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To: carlo3b
When you study the cryptocurrency concept, you realize it has every other "medium of exchange" beat at almost every level (excepting unforeseen problems due to it being based on new and somewhat unproven technology) except of one, and that is its reliance on an automated ledger system (which theoretically could be made manual in an emergency).

Then what doesn't rely upon automation in this day and time. If the internet goes down, just about everything else will go with it. Without technology, the planet could not support the numbers of people it is supporting today. Our best chance is to use technology to our advantage. Look to the lesson of the dinosaur for the lack thereof.

A really huge advantage of crytocurrency is its ability to eliminate the need to trust a bank or even a government. As history has shown us, even the most trusted government (the US) eventually succumbs to corrupting influences. Any system that relies upon trusting others through some centralized control mechanism, be it gold certificates or other, is doomed to eventual failure.

What might work would be numerous independently audited private mints, completely outside the influence of a country's legislators or executives. Those certificates could be far better trusted than any issued under direction of some central power. If that become the currency, then whatever was used would have to be locked away - taken out of use. Gold, since it has little industrial use, would be the ideal candidate.

IMO, our fist mistake under the "gold standard" was to attempt to assign some arbitrary value to the price of gold (i.e., $20). It should have been denominated in weights and markets allowed to set the price. In the end, ALL currency controlled by a state is eventually debased as we've seen though history. Cryptocurrency may just put the power of gained from controlling the medium of exchange into the hands of those most affected by it, the people.

8 posted on 01/08/2014 10:12:50 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Of all of the possible currency, I find the use of the cryptocurrency concept, is my least attractive, least of which has to do with Central control, although that is the prime misconception..

The FED is perceived to be an Independent Contractor, out of the reach of the Government.. However, anyone that believes the Fed Chairman isn’t politically motivated, is delusional..

My concern is their power of the purse, utilized to protect the world financial institutions that are totally corrupted by Internationale Monetary Power Brokers, protecting political systems created by them, for themselves.. The EU is a prime example..

I would be more inclined to trust limited licensed Independent Mints, secured by actual, tangible, and proven assets, secured by their irrefutable usefulness IE; FOOD, FUEL, MATERIAL, necessary to sustain life when all else failed..


10 posted on 01/08/2014 1:18:24 PM PST by carlo3b (Corrupt politicians make the other ten percent look bad.. Henry Kissinger)
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