tag:blogger.com,1999:blog-17908317.post582101972123401084..comments2024-03-28T03:15:14.875-07:00Comments on Unenumerated: The many traditions of non-governmental money (part i)Nick Szabohttp://www.blogger.com/profile/16820399856274245684noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-17908317.post-31138759849471143642018-03-31T02:06:59.330-07:002018-03-31T02:06:59.330-07:00Do you want to see your website or blog on Google&...Do you want to see your website or blog on Google's first page ??? And want to beat your website or blog ranking ?? Your website and blog will be displayed on the first page of Google through the SEO service, completely and beautifully. And get more visitors.<br /><br />Click this for more details : "<a href="https://goo.gl/jJz8Au" rel="nofollow">SEO services provider</a>" Anonymoushttps://www.blogger.com/profile/11871008243031786657noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-76795760899586610542018-03-28T23:41:17.509-07:002018-03-28T23:41:17.509-07:00With all due respect, as a student of economics, l...With all due respect, as a student of economics, law, and your writing that has been working on mass market adoption of blockchain, I believe you are overlooking a simple detail...<br /><br />"The closest historical analog to the Bitcoin settlement layer is not to the bank notes, nor even to the coins (despite its name), it is to the monetary metal"<br /><br />"One of the more common modern legal definitions of “money”, used for laws that facilitate and support financial interchange...is that money can only be an official government currency"<br /><br /><br />Fiat allowed the government to print off promises of the gold reserves that they no longer had. But while Bitcoin is finite in supply, fiat's variant annual inflation amount (decided by a centralized union of bank and government) is a manipulation of everything in the "governmental monetary system"...<br /><br />Bitcoin's being finite yet the central financial medium between blockchain and fiat, does this not mean that the "perfect" finite product is being converted into an infinite fiat supply for every day use? This takes away from actual settlement into "metal money". Unless the total metal money supply was recorded from first block.<br /><br />In a perfect world, that physical/fiat/infinitely printable money would come back into the blockchain. But governments are trying to ensure that fiat only goes into the blockchain for their ownership (centralizing) of it to the fullest possible degree.<br /><br />To address the eco-blockchain legality conundrum, I believe the ideal possible comparison to equate a cryptocurrency's settlement layer with would be to use your Theory of the Collectibles...many ways it would provide global satisfaction if done with proper communal governance. Simplest being a revival of digital altruism to combat government suppression...<br /><br /><br />Would be honor to share my thoughts with you. Preparing a dissertation on this and more, much inspired by your past works. My hypothesis is seemingly in direct opposition of your part II. Hoping to hear criticisms on my theories.Ramyhttps://www.blogger.com/profile/13645385741829489666noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-35418224799274318602018-03-27T09:48:16.188-07:002018-03-27T09:48:16.188-07:00awesome to see the evolution of the coins very goo...awesome to see the evolution of the coins very good your post thanks for sharing with us your knowledgeCíntiahttp://comoganhardinheirocombitcoin.comnoreply@blogger.comtag:blogger.com,1999:blog-17908317.post-83214332672414048462018-03-27T09:46:36.817-07:002018-03-27T09:46:36.817-07:00This comment has been removed by the author.Rebeca Souzahttps://www.blogger.com/profile/03295635110645491043noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-32796583440767019682018-03-26T14:07:32.912-07:002018-03-26T14:07:32.912-07:00Excellent. Looking forward to reading Selgin's...Excellent. Looking forward to reading Selgin's "Good Money"! David Doswellnoreply@blogger.comtag:blogger.com,1999:blog-17908317.post-27459508527544778182018-03-26T03:12:57.011-07:002018-03-26T03:12:57.011-07:00Very useful thank you. Are you going to say anythi...Very useful thank you. Are you going to say anything about tally sticks? I'm trying to work out if they were a type of transaction recording mechanism that embodied trust in the design. <br />Lawrencehttps://www.blogger.com/profile/15982952201616280564noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-21481687538713592402018-03-25T05:54:31.266-07:002018-03-25T05:54:31.266-07:00Thanks Nick - will become a great reference sourc...Thanks Nick - will become a great reference source. Can't wait for next installment :-)Anonymoushttps://www.blogger.com/profile/01213741273864625226noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-90499380894506159632018-03-24T14:05:19.882-07:002018-03-24T14:05:19.882-07:00Was this Hummel's review you were referring to...Was this Hummel's review you were referring to (but didn't link)? http://scholarworks.sjsu.edu/cgi/viewcontent.cgi?article=1022&context=econ_pubTwanhttps://www.blogger.com/profile/03656762811818458200noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-24273598944313308182018-03-24T10:55:54.735-07:002018-03-24T10:55:54.735-07:00You might want to talk about the frequent bankrupt...You might want to talk about the frequent bankruptcies from private issuers of IOUs. The problem is fractional reserving, and inadequate reserves for losses if an entity lends against uncertain collateral. Think of a pawn shop or a money market fund, and you might get to the right model.<br /><br />David Merkelhttps://www.blogger.com/profile/05073877918072914309noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-45609156408775931892018-03-23T18:14:16.137-07:002018-03-23T18:14:16.137-07:00Fascinating, Nick, thank you so much for posting t...Fascinating, Nick, thank you so much for posting this. Can't wait for part is!Anonymoushttps://www.blogger.com/profile/14902759033873604377noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-1759139718186895562018-03-23T17:18:30.814-07:002018-03-23T17:18:30.814-07:00An excellent historical perspective. Many people b...An excellent historical perspective. Many people believe (because of the name Federal) that the Federal Reserve is part of the government. In a strict sense the ‘notes’ issued by the Federal Reserve are along the same lines as the private notes issued by the ‘banks’ i.e. private parties listed above. No more or less “valid” other than they own a monopoly on the right to lend money to the US Treasury department. Anonymoushttps://www.blogger.com/profile/10257808489397863471noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-10527688549217601742018-03-23T17:08:16.994-07:002018-03-23T17:08:16.994-07:00Looking forward to part 2!
Who would’ve thought de...Looking forward to part 2!<br />Who would’ve thought decentralization and universality would ever be possible simultaneously? Best of both worlds! #BitcoinAnonymoushttps://www.blogger.com/profile/18394162238405272098noreply@blogger.comtag:blogger.com,1999:blog-17908317.post-71454225235794955242018-03-23T15:47:14.502-07:002018-03-23T15:47:14.502-07:00In order to close the theoretic gap between fiat m...In order to close the theoretic gap between fiat money and private money, a generalized notion of demurrage is critical. The government (supposedly) protects property rights, just as does a precious metals bank protect its deposits from theft -- deposits that back its bearer certificates. In both cases it costs to secure the property. The way this cost gets billed is where things seem to go awry*. Fiat money decouples issuance (source) and taxes (sink) from the liquid value of the property rights the government is supposedly protecting. Banks loan out their deposits at interest to pay the protection costs. Put both of these shenanigans together and you have the Federal Reserve. All of the Fed's noise about adjusting the "money supply" in response to "the demand for liquidity" elides the question: What is the fundamental source of demand for liquidity?<br /><br />The answer is in the risk-adjusted net present value formula which relates static to dynamic value: The <i>liquid</i> value of a property right is calculated from the risk-adjusted net present value of its profit <i>stream</i>.<br /><br />*Cryptocurrency's equivalent of demurrage is the cost of securing the blockchain.Jim Boweryhttps://www.blogger.com/profile/12686155123469135528noreply@blogger.com