The IOU Machine: How Currency Is Created | Hidden Secrets of Money Ep. 4

What Hacker News said

Strong rec jcslzr · 2019-01 · on “Ten Years of Bitcoin”

You don't understand that what we call "money" today its a scam: [this video] BTC will create prosperity we can not even dream of

Strong rec mrnobody_67 · 2020-03 · on “The Longest Record Broken: Gold/Silver Ratio Hits Highest in Over 5,000 Years”

This is the best explanation I've ever seen of how the Fed and US Dollar money printing actually works: [this video] Most people also don't realize that the Fed, which buys Treasury's drawn on a bank account with $0 in it, is privately owned - and distributes dividends to its private shareholders holders (who are not disclosed).

Strong rec jondubois · 2020-09 · on “The unrealized potential of federation”

> Cryptocurrency is the digitally woke techbro’s ponzi scheme The fiat monetary system is a ponzi scheme. Watch "Hidden Secrets of Money": [this video] I also recommend doing your own research after this. The evidence is clear and overwhelming. Cryptocurrency is merely a response to this scam and its continued success helped to further prove that the financial system is a scam. Even if you assumed that cryptocurrency is a scam, what kind of financial system enables a scam to thrive for 10+ years? In such a system, how can you tell the scams apart from the non-scams? Clearly the so-called 'free markets' are not capable of distinguishing the two. What's to say that most big tech corporations aren't

Recommends xiphias · 2014-07 · on “Bitcoin: the Stripe perspective”

Volatility should never be important when selecting a store of value. Gold and silver has much volatility compared to USD and hamburger price, still if you sold a cow 5000 years ago in Egypt for silver, you could buy at least 0.1 cows from the same amount of silver today. Silver doesn't lose more than 0.01% of its value/year (still the volatility is much higher than that). It's actually more important to understand why USD and CHF are so bad store of value. The best explanation is by Mike Maloney: [this video]

Recommends ZenoArrow · 2015-11 · on “What happens when a culture is driven by the need for money to make more money”

To understand what debt-free money is (and to address how the US money system currently works), I'd recommend this video: [this video] Please note that although there are a couple of subtle hints in the video about returning to the gold standard, the video can still be of use as a general introduction into the US money system even if you don't think that's a good idea (I don't think it's a good idea to go back to the gold standard). Hope the video can be useful for you, I know I found it useful. Feel free to ask me any questions about debt-free money (and how it could be implemented) after watching the video.

Recommends jondubois · 2020-09 · on “5k people have pledged to give 10%+ of their income to effective charities”

I recommend reading up on monetary policy and the Federal reserve (and watch videos) and you will understand what I mean and how it fits into Annand's description of the world (it compounds the problem). It's a lot worse than you think. I recommend also doing your own research to verify all the facts. I had a hard time believing some of the facts presented but all checked out so far. Hidden Secrets of Money: [this video] An interesting recent discussion I found which discusses the current state of the economy: [LINK] Actually the second one is eye-opening for anyone who wants to make sense of the current situation.

Cites cryptica · 2020-09 · on “Remembering my father”

Bill Gates should use his money to lobby politicians to address deep systemic issues instead of trying to cover up the symptoms with philanthropy. One of the main problems is the continuous 'printing' of money and the way it is distributed into the economy. It doesn't make sense that all the newly printed money goes to wealthy institutions and individuals first, it doesn't trickle down. If they want to keep the money printer running, then that money needs to go to everyone equally; this means UBI (Universal Basic Income) - Otherwise we'll just end up with the insane politics that we have today; where the rich who are in close proximity to the money printers wield way too much power over poli

Cites cryptica · 2020-09 · on “Fuck You Startup World (2016)”

Let's not ignore the 'minor' detail that the entire space is a ponzi scheme to begin with (coming from Chamath Palihapitiya; a billionaire who was one of the first Facebook employees): [LINK] And let's not ignore that the entire financial system within which this ponzi scheme operates is also a giant ponzi scheme: [this video] So the startup world is literally a ponzi scheme within a ponzi scheme.