Posted on 07/15/2019 12:25:44 PM PDT by Enlightened1
Today, 75 years after Bretton Woods, we are entering the next era of money. Thanks to new technologies like the Internet and blockchain, we now have globally scalable ways of "stamping" and transferring digital assets, or tokens, with widespread, provable legitimacy—the kind that has the power to create networks of belief on which all money depends. This is Money 3.0, in which money comes from people.
Money is now programmable, like software, and can be designed according to any criteria. Imagine a currency that is programmed to pay its taxes, bit by bit, with every transaction. Imagine a currency programmed to donate a tiny proportion of each purchase to charity, or to cleaning pollution. Imagine a currency used by a growing network of parents, allowing them to better meet each other's needs even when traditional money is scarce.
These monetary experiments and more are underway in the emerging field of tokenization, and due to the decentralized nature of these technologies, they are very hard to stop. We will likely soon see tokens for artists, art, neighborhoods, non-profits, startups, schools, teams and more, creating new interoperable network models and embedding localized incentive structures into online and offline communities across the globe. This is Money 3.0 - and it will forever change the landscape of human collaboration, just as Money 2.0 and Money 1.0 did before it.
(Excerpt) Read more at newsweek.com ...
imagine a government currency where you can tell which politicians family members end up with all the lucrative contracts.
Whatever it is they are talking about, it isn’t money.
Of course, Newsweek *immediately* go towards attempting to use technology to tax the shit out of every transaction.
These people (the Left) make me sick. Let’s just go back to gold and silver coins.
Imagine a black out where electronic “tokens” are worthless.
Whatever it is they are talking about, it isn’t money.
Everything I’ve heard about bitcoin and its ilk is, at the end of the day, applauding the functionality of Blockchain, which can be used with real money that is, though fiat, at least backed by countries that, when necessary, will go to war to protect its value. Bitcoin is still just the modern tulip bulb, but with less intrinsic value.
Money ended when Nixon took the United States
off the gold standard in 1971.
just reading exerpt, the fool who wrote this article has no idea what he/she is writing about ... just a bunch of futuristic happy talk with no grounding in reality ... the author might as well be promoting the wonders of flying cars that are just around the corner any time now ...
This sounds absolutely ripe for corruption and skimming off the top.
We should go back to the silver standard. Gold is just too rare, and much too easy to basically corner the market on if one or a group is very well off. Silver is plentiful.
It’s from Newsweek. Take it for what it’s worth.
Get government entirely out of the money business and eventually you will have sound currencies with something behind them-—if there was no(in reality meaningless) government guarantee on money or on the door of the bank you’d probably be damned careful where you invested and put your assets.
Well, it is.
And that is the issue you are going to face. Money to many on FR are the silver coins you used as a kid.
Silver is a regular commodity not—not valued as a precious metal, except in name only, it goes up and down based on the need to make computers and solar panels.
No one bases their “money” on gold any more. If we tried to go back on a gold standard the price of everything would skyrocket overnight.
Value is based on what the Fed thinks it is—depreciating the dollar an average of 2% per year. And that means you need to MAKE 2% more a year in order to maintain your standard of living. And...to keep the government solvent.
The full faith of the government used to mean something. Not so much any more. The ability to tax is strained. The ability to inflict our military will is certainly stymied (not the power—the will.)
People around the world do not have a stable currency. The manner in which the US has set standards for sanctions and penalties is creating a de-dollarization around the world. The issue is that there is nothing with which to replace it. This is where tokens and crypto come into play.
In the world of cryptos there is a world wide playing field. Values are determined between everyone playing. They are not controlled by governments or banks. They are not inflatable. They are fast. They are public. They are immutable and secure. The thefts you hear about are at the “banks”, not the systems.
No, they are not ready for prime time. Yet. But you better start being aware of them and understanding how they work in our “systems” because they are coming.
I recently spoke with a college classmate of mine. He works for a very large trust company. A few weeks ago he told me that every person working in his division was told they had to go our and open a bitcoin account to learn how it worked.
Do you think this 200 year old investment bank is instructing its high net worth managers to run out and do this because its a “fad?”
These are the little whispers one hears at the fringes that tells you that people who pay attention to this stuff are taking it seriously.
You want to try to program bits to come off transactions for sales tax in every county in the US? Cute.
Someone is inventing a new racket to solve a problem that doesn’t need solving
Why not use sea shells?
What I mean by that, it might be a currency, but it isn’t money.
Interestingly I tried to buy Bitcoin, when it was .03 or .003 per (something like that) but I couldn’t figure out how to do it. I had a hunch that it would probably spike very high, and could be lucrative. I should have tried harder. I was prepared to sink $2000 to $2500, you know, enough to make a significant gamble, though not enough to worry about if lost.
If the dollar were linked to gold it wouldn’t make the price of everything go up, though gold itself would be revalued upward quite a lot. Too bad about those folks with gold fillings in their teeth.
Nixon didn’t have any choice. Don’t blame him.
More correctly FDR, who actually outlawed Americans from owning monetary gold, ($10,000 fine) repudiated gold clause contracts which were prior to that common in real estate lease agreements, reneged on government issued gold bonds, accused the American people of “Hoarding” and confiscated at least 10,000 tons of gold coinage, and stuffed it into a vault at Ft. Knox.
More commie BS.
Glad I’m old, I’ll probably die for they pull this one off.
It just naturally depends on the price at which the dollar were linked to gold.Hard to think that the price of an ounce of gold used to be $35 . . .
In reality we had an inflationary bubble in the 1970s. They called it “stagflation” because - pace the “Philips Curve” theory - inflation "mysteriously” failed to generate prosperity. Prices today (e.g., a loaf of bread, a gallon of gasoline) are an order of magnitude higher (in nominal dollars) today than they were in my youth.
I suppose that, theoretically, the Fed could institute a gold standard on the sly - keep muttering the same old mumbo jumbo, but in fact be guided by the rate of change in the price of gold.
Government has to say what it takes to pay your taxes, that puts it in the money business, it should define the dollar in terms of a given weight of silver and then let people use whatever they want between themselves though.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.