We have seen that, in the current context of massive monetary inflation, bitcoin presents the characteristic of scarcity. As demonstrated by historical gold prices, an asset with limited supply tends to do well against fiat currencies (e.g. US$, GBP, EUR) created at will in an unlimited way. Bitcoin inflation misguided creation “Custodia was simultaneously attacked by the White House, the Federal Reserve Board of Governors, the Kansas City Fed and Senator Dick Durbin (who conflated our non-leveraged, 100-percent liquid and solvent bank with FTX in a Senate floor speech),” she said, adding that:Bitcoin misguided fear government money creation
Before warning about possible recessions, Summers had been cautioning about inflation for months, one of the first U.S. economists to do so. Read the Transcript: As a result, govcoins could cut the operating expenses of the global financial industry, which amount to over $350 a year for every person on Earth. That could make finance accessible for the 1.7bn people who lack bank accounts. Government digital currencies could also expand governments’ toolkits by letting them make instant payments to citizens and cut interest rates below zero. For ordinary users, the appeal of a free, safe, instant, universal means of payment is obvious.
Note: This figure compares the response of inequality to the skill premium shock in the baseline model (yellow) to the response of the economy when families are randomly re-located between the two neighborhoods every period after the shock (light yellow). The figure shows that segregation contributes to 18% of the increase in inequality one period after the shock, that is, between 1980 and 1990, and to 28% of the increase in inequality over the whole period between 1980 and 2010.
A ‘Buy Bitcoin Here’ sign is posted at a 7-Eleven store on Nov. 10, 2021, in Los Angeles, California. The price of the cryptocurrency had hit a new record high, nearly breaking through $69,000 as inflation had risen to a level not seen in 30 years. (Mario Tama/Getty Images) Zurich University’s professor of economics says Bitcoin ‘doesn’t solve a single problem’ Crypto’s advantages over traditional finance soar in wartime and financial conflict. The best bets for this scenario are the most established coins — Bitcoin and Ethereum — with large holders in all countries, plus crypto with strong privacy protections, such as Monero and Dash. (I invest in crypto and also use coins for transaction purposes. I don’t own any of the four coins mentioned, but may purchase them in the future.)Bitcoin inflation misguided fear money creation
For now, virtual currencies such as Bitcoin pose little or no challenge to the existing order of fiat currencies and central banks. Why? Because they are too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable. Many are too opaque for regulators; and some have been hacked. Comments (250) Musk is right in one respect: Bitcoin mining is energy intensive, no doubt about it, and it will only get increasingly more energy intensive on a per-coin basis as the difficulty rate heads higher.
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