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Author Topic: David Friedman and Bitcoin  (Read 7774 times)
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January 24, 2013, 10:56:50 PM
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Ancap guru and author of "The Machinery of Freedom" David Friedman and Bitcoin

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January 24, 2013, 10:59:00 PM
 #2

His father Milton was one of the first to envision a mathematical "monetary rule" which would make central bankers unnecessary. ...and of course his son Patri Friedman is the founder of the Seasteading Institute.

His book (written 40 years ago) also has a an entire chapter called "The Market for Money" in which he advocates for private currencies.
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January 24, 2013, 11:02:25 PM
 #3

before reading the machinery of freedom i was a minarchist after reading it i was a full blown anarchist.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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January 24, 2013, 11:08:30 PM
 #4

Bitcoin and unregulated financial markets just leads to massive scamming.

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January 24, 2013, 11:10:26 PM
 #5

Awesome!  DF is amazing, even if I don't think tiny isolated ancient Iceland is a good model for a global society with incomparably more people.

Bitcoin takes the machinery of freedom, and upgrades it to Star Trek.   Cool


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"The difference between bad and well-developed digital cash will determine
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January 24, 2013, 11:14:05 PM
 #6

Bitcoin and unregulated financial markets just leads to massive scamming.

Unlike our heavily over-regulated fiat trash based financial markets.  Oh wait, S&L crisis, dotcom bubble/crash, housing bubble/crash, bond bubble/crash. 

And Madoff, plus MF Global and LIBOR, etc. etc. etc.

Can't you go be a blithering statist in some other thread?   Cheesy


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Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
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January 24, 2013, 11:25:30 PM
 #7

Bitcoin and unregulated financial markets just leads to massive scamming.

Unlike our heavily over-regulated fiat trash based financial markets.  Oh wait, S&L crisis, dotcom bubble/crash, housing bubble/crash, bond bubble/crash. 

And Madoff, plus MF Global and LIBOR, etc. etc. etc.

Can't you go be a blithering statist in some other thread?   Cheesy

Not really in anyone's defense here, but the housing bubble crash was caused due to a lack in regulation rather than over-regulation. A lot of people at a lot of banks and firms were doing things that should have never been allowed even if just viewed from a common sense perspective.

Not that I'm a bank lover, but I wouldn't give (at least) the housing bubble to the over-regulation side.
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January 24, 2013, 11:28:55 PM
 #8

Bitcoin and unregulated financial markets just leads to massive scamming.

There is no such thing as an unregulated market. At the very least a market is always regulated by it's consumption and all a free market is is strictly just that, without any monopoly on violence meddling.

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If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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January 24, 2013, 11:33:20 PM
 #9

Bitcoin and unregulated financial markets just leads to massive scamming.

Unlike our heavily over-regulated fiat trash based financial markets.  Oh wait, S&L crisis, dotcom bubble/crash, housing bubble/crash, bond bubble/crash.  

And Madoff, plus MF Global and LIBOR, etc. etc. etc.

Can't you go be a blithering statist in some other thread?   Cheesy

Not really in anyone's defense here, but the housing bubble crash was caused due to a lack in regulation rather than over-regulation. A lot of people at a lot of banks and firms were doing things that should have never been allowed even if just viewed from a common sense perspective.

Not that I'm a bank lover, but I wouldn't give (at least) the housing bubble to the over-regulation side.

Not true at all. That bubble happened precisely because of regulation. Banks were practically forced to lower lending standards by Freddie and Fannie, not to mention the FED key interest rate affected mortgage rates to get artificially low enabling many to borrow who couldn't afford it. All Wall Street did was feed upon this circle and meet a demand that was created by the government and no one else. It's called moral hazard, look it up.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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January 24, 2013, 11:50:32 PM
 #10

Bitcoin and unregulated financial markets just leads to massive scamming.

Unlike our heavily over-regulated fiat trash based financial markets.  Oh wait, S&L crisis, dotcom bubble/crash, housing bubble/crash, bond bubble/crash.  

And Madoff, plus MF Global and LIBOR, etc. etc. etc.

Can't you go be a blithering statist in some other thread?   Cheesy

Not really in anyone's defense here, but the housing bubble crash was caused due to a lack in regulation rather than over-regulation. A lot of people at a lot of banks and firms were doing things that should have never been allowed even if just viewed from a common sense perspective.

Not that I'm a bank lover, but I wouldn't give (at least) the housing bubble to the over-regulation side.

Not true at all. That bubble happened precisely because of regulation. Banks were practically forced to lower lending standards by Freddie and Fannie, not to mention the FED key interest rate affected mortgage rates to get artificially low enabling many to borrow who couldn't afford it. All Wall Street did was feed upon this circle and meet a demand that was created by the government and no one else. It's called moral hazard, look it up.

It had more to do with risky and (quite frankly) idiotic investment practices due to deregulation in commercial and investment banking through the eighties and nineties (Graham-Leach-Bliley, MCA, and Garn-St. Germain in particular). Banks were lending to people who should not have been eligible for borrowing, and their mortgages were combined and shifted around into so many different convoluted securities and investments that no one truly knew the extent of what they were investing in.

The banks setting lower standards weren't doing it because they were victims. They were doing it to get what they could out of the loans before they passed it off to be someone else's problem. There's only so far you can pass the buck before it crumbles.
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January 24, 2013, 11:58:29 PM
 #11

Fractional reserve banking. Fiat money. Central banking.

All key causes of the business cycle and its latest iteration. None result of "unregulated" markets, but rather of regulations designed to give banks special privilege.

Read about regulatory capture please...

Not to mention the entire response to the bust: bailouts, QE, ZIRP... All designed to prevent liquidation of bad debt, save the banks and screw savers, Main st and taxpayers.

But go on believing that politicians and regulators are your friends....

..on a completely unrelated topic... You look like a discerning and intelligent young man... are you interested in my risk-free, double your Bitcoins in a week, FDIC-guaranteed bitcoin pyramid?
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January 25, 2013, 12:01:08 AM
 #12

Fractional reserve banking. Fiat money. Central banking.

All key causes of the business cycle and its latest iteration. None result of "unregulated" markets, but rather of regulations designed to give banks special privilege.

Read about regulatory capture please...

Precisely. Unfortunately 21after2 is focusing on the symptoms instead of the actual problems hence his false diagnosis.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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January 25, 2013, 12:04:08 AM
 #13

Fractional reserve banking. Fiat money. Central banking.

All key causes of the business cycle and its latest iteration. None result of "unregulated" markets, but rather of regulations designed to give banks special privilege.

Read about regulatory capture please...

Precisely. Unfortunately 21after2 is focusing on the symptoms instead of the actual problems hence his false diagnosis.

It's okay for us to have a difference of opinion. We can just call each other liars and be on our respective ways. Wink
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January 25, 2013, 02:34:34 AM
 #14

the housing bubble crash was caused due to a lack in regulation rather than over-regulation.

A lack of regulation, eh?  Tell me about how the price of money in the US is unregulated...
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January 25, 2013, 03:35:16 AM
 #15

the housing bubble crash was caused due to a lack in regulation rather than over-regulation.
LOL

the bubble was orchestrated by the government. bush made a nice speech about how he wants to get ever America in a house, they bent the rules to make damn sure everyone got themselves a mortgage.

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January 25, 2013, 03:46:06 AM
 #16

the housing bubble crash was caused due to a lack in regulation rather than over-regulation.

A lack of regulation, eh?  Tell me about how the price of money in the US is unregulated...

Never said it was. Wink
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January 25, 2013, 03:58:02 AM
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haha love it! Thats great!

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January 25, 2013, 07:45:28 AM
 #18

To get this thread back on track,  when and where was this photo taken?

What other prominent figures can we get to openly promote Bitcoin?

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January 25, 2013, 07:59:51 AM
 #19

Not really in anyone's defense here, but the housing bubble crash was caused due to a lack in regulation rather than over-regulation.

The Housing Bubble in 4 Easy Steps

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January 25, 2013, 08:07:20 AM
 #20

This is BIG for Bitcoin, regardless of ones personal ideology!  Roll Eyes

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