Or would he cave and prop them up again next time they come for public bailout monies? Where does this man really stand on free market capitalism and reducing big government? E.g. Will he consider disbanding/reforming/auditing the centrally-planned, monopolistic Federal Reserve banking system? http://www.zerohedge.com/news/paul-ryan-factbox |
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Here's someone who speaks with genuine authority on the matter .... Hayek "If we start on this soon we may indeed achieve a position in which at last capitalism is in a position to provide itself with the money it needs in order to function properly, a thing which it has always been denied. Ever since the development of capitalism it has never been allowed to produce for itself the money it needs; and if I had more time I could show you how the whole crazy structure we have as a result, this monopoly originally only of issuing gold money, is very largely the cause of the great fluctuations in credit, of the great fluctuations in economic activity, and ultimately of the recurring depressions. I think if the capitalists had been allowed to provide themselves with the money which they need, the competitive system would have long overcome the major fluctuations in economic activity and the prolonged periods of depression. At the present moment we have of course been led by official monetary policy into a situation where it has produced so much misdirection of resources that you must not hope for a quick escape from our present difficulties, even if we adopted a new monetary system." http://mises.org/daily/3204 (linked from here http://monetaryfreedom.org/... found some excellent reading under "Resources" link btw) NB: many people confuse/conflate the terms deflation and depression (when they actually want to refer to a deflationary depression), dyodd. |
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Short answer to OP: no.
Reason being deflation is by definition a shortage of money in the economy, i.e, demand exceeding supply. Since OS, p2p crypto-currencies like bitcoin can essentially be cloned and created at will, there will never be a self-imposed "shortage" of the money supply as happens within an economy based on a single, monopolised money supply. It is only central bank fiat money based economies that are uniquely prone to the deflationary death spiral brought about by errors or incompetence of the centralised planning, which over time are inevitable since no-one bats 100 forever. They even enforce these central planning mistakes with the full force of the law, (gold confiscation, imprisonment, propaganda etc) to prevent competing currencies from fulfilling the need in the market for more currency, it is pure evil. Basically, deflation can only take place at the end of the state gun backing up it's failed monetary policies.
Deflation is not an issue for bitcoin, of course you could have read the already archived hundreds of posts, and the sticky in the "Economics" section to know this but here you are ....
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Damn, I must be blind ... oh well something this good won't hurt being posted twice ... of course, if anyone has to delete it go ahead. |
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http://www.forbes.com/sites/jonmatonis/2012/08/07/parallel-currencies-and-the-roadmap-to-monetary-freedomThen, a bit of bitcoin drama occurred when Rep. David Schweikert (R-Arizona) initially referred to the cryptocurrency as “um….what was one of them called?….something….coin” near the end of the hearing. To my knowledge, that is only the second time that bitcoin has been entered into the congressional record. The first being when Prof. Larry White mentioned bitcoin in his prepared testimony for the Free Competition in Currency Act of 2011. ... and more.
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Yeah, Calacanis should be dumping all cash ... and any electronic chits that have passed through HSBC, Standard Chartered, NY Mellon databases, etc, the list is endless ... if he wants to start down the "holier-than-thou" road ... where on earth could he logically draw the line?
It is illogical.
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New analysis of the anonymous online marketplace Silk Road suggests that purveyors of illegal drugs and other black-market goods are raking in the equivalent of nearly $2 million of Bitcoins per month, which is roughly 20 per cent of exchanges from Bitcoins to US dollars that take place on the online currency's main exchange, Mt. Gox.
http://www.newscientist.com/blogs/onepercent/2012/08/silk-road-bitcoin-illegal.htmlThe arvix article is not peer-reviewed, raw and in some areas speculative. Interesting that these science rags have globbed onto this with such willingness, slow news day? climate change getting old? Also makes you wonder about a 'security professor' who has bots that crawl Silk Road daily ... makes great cover for a potential Silk Road participant, just saying. |
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Actually, the majority of the fiat money supply is in digital database form.
Only approx. 10% exists as fiat paper and muck-metal coin form.
i.e. 90% of Western society's monetary wealth exists as govt. fiat in plain-text digital databases.
Ethereal huh?
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The CIA, FBI, FinCEN, and every other alphabet agency are aware of Bitcoin, even if they have no idea what it is. I think they need some help. Maybe we need to start an open source bitcoin regulatory software project. They will need to be able to trace address histories, IPs, and have access to an alert channel. Products could be developed and sold to law enforcement agencies.
You mean like lawyers and attorneys donating their time and services for free to the community ..... good luck with that. The only reason "Bitcoin is raising serious AML concerns within the banking system " is because the regulatory capture provided to the banking cartels by the whole "money-laundering" ruse is being challenged by a competing monetary information technology that has the potential to make the dinosaurs extinct. |
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Well the role of the legitmatised fraud of Central Bank manipulation of interest rates has to finally come to the fore now .... doesn't it?
It is the CORE fraud that the socialist, centralised banking model is resting upon, the rottenness of the concept is finally bearing its just fruit.
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If I run OT what is the best way to profit from it?
Maybe the obvious one is to become a trusted issuer running a competitive, professional service? That could go along operating with a server, but is it not a necessity if you can find a competitive, professional server operation to run your issuing service on. |
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Good work, watching to see where this all leads to.
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Money is irrelevant to the processes of life and the advancement of technology.
well you could go back to the barter system that brought us out of caves ... but human advancement is based on the sophistication of division of labour. And if you haven't figured that out yet, you haven't studied the real functions that money performs. |
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All money is imaginary.
Until you buy food with it. Mathematics is imaginary. Poetry is imaginary. All meaningless statements in isolation. |
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The last I heard the terms of his bail conditions prohibits him from accessing the Internet ... which is strange because he is Twittering (maybe using his wife's account?). |
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Okay, after watching the vids I have what may seem to be some dumb questions but here goes ....
- what is the difference between a smart contract "two-way-trade" and an automated escrow?
It seems like they effectively achieve the same end in that they put fund in a third location (this time inside the smart-contract) until both parties sign off that they are happy and the trade proceeeds ... (btw this is very cool that you can do this)
Also it seems like conceptually it is the crypto-financial equivalent to those rotating glass teller gizmos you see at late-night service stations and some banks ... where you place your cash, cheque-deposit slip, withdrawl request or whatever on one side of the glass turn-table and the teller places their receipt, cash or other stuff on the other side and when it is all good someone hits a lever and the turntable rotates around .... trade done. Both parties can see what is being placed for trade without handing over ownership .. until which time as the mutally-agreed upon mechanism takes over ... in this case the two-way-trade smart contract.
So now the responsibilty of successful execution of the trade has been placed on a third-party, in this case the automated mechanism of smart-contract performed by the Open-Transactions server. In view of this, would it be possible to extend the two-way-trade smart-contract to be executed on two or more servers in case of failure to execute at the primary? (like as a back-up clause?)
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watching  |
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