“Could” being the most important word in the above headline.
Thing is socialism always implodes eventually and in proportion to the amount that it is embraced. But if Bitcoin can help it along that’s a good thing.
It should also be noted, because it has been a while since we have, that crony capitalism, “fascism (generally) lite,” is a form of socialism.
Central banks are the prime movers of crony capitalism. Them getting into the virtual currency business is a bad thing but probably inevitable.
In the effort to inject interesting economic thought into the discussion at ACC we present the following video by Jeff Deist recorded at the Mises Institute. This lecture will likely challenge many of your assumptions about money.
The a new front opens up for the Federal Reserve.
Also one definitely gets the sense that the recent decline in gold is looking more and more like an opportunity to put away some real wealth at relatively low cost. This is definitely on the mind of the Chinese, and perhaps the guys in 10 gallon hats.
A couple of years ago I spent an evening talking economics and entrepreneurship with the developer of the new gold backed cryptocurrency The Business Insider reports on below.
I’ll say this. Anthem is darn sharp and I love that he has named his currency the Hayek. He told me about this venture when we met and I am pleased to see that his dream has become reality.
A gold backed virtual currency is just smart.
Oh Liberland, what a great little experiment you are.
Poker is a game that I think most people should learn to play. I am not suggesting that everyone sit down at a Vegas table and start betting. By no means. Unless you have a burning desire to lose money. But learning the rules of the game and how it works is very beneficial. The lessons I’ve learned while playing poker (I haven’t played in years) have served me well. It’s too bad our government(s) has such a problem with the game.
Bitcoin a couple of years ago.
It was only a couple of years ago that outside of a few anarcho-capitalist and libertarian circles Bitcoin was completely unknown. Times have changed.
You cannot do business anonymously any more. There must be a trail for every transaction lest some amount of money escapes the clutches of the managers. There must be control.
Bitcoin directly challenges the current banking system. That’s why the banks (via friends in Albany) are trying to shackle it down with regs.
The dollar, and more importantly the petrodollar is in some serious medium to long term trouble. Right now the dollar is the reserve currency of the world and the only currency with which one can buy or sell oil in in any serious amount. This gives the United States enormous power. We “print” dollars. The world needs dollars to buy its oil. We print more dollars. In a sense one could even argue that oil is the de facto commodity which backs the US dollar.