Really dramatic steps like this could be disastrous, but in general I'm concerned about how the banking system creates money. https://twitter.com/MrsEmpressWife/status/1037742447466565633 …
-
-
Not to get too Socratic, but tons of things have value upon which no monetary proxy seems to suffice. Beauty? Justice? One absolutely pays for these things in one way or another, but the far-reaching dividends of a functioning justice system are inscrutable and incalculable.
-
Good art is beautiful and I can buy it to put in my house. Is a bitcoin beautiful? Justice? Well, contracts and rights can be bought and sold. Is bitcoin a right to anything?
-
A right to be free of hyperinflation and debasement. To be free of central banking. To be free of the back-door taxation that the mint *actually* represents to people. That is a thing of beauty, my friend. Beauty pure and mathematical.

-
I'm not saying bitcoin itself is the stone to slay Goliath. But it might be. Whether it wins or something like it remains to be seen. But I am quite certain some form of crypto will, eventually.
-
I'm not sure what other forms crypto might take, which is why I said unbacked crypto. If the US government started taking taxes in crypto I'd call that a kind of backing, but why would they allow everyone to print more money by just running their computer?
-
Maybe if the computations themselves were useful to the government?
End of conversation
New conversation -
-
-
"Circularity" just means self-grounding, or -- dynamically -- self-propelling. A circular "argument" is stronger (i.e. more independent) than a non-circular one. If you don't have a circle, you have arbitrary axioms.
-
Need a credit crypto. Backed by productive credit. Copy Fed model, but banks and borrowers (small biz, investors) own the system. Use sth like
#Decred voting model. Block chain replaces Fed, private credit money standardized by block chain. -
Credit requires meat-space enforcement to disincentivize defaults.
-
Credit is >90% of money supply. If there is no private credit alternative, central banks will create the public blockchain. Game over for liberty and property, it will be policed liked Twitter is today. Sorry Alex Jones, you can't spend any money anywhere.
-
Still not seeing the solution being proposed here, though.
-
A credit crypto is the solution to central banking and rule by banks. Too many in crypto are anti-banking as well as anti-bank, and crypto is a solution similar to gold. It appeals to the gold crowd and people making it (software is not credit intensive).
-
Not sure how you're getting here. Lending at interest isn't connected to type of currency. It's so old a concept that the Abrahamic religions forbade it. The difference with commodity-based currencies is that the banks can't invent it via fractional reserve banking.
-
Banks don't take deposits and lend them out. They create credit money when they make a loan. They have no interest in commodity money. Borrowers want a stable credit currency, or to repay in their output (gold miners will borrow your gold and repay you in gold).
- 6 more replies
New conversation -
-
-
A currencies value is memetic, you value it because you believe someone else will accept it in the future, and you doing so cascades into causing that belief in others. Gov backing is just a strong point of leverage to spread that belief.
-
Crypto doesn't have a natural value in the way say gold does (== cost to mine) but that's not the same as having a natural value of zero.
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.