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ASX edges higher as Aussie dollar remains near seven-months lows and Bitcoin passes $US100,000 — as it happened (www.abc.net.au)

submitted 2 weeks ago by Baku@aussie.zone to c/ausfinance@aussie.zone

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[–] No1@aussie.zone 4 points 2 weeks ago* (last edited 2 weeks ago) (2 children)

Tell me what the value of a dollar is based upon.

We allow bits of worthless plastic and metal, and electronic bits to 'pay' for real goods and services.

You allow your employer to transfer electronic bits to a digitally stored 'bank account' for your hard work and labour.

Maybe that's because everyone just trusts or believes it has value. There are plenty of examples in history where a currency crashed because people lost faith in it's value.

If you want to explore some other areas, look into barter vs currency, the gold standard, money creation and how the commercial banks create money via deposits, and the Reserve Bank creates money for the government.

[–] hanrahan 1 points 1 day ago (1 children)

Tell me what the value of a dollar is based upon.

Thats easy, get a tax bill (rates notice, car rego, kicense renewal, etc) and try and pay any other way.

The "value" of a dollar is based in nothing but the Government's ability to force you to forfeit your freedom if you dont comply, that does NOT apply to bitcoin.

Maybe that's because everyone just trusts or believes it has value.

No it's becase if you don't, people in large combat boots, black uniforns and large guns will drag you in front of some crusty okd person, dressed in drag with a wig, aka judge who'll decided if you did or did not comply and then take your liberty if you did not.

Companies need cash becase the government insists they remit part as tax to them, remit GST to them etc all in fiat. They will NOT take seashells, Gold or bitcoin.

[–] Eyekaytee@aussie.zone 2 points 2 weeks ago (1 children)

so your issue is with fiat money and basically the entire modern monetary system… nice

I still don’t understand how a literal ponzi is as stupid as fiat money but you do you

[–] No1@aussie.zone 1 points 2 weeks ago* (last edited 2 weeks ago) (2 children)

Don't force assumptions on me. I have no issue with fiat or other 'money'. Or property, or investments.

Ahh, my friend, forget ponzi. Explain economics to me.

Or, alternatively, explain how 'traditional' investments or property or fiat differ from a ponzi.

'Elaborate'. I'll wait.

[–] hanrahan 1 points 23 hours ago

Ahh, my friend, forget ponzi. Explain economics to me.

Not the OP bit I'll take the bait... For as long as humans have existed we have paid others to pretend to know the future, once we used chicken entrails, tea keaves etc now we use economists who pretend they are different to thier predecessors who used tea leaves but they to use tools inappropriate to forecasting,

"The only function of economics is to make astrology look respectable." — Ezra Solomon, professor of finance, Stanford University

[–] Eyekaytee@aussie.zone 1 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

I don't know if you mean to come across like a profound philosopher whos stumbled onto a great secret that makes all economics? digital currency? fiat currency? as dumb as a literal ponzi but if you could get your point across without being vague as hell that'd be great.

[–] No1@aussie.zone 1 points 2 weeks ago* (last edited 1 week ago)

The emperor has no clothes 🤣. That's as simple as I can put it.

You keep bleating 'Ponzi' as if that's a logical explanation.

Pick anything you like. Anything. Prove it's not a Ponzi. It might help you understand what an actual Ponzi is.