BEHOLD! Dogma!Since inception, Bitcoin has had a flawed DNA. It was dreamed up in a virtual world -- by computer geeks -- but was to be applied in the real world. Bitcoin is steep in Libertarian and anti-Fed dogma but weak in understanding of how global economics, central banking policies and financial markets function. The lifeblood of the global capital markets is money – greenbacks -- transactional currency that facilitates commerce. Virtual currency can create value and efficiency but it needs to be linked to fiscal and monetary policy. To assume currency can be computer generated, run in a decentralized manner and outside of the central banking system and controls is farcical and economically dangerous.
If you can get around the many typo's, this is quite interesting. [....]
BTC isn't just an innovation in virtual currency, it's an innovation in a stagnant area of financial tech that's been untouched for almost 100 years [....] a piss poor form of technology.
Thanks for your thought provoking post.
Indeed, think of the possibilities if exchange does not encounter the barriers found in today's financial environment. Times will be very different if money itself is widely available with prices set by the free market. I am thinking about the time of the Colonial scrip, which apparently worked quite OK. As long as authorities who issued the scrip did not overissue, all went fine. In terms of crypto, the limitation in issue is found in the protocols themselves. The danger of overissue lays not with the issuer, but the ability of anyone to start his own altcoin.
Well, that is a lot more transparent than a central issuer of scrip suddenly deciding to overissue, in secret or openly. The free market will put a lid on 'overissue' by too many altcoins.
In case of open source crypto, this may work out just fine.
For traditional banking (the honest version), there is a lot to be conquered in this field. Profits are awaiting for those who dare.
