By James Cox
"You have a few misgivings approximately our present economy and are intrigued approximately Bitcoin. you most likely even have a lurking doubt that one way or the other there's something unsuitable along with your courting with 'money.' you know that 'money' has in some way turn into your grasp, taking extra of a while than you should provide. reason why the contents of this publication will come as somewhat a shock to most folk. For we do, certainly, stand at the verge of the main astounding occasion in human background. the top of the best Ponzi scheme identified to guy is set to ensue. we're touching on the tip of fiat funds and the start of a legitimate electronic currency." - James Cox
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Additional info for Bitcoin and Digital Currencies: The New World of Money and Freedom
You then pay taxes, which, if you are American, will then be collected by the IRS and this money then goes to the Treasury. And the Treasury can then pay off that original bond for the loan of a bank note that was simply printed out of thin air. But sadly it does not end there, either. There is still the small matter of the… interest problem. The original bond came with a small amount of interest, and so did each and every subsequent bank loan. We can only pay off this debt by earning money from the current currency supply, which will, by design, be less than the amount of debt in existence.
We can only pay off this debt by earning money from the current currency supply, which will, by design, be less than the amount of debt in existence. This astonishing situation allegedly caused Robert Hemphill of the Federal Reserve Bank of Atlanta to comment at the end of his career: This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If banks create ample synthetic money we prosper, if not we starve.
Furthermore, the population of Bitcoin users is by definition made up of people who at least have access to the Internet and are therefore within the wealthiest third of the global population. ” The producers provide goods and services because they wish to earn Bitcoins. Consumers buy Bitcoins so that they can purchase goods with them more efficiently. Speculators buy Bitcoins in the hope that they appreciate in either price or value. In truth, just like any other monetary system, a great deal of the population falls into all three categories.
Bitcoin and Digital Currencies: The New World of Money and Freedom by James Cox