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St. Louis Fed’s David Andolfatto: Bitcoin Can Be a Store of Value

St. Louis Fed’s David Andolfatto: Bitcoin Can Be a Store of Value submitted by Capriccioboy to Bitcoin [link] [comments]

“I have my doubts that [bitcoin] could be a good currency,” says David Andolfatto, a St. Louis Federal Reserve Bank economist who’s hosting a public discussion on bitcoin later this month, “but I can see some modest value if a growing number of merchants start accepting bitcoin.”

“I have my doubts that [bitcoin] could be a good currency,” says David Andolfatto, a St. Louis Federal Reserve Bank economist who’s hosting a public discussion on bitcoin later this month, “but I can see some modest value if a growing number of merchants start accepting bitcoin.” submitted by montseayo to Bitcoin [link] [comments]

The doublespeak of Federal Reserve VP Andolfatto

A couple days ago, Fed VP David Andolfatto gave a presentation on Bitcoin. It was generally hailed as "fair and balanced" by observers.
Yet, we cannot let people in positions of power get away with nonsense such as the following, taken from a Bloomberg article today:
"Andolfatto said today the Fed has provided a fairly stable currency for 100 years and “passed the market test.” The value of Bitcoin is prone to swings because a central authority can’t issue more supply in times when demand for money soars, such as in a financial crisis, he said."
This is absurd.
First, anyone who thinks the Fed has provided a fairly stable currency for 100 years needs to read this:
TLDR - the dollar was stable for 150 years pre-central bank. Then central bank was created "to stabilize the value of the dollar" and over the next 100 years the dollar has lost over 96% of its value. That is a big fat fail.
Second, the Fed cannot be said to "pass the market test" because it is the antithesis of a market. Central banks are a replacement for the market of money and interest. Central planning by governments is the opposite of markets. The only test the Fed has passed is the scorecard it gives itself.
And third, related to Bitcoin specifically, its volatility is most certainly not due to the inability of a benevolent central bank to to print more of it. Its volatility is due to A) small market size, B) the fact that it's new and experimental and C) a sensationalist narrative. Time soothes all three of these, and Bitcoin will slowly earn stability in the marketplace (as opposed to achieving it through the coercion of government) .
The dollar's superficial stability (which only appears stable over the short term, as it loses value continually over time) is not due to central bank omnipotence, but rather to market size. And indeed, it was far more stable before the Fed existed (this was mostly due to the "dollar" being just the name for an amount of gold).
Andolfatto is engaged is doublespeak and fallacy, suggesting the opposite of the truth: that money is flawed to the extent it cannot be debased.
Now that Bitcoin exists, this kind of economic witchcraft will fade, and the world will see which currency is real, and which is virtual.
Bloomberg article:
submitted by evoorhees to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] Ramifications of a fixed money supply,

The following post by LineupKings is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link: Bitcoin/comments/7nmxs4
The original post's content was as follows:
imho a fixed money supply would decrease demand for money over time since no new money is being created. It would also encourage individuals into becoming value creators for a sustainable (fixed/maintained/sustained) society. With a fixed supply of currency, the wealth flows increasingly to those who are value creators as determined by the demand of the rest of humanity with 100% employment in the long run.
In response to "As David Andolfatto crisply points out, a money supply rule that does not respond to shifts in money demand generates large fluctuations in prices. And since society tends not to tolerate outright declines in wages, these fluctuations often carry over into unemployment." from the article - "The consequences of allowing a cryptocurrency takeover, or trying to head one off" found at the Financial Times website
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Global Economy Forecast

Greece will default on their EU creditors because they know that they have a Russian safety net. After Russia helps Greece become a sovereign state, Russia will request that Greece votes to repeal the economic sanctions against them. Greece has every reason to default, knowing Russia has their back and Russia has every reason to have Greece's back. Win-Win for both countries. Complete loss for the EU.
The Greece debt is listed as an asset because the creditors expect to be paid back. That 323 billion euro debt must be absorbed by the creditors and now that asset becomes a liability. How will this effect the European Market?
DAX German Stocks
FTS Eurofirst 300 Index
DAX is higher than it was before the 2008 crash.
I couldn't find any sources of the FTSE Eurofist 300 Index that went back beyond 5 years. However, even within that limted timeframe, the FTSE index is in uncharted territory.
Point being : European stocks are in a bubble. When Greece defaults, that backlash will hit the European economy. The question is, where do Investors go to find a safehaven for their money during a financial crisis?
submitted by Xeagu to Bitcoin [link] [comments]

Bitcoin Quotes - We are not the only ones who love BTC. Please add to the list if you have good ones

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bitcoin - YouTube Buying Bitcoin vs Bitcoin Trading - YouTube The Central Bank and the Gold Standard David Andolfatto, Bitcoin and Beyond, Conclusion David Andolfatto, How Big Is Bitcoin, and Is It Stable?

Andolfatto is mildly positive about Bitcoin in this regard. MacroMania A bit more on the economics of Bitcoin David Andolfatto Vice President, FRBSL Chicago Fed Letter Bitcoin: A primer François R. Velde, senior economist . Posted by Tom Hickey at 9:14 PM. Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest. Labels: Bitcoin, digital currency, information, MMT, money ... Andolfatto Bitcoin. Bitcoin Cash was introduced to the cryptomarket via coin leopold premier a hard fork on andolfatto bitcoin August 1st, 2017.. Dat Money Shot. David Andolfatto: Does bitcoin facilitate illegal trading? Yeah, probably, but you know, so does the U.S. dollar, so does gold. Remember, bitcoin transactions travel wallet to wallet, where the wallet identities are disguised, so in that sense, they're very similar to like using U.S. cash in facilitating illegal trades. But on the other hand, remember what I told you. The wallet histories are ... Bitcoin and Beyond, David Andolfatto, St. Louis Fed - Video. Related Post. Bitcoin Supply on Ethereum Tops $1B - CoinDesk - CoinDesk - September 18th, 2020; Its a bull trap! 3 key metrics forecast Bitcoin price rejection at $11K - Cointelegraph - September 18th, 2020; Bitcoin sentiment at record lows Does it mean the price will go up? - Cointelegraph - September 18th, 2020; Bitcoin will ... David Andolfatto, who is the Vice President of Research at the Federal Reserve Bank of St. Louis, recently let it be known that bitcoin may work as a store of value.The comments related to this topic came during a recent interview on the Epicenter Bitcoin podcast.. In the past, Andolfatto has written on the concept of a Fedcoin, which would be a fork of Bitcoin that is redeemable at a one-to ...

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bitcoin - YouTube

Bitcoin Address - 1JWCncwZu8pPNhvP9wBTUxrz4eoSDy2sc3 Thanks for the support! This video is unavailable. No economic system can offer complete protection against the threats posed by recessions, stock market bubbles, unemployment and inflation. However, the fiat system employed by the Federal Reserve ... Skip navigation Sign in This interview includes many great topics -Bitcoin, is it digital gold or will it be a currency -Are the federal reserve banks teaching house members about crypto, bitcoin and other alt coins ... St. Louis Fed Economist David Andolfatto provides a look at the evolution of money and the long tradition of new currencies competing with old ones. Here, he also discusses the bitcoin competitors ...