Let's discuss Bitcoin

>>8834095
Central banks exist only to enrich the already ultrarich.

>But it seems to me that a nation that can effectively control their currency is ultimately superior to one that doesn't.

The Federal Reserve is a PRIVATE entity which is not part of the government nor is it accountable to the public. So who is in control really? Would you rather it be them or that the power be decentralized?

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>>8834095
I like the concept of Blockchain and currency mining.

it's a way to generate currency while in the same time generating more security by solving hashes (if I understand correctly)

the problem with Bitcoin is that it's bound to real currency and can be used to buy and sell other currencies. This fact nullifies all the neat advantages of digital cryptocurrency (cc) and makes it just another electronic payment method.

Things that are missing:

• global acception and participation on cc
• currency trading using cc should be prohibited
• either all legislators should be obligated to save the blockchain continuously
• mining plants need to be regulated more or should affect gain to avoid centralization

that's the problems I can think of the top of my hat.

>>8834095
If you are seriously that stupid to think it was created by literally nobody they are dead wrong.
It was experiment for the future to see how much is needed for people to transfer their believe in the monetary system that is based on non material objects.
American monetary system is already based on something that is not Gold,its called thin air in most places.
It only showed that is vulnerable as any currency through history therefore useless.

>>8834235

You have no idea what you're talking about.

>the problem with Bitcoin is that it's bound to real currency and can be used to buy and sell other currencies.

It's not "bound" to anything: it gains value because it's scarce and can be used as a store of value and payment method.

>Things that are missing: ...

Can you explain wtf you are talking about? Why would you want a currency that can't be traded with other ones? Gradual adoption is clearly the right strategy.

Mining centralization is a legitimate problem but not necessarily a fatal one.

>>8834192

>Central banks exist only to enrich the already ultrarich.

I cannot take you seriously when you say that. Both China and Germany make very good use of currency value manipulation.

The US is not even relevant to the debate here. It's bout central banks in general.

No idea really about financial implications from a currency like bitcoin, but since it enabled online drug trading I save a lot of money compared to what I would pay a dealer.

But from what I do understand about central banks is that everything that tries to erode their power is a good thing...

>make thread about Bitcoin expecting a reasonable discussion
>get two nutjobs and a guy who doesn't know what the fuck he's even talking about

I don't know what the fuck I expected desu.

>>8834350
The US has one of the biggest central banks in the world, surely it is relevant to the debate.

>>8834356
>But from what I do understand about central banks is that everything that tries to erode their power is a good thing...

Why? This is at the core of the question in the OP.

Also note that central bank scepticism seems like an American thing for the most part.

>>8834360
Are you economist?
if not than you are in this shitheap as much as we.

>>8834363

I'm not asking whether one particular central bank is evil/corrupted.

I'm asking whether a country would do better without a central bank (because currency had become decentralised) or whether there IS value in having a central bank and that therefore, ultimately the countries with a central bank will outlive the decentralised currency "fad".

>>8834370

I'm a European and a mathematician (in training).

Being a European I'm not exposed to that crackpot pop-economics that you guys are bombarded with so at least I have some fresh perspective.

>>8834364
We have a central bank here in the EU as well as one for germany as far as I know.
They seem to be at least the ones who keep pushing for more greece bailouts against what the people there want.
They are thus anti democratic, and as long as they cant rigorously prove that what they are doing is for a greater benefit, I will condemn it.
I am thus against central banks and for things like bitcoin.

>>8834379

I understand what you are saying.

But there is a difference between acting undemocratic and acting in a way that harms the nation/union/whatever as a whole. Maybe they harm poor people, but overall help the economy.

Ultimately what decides the fate of central banks (and by proxy the fate of cryptocurrencies) is the latter.

>>8834378
You are a math student that barely has grasp of the implications of this form of currency.
Please come back in 50 years when you understand that economics are very simple.

>>8834267
Well, currently bitcoin is "bound" to the drug market.
If drugs were to become legal tomorrow bitcoin would loose a lot of value. In that sense, yes it is "bound" on another currency.

>>8834235
>the problem with Bitcoin is that it's bound to real currency and can be used to buy and sell other currencies
that's just straight up not true, though

>>8834397
Being this autistic.