Not quite. I have no need to hide my ignorance or say something cryptic. I strive to express myself as clearly as possible. I also think I understand something about money and the nature of it. It's very complex, at least for my simple brains. But I'm open to anything that helps me better understand money, economics, and what not. So do you understand money? If you do, could you point me to some good information?
I think I have a decent handle on it. I've been meaning to write a post about it, but as you can see if you look at my blog I'm very lazy and only occasionally write anything...
The short version is that money is a leaky abstraction for the benefit people provide to others. It certainly isn't all debt though, any money borrowed is being paid back by people benefiting others. In fact, lending money in and of itself creates a benefit.
The whole question of "fiat" vs "gold" or whatever is inherently ridiculous. Everything is worth what people believe it is worth, and gold is no exception. That's why money has literally been everything from sea shells, to stone IOU's, to paper, to some bits on a computer. It literally does not matter what the money is physically represented by, it matters that people see it as valuable.
Cryptocurrency enthusiasts like to say their favorite currency is backed by "proof of work." But... really work isn't the point. The point is benefit, and what does a cryptocurrency really do? It does math to generate more cryptocurrency. The only benefit it provides is to perpetuate itself, which doesn't strike me as that useful unless humans decide the cryptocurrency has value. The end result is that all cryptocurrencies are inherently speculative and turn into investment vehicles moreso than currency.
Forgive me, but you do not have a decent handle on it. You possess a conformists understanding of money, and I think the condescending tone with which you have spoken to this gentleman is both inappropriate and unjustified. You don't seem to know what the fuck you are talking about.
@idealist had it correct. All money is debt. And it could never be paid back, because every time new money is printed and loaned to the governments of the world, there is interest attached. And where does the money to pay that interest come from? Nowhere. Because it doesn't exist. This is clearly what they were getting at, and I think you owe him or her an apology for the way you spoke to them. You can do better.
That doesn't even remotely make sense...
Yeah, money is really hard to understand.
Oh I get it, you're clueless so you think if you say cryptic things you'll sound smart.
Good job.
Not quite. I have no need to hide my ignorance or say something cryptic. I strive to express myself as clearly as possible. I also think I understand something about money and the nature of it. It's very complex, at least for my simple brains. But I'm open to anything that helps me better understand money, economics, and what not. So do you understand money? If you do, could you point me to some good information?
I think I have a decent handle on it. I've been meaning to write a post about it, but as you can see if you look at my blog I'm very lazy and only occasionally write anything...
The short version is that money is a leaky abstraction for the benefit people provide to others. It certainly isn't all debt though, any money borrowed is being paid back by people benefiting others. In fact, lending money in and of itself creates a benefit.
The whole question of "fiat" vs "gold" or whatever is inherently ridiculous. Everything is worth what people believe it is worth, and gold is no exception. That's why money has literally been everything from sea shells, to stone IOU's, to paper, to some bits on a computer. It literally does not matter what the money is physically represented by, it matters that people see it as valuable.
Cryptocurrency enthusiasts like to say their favorite currency is backed by "proof of work." But... really work isn't the point. The point is benefit, and what does a cryptocurrency really do? It does math to generate more cryptocurrency. The only benefit it provides is to perpetuate itself, which doesn't strike me as that useful unless humans decide the cryptocurrency has value. The end result is that all cryptocurrencies are inherently speculative and turn into investment vehicles moreso than currency.
Please do write it. I am following you now :-)
Nice. :) I'm almost certainly writing a review of Horizon: Zero Dawn first though...
Forgive me, but you do not have a decent handle on it. You possess a conformists understanding of money, and I think the condescending tone with which you have spoken to this gentleman is both inappropriate and unjustified. You don't seem to know what the fuck you are talking about.
@idealist had it correct. All money is debt. And it could never be paid back, because every time new money is printed and loaned to the governments of the world, there is interest attached. And where does the money to pay that interest come from? Nowhere. Because it doesn't exist. This is clearly what they were getting at, and I think you owe him or her an apology for the way you spoke to them. You can do better.