"A well-functioning free-bnkng syst. can grow on the foundation of any base money that the public selects,and competition in the supply of base money is no less desirable than competition in the supply of bank liabilities,incl. bank notes redeemable in base money." @GeorgeSelgin
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Fellow bitcoiners, don't outright dismiss Dr. Selgin's reservations re the possible consequences of a fixed supply base money. It's a genuine debate (though I may not agree with him on this). He's a champion of liberty.
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Replying to @fernandoulrich
Thanks
@fernandoulrich. I really do believe in competing base monies. That's why I welcome ventures aimed at improving upon, not just USD, but BTC. Those who really believe in competition don't go 'round declaring a winner when the contest has only just begun.@NickSzabo43 replies 0 retweets 7 likes -
What do you mean excactly by that statement, that (some) Bitcoiners try to stifle competition from other alt-coins?
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Of course not. I mean they treat Bitcoin to be flawless, implying that further innovation isn't needed. But I won't argue any more here. I fear that if I do I will lose what remaining sympathy I have ft for a movement I long supported, which now seems to me its own worst enemy.
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We love you still professor Selgin
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