David Friedman and Bitcoin

[flix]

Ancap guru and author of "The Machinery of Freedom" David Friedman and Bitcoin

[flix]

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.

[Anon136]

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

[Monster Tent]

Bitcoin and unregulated financial markets just leads to massive scamming.

[iCEBREAKER]

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.   

[iCEBREAKER]

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?   

[21after2]

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?   

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.

[hazek]

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.

[hazek]

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?  

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.

[21after2]

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?  

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.

[flix]

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?

[hazek]

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.

[21after2]

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.

[evoorhees]

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...

[adamstgBit]

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.

[21after2]

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.

[constitution]

haha love it! Thats great!

[MemoryDealers]

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?

[caveden]

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

[FlipPro]

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