Well, in the 19th century the price of oil dropped by 80% and the U.S. when from a bankrupt, third-world nation to the largest manufacturer on Earth. I would sure hate to live in a world like that.
Well stated. If I hadn't already posted in this discussion, I would mod your comment up. Few people grasp the heart of these matters as they are cleverly obscured.
Because starting wars, operating with zero transparency, hiring lobbyists, having administrations officials quit to become lobbyists, schmoozing with lobbyists, supporting all manner of civil rights abuses, reaffirming the PATRIOT act, and just generally doing exactly what the Bush administration did, isn't 'undoing' him.
The gold held by the by the U.S. Treasury is not used to back Federal Reserve Notes ('dollars'), nor any other notes. The gold is simply kept as an asset. You might find the Wikipedia article on the United States Dollar enlightening.
You are making up your own definition of a 'backed' currency. I cannot exchange my dollars for anything other than market value of a good or service. A backed currency guarantees exchange for something, such as a specific amount of gold, regardless of the market value of the good.
That is no backing at all. A good purchased with a currency does not mean that the currency is backed by that good. The only way a currency can be backed is when it can be exchanged for something as a part of a guaranteed standard, such as gold, for example. USD used to be guaranteed against gold, so ever dollar was a guaranteed amount of gold, regardless of the value of gold. So that would a 'backed' currency, not just a good purchased using a currency.
I disagree. You just end up with failed business model. Just because the actuaries didn't do their job properly doesn't mean a Ponzi scheme was being used. If I open a store and it goes out of business, leaving the suppliers unpaid, was that a Ponzi scheme? No. It just happens that in the insurance business, the customers are also a sort of vendor (the ones paid for the product sold).
You could have a local wallet with a limited number of BitCoins - just like the wallet you carry around with you - for your walkaround money. Then store your full wallet offline in a removable media that you access with a live CD essentially acting as your teller.
But the same argument can be made for stocks. Those who purchased Yahoo! shares at its IPO made millions, and those who purchased in 1999 were suckers. Does that make the Yahoo! IPO a pyramid scheme? I don't think so.
Run a vanilla Ubuntu Live CD and encrypt your BitCoins on a removable media. Problem solved. Do what you do with your real-world dollars: deposit your BitCoins in a bank, or do they have those yet?
You store your cash on a card? How do you do that? I think what GP was trying to say is that if you store all your cash in your house or on your person, it's much more likely to get stolen than if you store it in a bank, which is what most people do.
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I'm not really sure where you get the impression of what I would think if this were a GOP only bill. Bipartisan usually means twice as bad.
"Hell hath no fury like a bureaucrat scorned."
I'm sure this will work out well for small businesses.
Well, in the 19th century the price of oil dropped by 80% and the U.S. when from a bankrupt, third-world nation to the largest manufacturer on Earth. I would sure hate to live in a world like that.
Well stated. If I hadn't already posted in this discussion, I would mod your comment up. Few people grasp the heart of these matters as they are cleverly obscured.
Because starting wars, operating with zero transparency, hiring lobbyists, having administrations officials quit to become lobbyists, schmoozing with lobbyists, supporting all manner of civil rights abuses, reaffirming the PATRIOT act, and just generally doing exactly what the Bush administration did, isn't 'undoing' him.
Yet those are only reproductions of original recordings.
Acceptance and backing are two different things.
None of the things you stated has anything to do with an asset-backed currency, which the U.S. dollar is not an asset-backed currency.
My understanding is that HomeGrocer.com was actually profitable before being purchased by webvan.
The shareholders are the owners of the company. They can fire the board of directors at any time and vote in people who will declare dividends.
The gold held by the by the U.S. Treasury is not used to back Federal Reserve Notes ('dollars'), nor any other notes. The gold is simply kept as an asset. You might find the Wikipedia article on the United States Dollar enlightening.
You are making up your own definition of a 'backed' currency. I cannot exchange my dollars for anything other than market value of a good or service. A backed currency guarantees exchange for something, such as a specific amount of gold, regardless of the market value of the good.
Another way to look at it is that within the next 17 years nearly everything will be public domain.
Dollars do not represent assets, either.
That is no backing at all. A good purchased with a currency does not mean that the currency is backed by that good. The only way a currency can be backed is when it can be exchanged for something as a part of a guaranteed standard, such as gold, for example. USD used to be guaranteed against gold, so ever dollar was a guaranteed amount of gold, regardless of the value of gold. So that would a 'backed' currency, not just a good purchased using a currency.
I disagree. You just end up with failed business model. Just because the actuaries didn't do their job properly doesn't mean a Ponzi scheme was being used. If I open a store and it goes out of business, leaving the suppliers unpaid, was that a Ponzi scheme? No. It just happens that in the insurance business, the customers are also a sort of vendor (the ones paid for the product sold).
Actually, deflation works to increase the value of the money. It means less currency chasing more goods.
That is why you purchase a fire safe. Just make sure you get one that is also waterproof. It turns out they extinguish fires with water. Lots of it.
There is nothing backing the dollar. Those are only items purchased using dollars.
Coincidence of wants
You could have a local wallet with a limited number of BitCoins - just like the wallet you carry around with you - for your walkaround money. Then store your full wallet offline in a removable media that you access with a live CD essentially acting as your teller.
But the same argument can be made for stocks. Those who purchased Yahoo! shares at its IPO made millions, and those who purchased in 1999 were suckers. Does that make the Yahoo! IPO a pyramid scheme? I don't think so.
Run a vanilla Ubuntu Live CD and encrypt your BitCoins on a removable media. Problem solved. Do what you do with your real-world dollars: deposit your BitCoins in a bank, or do they have those yet?
You store your cash on a card? How do you do that? I think what GP was trying to say is that if you store all your cash in your house or on your person, it's much more likely to get stolen than if you store it in a bank, which is what most people do.