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The benefit is a more free society and less systemic risk. It doesn't benefit the sovereign authority directly, but neither does freedom of speech, religion, e
by moduspol 9y ago
The benefit is a more free society and less systemic risk.
It doesn't benefit the sovereign authority directly, but neither does freedom of speech, religion, etc.
- nwah1 9y agoThe gold standard, in the same way, formerly removed much of the ability to conduct monetary policy, and it was supplanted because it turned out that counter-cyclical policy was very useful. Cryptocurrency is similar except that it wastes a lot more energy to accomplish the same thing. The government, of course, retains unlimited power to tax, so the ability to fund whatever it wants is retained in all cases.
- mcguire 9y ago"Cryptocurrency is similar except that it wastes a lot more energy to accomplish the same thing." Out of curiosity, what's the carbon footprint of bitcoin mining as compared to gold mining (and then parking the gold in a depository vault)?
- nwah1 9y agoGold mining is ecologically destructive, but varies based on the form. When gold becomes absurdly expensive, as would happen under a renewed gold standard, it would be very likely that the proposals to mine the sea floor would be pursued, and could have major ecological damage. As for carbon footprint, specifically, I don't know. Thankfully, USD is not based on gold at all.