How Money & Banking Work (& why they're broken today) - Lyn Alden
youtu.be
In this 30-minute explainer video, Lyn Alden takes a step back through history and looks into the intricacies of money and banking, offering an answer to an ...

An enlightening and high quality video on how money and the banking system work, why they are corrupted and what is the solution.

  • FuckyWucky [none/use name]@hexbear.netEnglish
    1·
    3 months ago

    money has to be backed by the state so if bitcoiners really want bitcoin to be used in everyday transactions, i would suggest running for President and replacing U.S. Dollar with Bitcoin for tax payments/legal tender.

    how will the state obtain Bitcoins? by building massive resource wasting mining farms which itll have to issue bitcoin bonds to build, making the state subservient to the private bond markets and interest rate it demands, Greek style.

    there is massive plague and the economy has collapsed? what will the state do? cant give people money or increase healthcare spending because the capacity of the state to mobilize resources is now limited by what the private sector is willing to give it or how much it can mine. oops mass death.

    bitcoiners have to be dumbest creatures alive. these people can’t imagine a pro-Worker Government so they have to come up with convoluted ways to tie the hands of the state so it cant give capitalists free money.

      • FuckyWucky [none/use name]@hexbear.netEnglish
        1·
        3 months ago

        Sole legal tender.

        Edit: I dare them to pay all Government employees in Bitcoin, demand taxes be paid in Bitcoin. It would be a funny experiment if it weren’t for mass unemployment and deaths that arise out of a recession.

        It would be funny trade wise too. No other country is going to accept Bitcoin as payment for real goods and services. So, the country will have to convert Bitcoin to USD at market price (which can swing wildly) and also hope the market has enough liquidity to handle it.

    • Catsrules@lemmy.ml
      0·
      3 months ago

      money has to be backed by the state

      I think the point if Bitcoin was to challenge this statement.