Reply to post: Re: "mining" cryptocurrency

ASUS smoking hashes with 19-GPU, 24,000-core motherboard

MonkeyCee Silver badge

Re: "mining" cryptocurrency

"So the Cryptocurrencies replace central banks and governments with anonymous rich people to control increase of money supply."

Not anytime soon. The market cap of all crypto is tiny compared to any of the major traded world currencies. Even with massive expansion we're not seeing the end of central bank fiat any time soon.

Introductory macro economics is more about why personal/business accounting and government accounting are utterly different beasts, and that when the right magic words are spoken a Ponzi scheme is not, debt is money, and 100 gold coins from the queen of thorns is less than you might expect. You'll notice that in many textbooks even just a few years old that negative interest rates are not possible, because *reasons* and Keynes said so. After ~10 years of effective negative rates and ~4 years of actual negative rates, they just leave that section out now.

Explaining the Fed (and other central banks) ability to be their own biggest creditor, whilst continuing to issue more money is always fun. I'll always tell my students that if you expect any aspect of the economy to be fair or just, you picked the wrong subject.

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