tag:blogger.com,1999:blog-2595455932654799850.post1076667826946851317..comments2023-11-02T10:55:07.208+01:00Comments on The Monetary Future: Air Guitars and Bitcoin RegulationJon Matonishttp://www.blogger.com/profile/04111660030028727950noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-2595455932654799850.post-78337899426804563932011-12-19T08:11:24.513+01:002011-12-19T08:11:24.513+01:00I don't know what to make of Garzik's stat...I don't know what to make of Garzik's statement. Naive, or coy?<br /><br />Taaki and Norman, on the other hand, now seem bent on going begging for state-enforced privilege over their competitors. That's cheating or worse in my book, and I've removed them from my Christmas card list.Mike Gogulskihttp://app.bitlaundry.com/noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-68459193112171863512011-12-07T10:55:28.515+01:002011-12-07T10:55:28.515+01:00Great post Jon. When I see Bitcoin, I am reminded...Great post Jon. When I see Bitcoin, I am reminded of Neal Stephenson's great novel The Diamond Age - where the post-nation state world it inhabits is described as a result of the emergence of untraceable digital currency that put the final nail in the coffin of the industrial age nation states as they were increasingly unable to exercise their monopoly of power through an inability to tax and/or confiscate wealth. He wrote this in around 1992 I believe and some aspects of it now seem spookily prescient.Seanhttp://www.parkparadigm.comnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-27256688925292991412011-12-07T08:45:08.096+01:002011-12-07T08:45:08.096+01:00Nice Post..Thanks for SharingNice Post..Thanks for SharingInvestorpediahttp://investorpedia.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-3832959691387707162011-12-01T10:20:56.811+01:002011-12-01T10:20:56.811+01:00Thank you. Joe Shirk posted this thoughtful commen...Thank you. Joe Shirk posted this thoughtful comment at LinkedIn: <a href="http://linkd.in/vzg1Ip" rel="nofollow"><em>http://linkd.in/vzg1Ip</em></a>Jon Matonishttps://www.blogger.com/profile/04111660030028727950noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-72646338635958243722011-11-29T13:31:07.661+01:002011-11-29T13:31:07.661+01:00@mikeriddell62
In response to your questions abo...@mikeriddell62 <br /><br />In response to your questions above: <br />1. The FSA or other regulators would probably not be interested in something that had only one-way convertibility because that's exactly what Facebook Credits are now. However, the point is that exchanges out of the cryptocurrency will be based in multiple jurisdictions (and even non-jurisdictional) and without a centralized cryptocurrency issuer, exchanges cannot be fully prevented.<br /><br />2. I believe that the notion of 'contributing to local community' takes a backseat to monetary monopoly and money laundering concerns when it comes to the authorities. On the positive side, bitcoin today is ideal as a closed-loop system where it is privately earned and privately spent, because each individual is then in charge of exactly how much financial privacy that they choose to relinquish.Jon Matonishttps://www.blogger.com/profile/04111660030028727950noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-42294161467194444262011-11-29T13:15:03.465+01:002011-11-29T13:15:03.465+01:00Excellent post.
Other comments have already point...Excellent post.<br /><br />Other comments have already pointed out John Nelson's error of thought. <br /><br />I'm surprised that people so closely associated with Bitcoin seem keen to get regulation. I was excited by Bitcoin not because of what it offered the payments industry, but because it pointed to the possibility of a multiplicity of currencies. My dream is that we each create our own currency. <br /><br />Regulation will turn it into something akin to a branded payment system. That would be a great shame. Still, as far as future currencies go, the cat is now out of the bag.MBGhttps://www.blogger.com/profile/18404729484594219550noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-72689625463628001242011-11-28T22:37:48.399+01:002011-11-28T22:37:48.399+01:00The value of normal currencies are in every bit as...The value of normal currencies are in every bit as fictive as the value of a Bitcoin. It has a value simply because we all think it has. Same goes with gold, diamonds, platina. Except for its practical values in surface coating, glass cutting and such.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-61480611453273475112011-11-28T20:09:59.104+01:002011-11-28T20:09:59.104+01:00Excellent post Jon, which raises two questions for...Excellent post Jon, which raises two questions for me:<br /><br />1. If money could buy a cryptocurrency - let's assume it's a community currency - but the cryptocurrency couldn't buy money, would it escape the grasp of the FSA?<br />2. If the currency could only ever be earned or issued for work that 'contributed to local community', do you think the authorities would be more willing to allow such a currency to be used as a means of exchange and as a store of value, without the need for regulation or other interference. (Ones personal account balance would, after all, be evidence of one's contribution to community).<br /><br />Thanks in advance.<br /><br />@mikeriddell62@mikeriddell62http://www.hometownplus.co.uknoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-24632794797401197952011-11-28T20:03:51.778+01:002011-11-28T20:03:51.778+01:00RE: Advocates of gold-backed bank notes such as di...RE: Advocates of gold-backed bank notes such as discussed in <br />http://www.goldmoney.com/gold-research/gabriel-m-mueller/free-market-banking-creates-stability-and-prosperity.html beg the question: for what reasons are so-called 'banks' needed today? What are they 'banking'? Nothing is deposited, and the 'credit' they issue is not even based on real numbers in a mathematical sense. Imaginary numbers in the complex plane - another dimension from reality - are much closer to the truth).<br /><br />Most of the the traditional functions of banks, to issue 'bills', to receive so-called deposits of so-called money, and to draft 'loans' - are illegitimate because the debt-based money is illegitimate. <br /><br />A free market replacement for central banks must evolve a replacement for banks that includes a 'separation of powers' - that prohibits the co-mingling under one entity, of certain counter-incentive functions, such as accepting deposits, issuing currency, and drafting loans.<br /><br />History has clearly shown that moneychangers, goldsmiths, and bank depositories cannot be trusted to honestly lend out their deposits. Therefore if there is anything to be "banked" (stored for protection) this must be the only function performed, and this must be subject to public audit. <br /><br />Personally, I don't see the need for the banks that we are conditioned to believe are necessary and legitimate, since they don't actually bank anything. There are other types of firms that offer vaulting services, and they do not lend anything in their vaults!<br /><br />Modern banks then, perform the functions of clearing and settling, very basic expense tracking, and of course reporting to the government. It seems clear to me that even these functions will not be needed of banks in the future, as bookkeepers and accounting firms using modern software already do a much better job of tracking expenses. Peer-to-Peer Crypto already performs a better job of recording transactions in a way that cannot be 'cooked' or lost.<br /><br />Most importantly, there is a tsunami of social change sweeping the world before our very eyes. Paul Hawken estimates that there are over one million organizations in the world currently working toward ecological sustainability and social justice. He presents this information in his New York Times best-selling book "Blessed Unrest: How the Largest Social Movement in History is Restoring Grace, Justice, and Beauty in the World"<br /><br />Thus it seems doubtful whether there remains any legitimate role for governmental regulation of fraud and governmental taxation for funding necessities of the commons - responsibilities which government has utterly failed to discharge faithfully. A society of voluntary self-government, more agile and accountable, will render extinct the dinosaur of bureaucracy and bureaucrats. It is inevitable upward progress.釈情https://www.blogger.com/profile/17453914337306135175noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-74114763251255544632011-11-28T16:11:12.294+01:002011-11-28T16:11:12.294+01:00As an add on to the last comment (which I agree wi...As an add on to the last comment (which I agree with), Bitcoin is backed by it's participants. Where a fiat currency is backed by a government/country/corporation. Who do you trust? Those holding the money, those issuing the money, neither or both? <br /><br />By the people, for the people. Anyone with a Bitcoin in their virtual pocket is your friend and an assurance of fair practice. Someone or something creating money on a computer in a bank that doesn't have to be vetted by all the participants of that currency is hugely more suspect in my view. Who are these government enforcers anyway? I don't recall signing up to ask them to tell me what to do.<br /><br />As Hendrix said "White collared conservative flashing down the street, pointing his plastic finger at me... Just let me live my life. The way I want to". (Beautiful People remix).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-11384004173434795012011-11-28T00:25:34.731+01:002011-11-28T00:25:34.731+01:00"Bitcoin is backed by no entity, no commodity..."Bitcoin is backed by no entity, no commodity, no organization. Bitcoin value is not based on government regulation or law mandating its use in a country. Similarly, it is not backed by a whole bunch of gold sitting in Fort Knox."<br /><br />oh so wrong. Bitcoin is backed by any person who knowingly boots up a client and every miner who processes a transaction. it is backed by the hundreds of thousands of computers who's owners support the concept of digital currency freedom.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-36374577453477191302011-11-27T21:24:16.471+01:002011-11-27T21:24:16.471+01:00"Ultimately, laws erected to protect the Stat..."Ultimately, laws erected to protect the State's coveted monopoly over the issuance of money will not be slayed through a minor technicality nor will bitcoin suddenly be blessed by a newly-converted regulatory regime."<br /><br />+1 perfectly statedErik Voorheeshttp://feedzebirds.comnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-57476035898090098892011-11-27T12:26:04.548+01:002011-11-27T12:26:04.548+01:00"Bitcoin is to the Statist as sunrise is to D..."Bitcoin is to the Statist as sunrise is to Dracula." BLOGDIAL has posted a great follow-up article: Save us from the lawyers and the luddites. <a href="http://irdial.com/blogdial/?p=3221" rel="nofollow"><em>http://irdial.com/blogdial/?p=3221</em></a>Jon Matonishttps://www.blogger.com/profile/04111660030028727950noreply@blogger.com