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“Any unregulated financial system is a hive of villainy and scum as a truism.” Wow, you do realize that fiat is the number 1 one way to fund the drug trade and

“Any unregulated financial system is a hive of villainy and scum as a truism.” Wow, you do realize that fiat is the number 1 one way to fund the drug trade and terrorism right? It certainly isn’t crypto. Not exactly a great way to sum up what will prove to be one of the most important innovations in human history.

portofcall 9y ago
Wow, you do realize that fiat is the number 1 one way to fund the drug trade and terrorism right? It certainly isn’t crypto. Number 1 by volume (duh) or number 1 by percentage of transactions for illegal goods and services? Not exactly a great way to sum up what will prove to be one of the most important innovations in human history. You hear that atomic energy, antibiotics and computers?
- sbenitoj 9y ago
  Yes, sound money is on par with both of those. Fiat money has indirectly killed more people than the lack of antibiotics ever did. Fiat is what gives corrupt governments like the USSR and China under Mao (and their modern, less corrupt equivalents) the ability to control an entire economy to the detriment of billions of people. Once control over money is finally wrestled from the hands of the elite the world will see a boom in prosperity that hasn’t been seen since the industrial revolution. Read some books, educate yourself on how important this topic is rather than posting a snarky reply. Here’s a good place to start: The Mystery of Banking by Rothbard The Creature from Jekyll Island by Edward Griffin Theory of Money and Credit by Mises All are available for free online by searching for the PDF version.
  - mythrwy 9y ago
    I agree with your thesis on the importance of the invention. More abstract (and international) money and blockchain rules will be huge advances, fully agreed. Less corruption, more stability, these things I believe will finally allow us to set systems up to provide resources with efficiency we haven't been able to before and this is huge. Where I get off is is thinking it's some kind of libertarian revolution wresting control from the hands of government. I don't predict that. The way I see it, governments will be in the thick of it. But they (hopefully) will finally have to play by the rules.
    - sbenitoj 9y ago
      They’re definitely already in the thick of it, no doubt about it. But ultimately capital goes where it is treated best, and governments treat capital worse than thieves, they’ll never play by the rules. It’s not going to happen overnight, and it’s going to be a really rocky road, but eventually worldwide governments will not be in control over money anymore. Now that people don’t have to use fiat that is debased on purpose by governments to fund their operations, they will not. It’s not about a libertarian revolution (although I do believe sound money will result in a more libertarian world), it’s about sound money being an order of magnitude more superior to fiat. People in Zimbabwe and the Weimar Republic didn’t stop using debased currency because they were libertarians, they stopped because it was clear their money was becoming worthless and there were superior alternatives. Those are extreme examples where it can happen overnight, it will take longer for less aggressive regimes, but it’s only a matter of time before the same happens to all other fiat.
      - mythrwy 9y ago
        Agreed. Over time I do see that happening. An objective international financial system to which nation states acquiesce or are locked out and rapidly decline.
- sbenitoj 9y ago
  Don’t know why my post got flagged, I provided several valuable resources, going to post it again, exactly as written. ————— Yes, sound money is on par with both of those. Fiat money has indirectly killed more people than the lack of antibiotics ever did. Fiat is what gives corrupt governments like the USSR and China under Mao (and their modern, less corrupt equivalents) the ability to control an entire economy to the detriment of billions of people. Once control over money is finally wrestled from the hands of the elite the world will see a boom in prosperity that hasn’t been seen since the industrial revolution. Read some books, educate yourself on how important this topic is rather than posting a snarky reply. Here’s a good place to start: The Mystery of Banking by Rothbard The Creature from Jekyll Island by Edward Griffin Theory of Money and Credit by Mises All are available for free online by searching for the PDF version.
jandrese 9y ago
> Not exactly a great way to sum up what will prove to be one of the most important innovations in human history. Dude, lay off of the Kool-Aid.
- sbenitoj 9y ago
  You don’t consider sound money to be an important innovation?
  - jandrese 9y ago
    It is, but we were talking about blockchain currencies.
    - sbenitoj 9y ago
      You don’t believe blockcbain currencies can be a form of sound money? What do you think can? (Not trying to argue, genuinely curious).
      - jandrese 9y ago
        Fiat currencies seem to be doing a decent job of it, and they don't require the terawatts of power a crypto currency would need if it were adopted as a primary currency of a major country.

portofcall 9y ago

Wow, you do realize that fiat is the number 1 one way to fund the drug trade and terrorism right? It certainly isn’t crypto. Number 1 by volume (duh) or number 1 by percentage of transactions for illegal goods and services? Not exactly a great way to sum up what will prove to be one of the most important innovations in human history. You hear that atomic energy, antibiotics and computers?

sbenitoj 9y ago
Yes, sound money is on par with both of those. Fiat money has indirectly killed more people than the lack of antibiotics ever did. Fiat is what gives corrupt governments like the USSR and China under Mao (and their modern, less corrupt equivalents) the ability to control an entire economy to the detriment of billions of people. Once control over money is finally wrestled from the hands of the elite the world will see a boom in prosperity that hasn’t been seen since the industrial revolution. Read some books, educate yourself on how important this topic is rather than posting a snarky reply. Here’s a good place to start: The Mystery of Banking by Rothbard The Creature from Jekyll Island by Edward Griffin Theory of Money and Credit by Mises All are available for free online by searching for the PDF version.
- mythrwy 9y ago
  I agree with your thesis on the importance of the invention. More abstract (and international) money and blockchain rules will be huge advances, fully agreed. Less corruption, more stability, these things I believe will finally allow us to set systems up to provide resources with efficiency we haven't been able to before and this is huge. Where I get off is is thinking it's some kind of libertarian revolution wresting control from the hands of government. I don't predict that. The way I see it, governments will be in the thick of it. But they (hopefully) will finally have to play by the rules.
  - sbenitoj 9y ago
    They’re definitely already in the thick of it, no doubt about it. But ultimately capital goes where it is treated best, and governments treat capital worse than thieves, they’ll never play by the rules. It’s not going to happen overnight, and it’s going to be a really rocky road, but eventually worldwide governments will not be in control over money anymore. Now that people don’t have to use fiat that is debased on purpose by governments to fund their operations, they will not. It’s not about a libertarian revolution (although I do believe sound money will result in a more libertarian world), it’s about sound money being an order of magnitude more superior to fiat. People in Zimbabwe and the Weimar Republic didn’t stop using debased currency because they were libertarians, they stopped because it was clear their money was becoming worthless and there were superior alternatives. Those are extreme examples where it can happen overnight, it will take longer for less aggressive regimes, but it’s only a matter of time before the same happens to all other fiat.
    - mythrwy 9y ago
      Agreed. Over time I do see that happening. An objective international financial system to which nation states acquiesce or are locked out and rapidly decline.
sbenitoj 9y ago
Don’t know why my post got flagged, I provided several valuable resources, going to post it again, exactly as written. ————— Yes, sound money is on par with both of those. Fiat money has indirectly killed more people than the lack of antibiotics ever did. Fiat is what gives corrupt governments like the USSR and China under Mao (and their modern, less corrupt equivalents) the ability to control an entire economy to the detriment of billions of people. Once control over money is finally wrestled from the hands of the elite the world will see a boom in prosperity that hasn’t been seen since the industrial revolution. Read some books, educate yourself on how important this topic is rather than posting a snarky reply. Here’s a good place to start: The Mystery of Banking by Rothbard The Creature from Jekyll Island by Edward Griffin Theory of Money and Credit by Mises All are available for free online by searching for the PDF version.

jandrese 9y ago

> Not exactly a great way to sum up what will prove to be one of the most important innovations in human history. Dude, lay off of the Kool-Aid.

sbenitoj 9y ago
You don’t consider sound money to be an important innovation?
- jandrese 9y ago
  It is, but we were talking about blockchain currencies.
  - sbenitoj 9y ago
    You don’t believe blockcbain currencies can be a form of sound money? What do you think can? (Not trying to argue, genuinely curious).
    - jandrese 9y ago
      Fiat currencies seem to be doing a decent job of it, and they don't require the terawatts of power a crypto currency would need if it were adopted as a primary currency of a major country.