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To: the invisib1e hand

Thanks for your reply. I get it.

I think perfect solutions are impossible. I think better solutions are possible.

Agreed that how we expend our efforts is our business and our responsibility.

I have a few things to do before vapor sets in :-)


14 posted on 04/05/2012 8:18:10 PM PDT by MV=PY (The Magic Question: Who's paying for it?)
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To: MV=PY
From whence does a common currency derive its value? It seems to me it's either by concensus or decree. The first case is fraught with risk of abuse, but open to the possibility of self correction. The second is monetary dictatorship. Our system, happily, seems to be the most workable hybrid.

That the amount of a currency in circulation must be flexible is a fact that Adam Smith recognized, at least to my understanding. The alternative would be a commodity that would be monopized, the only remedy for which would be devaluation.

This bitcoin and any- and everything like it is a pipedream -- it's monetary "hope and change" (pun taken) with a touch Asimovian blind faith in algorithms (which are merely idiot savants) that renders the whole idea with the erie patina of science fiction.

***

One can't be faulted for marveling at the little fascist lurking inside the "conservative" -- or is it "libertarian"? -- who advocates a monetary dictatorship. History records that Hitler was elected -- and on a "sound money" platform at that.

"Lunatic fringe! We all know you're out there..."

15 posted on 04/06/2012 4:50:17 AM PDT by the invisib1e hand (I think in about 5 - no, 4 - years I'll have had enough.)
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