[ExI] Bitcoin again

[Brent Allsop]

Hi Gordon,

Yes, I noticed this as very surprising and significant also.  Thanks for
bringing this up.  Some of those articles mentioned:

"The reserve currency’s issuing nation receives a number of unique
benefits, not the least of which is the ability to borrow money at
significantly lower rates, as has been heavily taken advantage of by the
US."

But it's more than that.  As the economy exponentially grows, they must get
exponentially more dollars into the system, which is free money for
governments to spend.  Most of this is done as low interest rates, but
central banks also collect interest rate on money it lends, and so on.  All
free money.

China has also been printing lots of money, trying to keep their currency
from deflating, despite exporting so much.  But it looks like they spend a
significant amount of this purchasing USD - again to keep their currency
from deflating in comparison.  Again, the US benefits from this, as it gets
to print and loan more USD, giving it significantly more money to spend,
and why we get all the goods china makes.  All while China need to try to
just spend it's money on more USD.

I wouldn't be surprised of all the BRIC countries realize this and jump on
this bandwagon.  The first ones that do will profit significantly, the more
bitcoins in the country, the sooner, the more wealth will move towards that
country as inflation kicks into high gear, trying to accommodate everyone
else in the world.

So what is everyone's predictions about what the value of a Bitcoin will be
in one year?  I bet knowing, concisely and quantitatively, what all
transhumanists believe would be way more intelligent and accurate than any
one of us.  I'm thinking the 300% / year prediction being made here is too
high:

http://canonizer.com/topic.asp/154/2

so thinking of changing that to 100% / year.  Anyone else agree?  Anyone
else think that is moving in the wrong direction?  And why has the price
been dropping during the last few weeks?  What do you all think?  If we all
put our brains together, that could be thousands of time more intelligent
than any one of us.  But we can't achieve anything like that unless people
are willing to take a minute or two to communicate.

Brent Allsop













On Fri, Jun 7, 2013 at 6:19 AM, Gordon <gts_2000 at yahoo.com> wrote:

> Most governments around the world should have reason to fear Bitcoin, even
> if most still do not, but China seems to be different. It appears that the
> Chinese government might actively be promoting Bitcoin to its citizens,
> perhaps as part of some larger strategy to undermine the US Dollar as a
> reserve currency. This is potentially huge.
>
> "For the month of January, China ranked seventh amongst downloaders of the
> software, accounting for just 3.66 percent of downloads. As recently as
> April, Chinese downloads accounted for 13.15 percent of the total, lagging
> the US, which downloaded 27 percent of the clients. Things have changed
> considerably over the last month. From the start of May until June 4, China
> soared to the top of the charts, surpassing even the US during that period"
>
> China’s romance with Bitcoin continues
> http://www.coindesk.com/chinas-romance-with-bitcoin-continues/
>
> Bitcoin: The Newest Tool In China’s Currency War Chest
>
> http://www.thegenesisblock.com/bitcoin-the-newest-tool-in-chinas-currency-war-chest/
>
> Gordon
>
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>
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