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Comment Re:Stable Coin (Score 1) 62

No. Economy is movement of value, not of money. That's just speculation.

As little kids in a socialist country, we got fed the following tale:
Heating fuel in a mining town was very expensive. So the protagonist took a cart and a friend, went to the other side of a forest to buy wood cheaply, and with much effort, hauled it home. When asked why he won't haul another load and sell it at home, the guy answered: "I'm a worker not a speculant".
Abstracting from the nonsense of the price difference of wood being so high on two sides of a forest, the commies who produced this piece of propaganda inadvertently produced a nice example why trade is good despite not producing something by itself: the value it creates comes from moving goods to where they're appreciated (ie, needed).

Thus: economy is the movement of value (goods, services) between different owners who value those goods and services differently.
On the other hand, movement of money or similar tokens (eg. a wash trade) isn't valuable by itself.

Comment Re:Stable Coin (Score 1, Insightful) 62

If inflation is not a tax, then where does the value of newly printed or fractionally lent money come from? Money has no intrinsic value, it's a mere token -- if you add more tokens, the value of every existing token is suddenly lowered.

People not spending money is bad... how? This doesn't slow the economy any, nor does it freeze any value -- all it freezes is some _money_. Any money that's temporarily out of circulation increases the value of any actual assets that are in use.

As for borrowing costs, you got that reversed: if there's inflation, borrowing gives you an advantage by having the real cost decrease as time goes. With deflation, you need to actually pay to borrow.

Comment Re:Stable Coin (Score 1) 62

Yet the world's average inflation goes around 5%, not 1%. Surely, they wouldn't be so incompetent if they meant it?

They don't claim that an inflation of 20% is good, indeed -- but only because with the economy hurting so much even financial institutions can't reliably make money. But, their claim is that any deflation, even of 1% or lower, is worse than a runaway inflation. And that's pure bullshit.

Comment Re:Stable Coin (Score 4, Informative) 62

There's no need for a "backing", what matters is that it's impossible to "print money". Physical metal coins are only one way to do so, and not even the best (as they can be mined, and take up metals that could be put into useful work). Of course, current cryptocurriences are not that good, either -- waste of electricity, waste of disk space (Bitcoin currently needs 700GB to meaningfully participate), transaction costs, etc. Metal coins are merely the most traditional one.

Too bad, those in power (and money = power) have grown too attached to the ability to pull money out of thin air. Debasing of coins was popular for thousands of years, most countries defaulted in early 20th century (Germany 1914, UK 1925, US 1933) then successively removed remaining safety barriers (US went into freefall in 1971). And most of money from nothing is "produced" by banks rather than governments.

We are told that "inflation is good" by economists -- for me, it's nothing but a tax. Asking an economist whose very paycheck comes from inflationary measures is same as asking a christian Bible scholar whether the Bible is trustworthy.

Comment teething (Score 4, Insightful) 113

"There'll be some teething problems," O'Leary said of the move.

That's putting it mildly.

Smartphones can crash, run out of battery or any number of problems. On important trips I usually have a paper boarding pass with me as a backup. Only needed it once, but I'm just one person with fairly normal travel amounts. Multiplied over the number of people flying Ryan Air, statistically speaking this happens constantly.

Frankly speaking, I think it's a gimmick to milk the customers for more money. Someone at Ryan Air has certainly done the calculation, estimated how many people can't access their boarding pass at the gate for whatever reason, and how much additional money they can make by forcing all these people to pay the additional fee for having it printed.

Comment Re:I wouldn't care if my taxes hadn't paid for it (Score 1) 89

Mostly true but not entirely. For the moment at least there are still applications such as airplanes where fossil fuels have no reasonable alternative. But yes, a large number of things that we currently power by burning long-dead dinosaurs could just as well work with other sources of energy.

And yeah, I think the whole world looks at the Middle East and is thinking: If you all so much want to kill each other, why don't we just step back and let you?

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