Perhaps a vision of technology using peer-to-peer (p2p) encrypted data packets allowing all internet users on Earth to directly store and transfer their digital money, digital purchases, digital sells, inexpensively bypassing the banks and physical tolls and costs of transactions over the internet. Allowing each person direct control, storage, and access over their money very inexpensively.
Has Bitcoin given a hint at this possibility?
Can innovation and engineering create a hybrid of local paper complementary currencies and digital P2P crypto-currencies?
*As the People on Earth are increasingly more aware of the untrustworthy institutions with the instability of their national currencies, fraud & corruption, and the looming global financial collapse with the spectre of war, People on Earth are creating alternatives… ~Ron
Max Keiser and Stacy Herbert discuss whether or not 2014 will be one of economic and financial fallout from the 2013 Year of Bitcoin and Snowden. They look at Paul Krugman’s claim that Bitcoin is evil because it’s not backed by men with guns and the latest in the financial fallout from Snowden’s NSA revelations in terms of contractual demands that data never enter the US. In the second half, Max interviews Barb Jacobson of basicincome2013.eu about the European Citizens Initiative for Unconditional Basic Income. Max compares it to the basic income provided to bankers through policies like quantitative easing.
100 YEARS OF U.S. DOLLAR DECLINE
Posted Jan 2, 2014 By Reggie Middleton
The Future of (Dumb) Money
What if money in this digital day and age was smart?
What if money was able to do things besides just sit there and be called money?
Here’s an example…
Historically, and up until now, deferred payment was/is based on enforceability of debts and rule of law. The rule of law, particularly engagement within the legal system is destructively expensive, time consuming and essentially the antithesis of friction free commerce, ex. capitalism. The rule of law is generally not relied upon when debts are unlikely to be collectable. For illegal transactions, or for low or zero trust transactions, gold or diamonds may be preferred as the medium of exchange and in those circumstances there is no recourse in case of counterfeit currency (bogus, bank peddled Mortgage Backed Securities, fake US dollars, etc.) is being used. — and there is rarely any deferral of payment: if there is, it will most likely be stated in dollars – which brings us back to where we started.
What if currency was smart enough to act upon a predetermined set of parameters, even after being released to the payee? What if trust never had to be a factor in negotiation for payment, even in a negative trust environment? What if the highly inefficient legal system could be wholly avoided in the risk/reward calculation of a monetary transaction? Would the existence of this possibility, in essence, demand a 5th definition for money – intelligence and/or malleability? You see, the cryptographic digital currencies are smart as compared to the dumb dollar or euro, or yen or yuan! It is this intelligent ability to control money during a transaction and even post transaction, the ability to instruct money to disburse itself only [with] mutual agreement by all parties present, that appears to elude the prominent MSM economists of today.
Furthermore, dumb money as purely fiat is truly without physical value or utility value as a physical or digital commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for all debts, public and private – including taxes, where in the US, it is the only currency accepted. Laws in place such as these essentially imbue fiat money with the value of any of the goods and services that it may be traded for within the nation that issues it. The fact remains though, the value of fiat money is held in belief and belief only, enforced by the whims of government. With this being the case, there is no true utility argument to be made for fiat currencies, including the USD.
*CAUTION: Beware of the institution’s desire and plans for a cashless society as a means for total domination and control. Oligarchic and cartel control protected by government as opposed to a free market with transparency and personal sovereignty.
See Related posts below.