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The value of a currency is the value of an issuing government to tax it's citizens demanding payment in that currency. If cryptocurrency is the answer, then th

The value of a currency is the value of an issuing government to tax it's citizens demanding payment in that currency. If cryptocurrency is the answer, then the government should start a new 'coin', and start from there. There is no reason why wealth should be transferred by fiat to holders who were either speculators or engaging in criminal activity (as their are limited other values for cryptocurrency at the moment).

ttyprintk 2y ago
One of Trump's campaign promises was that Treasury would not form a new coin.
- dan10400 2y ago
  and some of trump and the families actions prior to inauguration was to create some new $TRUMP, $MELANIA coins as well as other 'ventures'... https://www.reuters.com/world/us/trumps-new-crypto-coin-sparks-ethics-concerns-2025-01-20/ https://www.reuters.com/world/us/trumps-new-crypto-coin-spar... https://www.dlnews.com/articles/people-culture/inside-the-trump-family-crypto-empire/ https://www.dlnews.com/articles/people-culture/inside-the-tr...
  - ttyprintk 2y ago
    All of that is true; he asked supporters to buy a memecoin “to show support”. This is exploitative, of course, but the question is: is it tolerated? What Trump promised about the central bank is that he would prevent the formation of a central bank digital currency. His audience dislikes the CBDC because it has different rules for what’s tolerable. The most important innovation for those people is that crypto apparently tolerates everything.
npoc 2y ago
Here's what Nobel prize-winning (when it still meant something) economist Hayek had to say: “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” – F.A. Hayek 1984 https://youtu.be/CBIidtaUCzs https://youtu.be/CBIidtaUCzs https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/
- deleted 2y ago
  [deleted]
- ttyprintk 2y ago
  His goal of spontaneous order depends on several things. Apparently, the most difficult for Americans are: 1. Initially, the currency is promised to be convertible to a basket of goods and services. That promise begins the reputation of the issuing institution. 2. Fraud would still be illegal, reputation-damaging, and not “it’s called being smart”
  - npoc 2y ago
    It's not a goal just a concept. Point 1 isn't true. There doesn't need to be a issuing institution. Just look at gold. As for 2., yes, it seems that the promises from centralised institutions you mention always end up being fraudulent

ttyprintk 2y ago

One of Trump's campaign promises was that Treasury would not form a new coin.

dan10400 2y ago
and some of trump and the families actions prior to inauguration was to create some new $TRUMP, $MELANIA coins as well as other 'ventures'... https://www.reuters.com/world/us/trumps-new-crypto-coin-sparks-ethics-concerns-2025-01-20/ https://www.reuters.com/world/us/trumps-new-crypto-coin-spar... https://www.dlnews.com/articles/people-culture/inside-the-trump-family-crypto-empire/ https://www.dlnews.com/articles/people-culture/inside-the-tr...
- ttyprintk 2y ago
  All of that is true; he asked supporters to buy a memecoin “to show support”. This is exploitative, of course, but the question is: is it tolerated? What Trump promised about the central bank is that he would prevent the formation of a central bank digital currency. His audience dislikes the CBDC because it has different rules for what’s tolerable. The most important innovation for those people is that crypto apparently tolerates everything.

npoc 2y ago

Here's what Nobel prize-winning (when it still meant something) economist Hayek had to say: “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” – F.A. Hayek 1984 https://youtu.be/CBIidtaUCzs https://youtu.be/CBIidtaUCzs https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/

deleted 2y ago
[deleted]
ttyprintk 2y ago
His goal of spontaneous order depends on several things. Apparently, the most difficult for Americans are: 1. Initially, the currency is promised to be convertible to a basket of goods and services. That promise begins the reputation of the issuing institution. 2. Fraud would still be illegal, reputation-damaging, and not “it’s called being smart”
- npoc 2y ago
  It's not a goal just a concept. Point 1 isn't true. There doesn't need to be a issuing institution. Just look at gold. As for 2., yes, it seems that the promises from centralised institutions you mention always end up being fraudulent