23 Jan '13, 5am

The $1 Trillion Coin Argument: The Best Case For Bitcoin Yet #b2bsales

The Possibility Of Minting A $1 Trillion Coin: The Best Case For Bitcoin Yet January 23, 2013 5:37 am We have heard many arguments favoring Bitcoins – a limited money (coin) supply, no central money control authority, no single point of failure (it is peer-to-peer), and many more. But the best argument in favor of Bitcoins yet has arrived in disguise – the $1 Trillion coin argument to handle the debt ceiling issue. We had provided a programming analogy to the $1 Trillion coin option. The summary of the “mint the coin” option is this: The Government needs money. Generally the mechanism is this: The Treasury issues debt. The Fed buys that debt and sends money to the Treasury. The government can then spend that money. The catch is, when that happens, debt goes up. and everyone hates that. So how can the Government get money from the Fed without issuing debt? A legal loophole ...

Full article: http://statspotting.com/2013/01/the-1-trillion-coin-argum...

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