An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, March 9, 2018
Bannon: Cryptocurrencies Make Central Banks Redundant
How many people have used crypto? Doesn't count if you have "invested" in crypto technologies -- there are lots of people taking money from people for crypto hysteria, I'm just trying to find any people that use it for practical applications, as a technological advancement that makes life better, cheaper, simpler, easier... anyone? anyone?
The Bannon thing here is pretty standard textbook libertaianism 101:
"“Central banks are in the business of debasing your currency,” he proclaimed. “Central governments are in the business of debasing your citizenship.” However, Bannon reassured that audience that with the use of cryptocurrencies “We take control of the central banks away. That will give us the power again.”
SSDD...
Sounds like a lot of the lefties here with their 'oligarchy!" conspiracy theories too....
I'm just reading about a guy who bought a hardware Ledger Nano wallet on eBay and he lost all his money - $25,000. They say only buy a hardware direct from the manufacturer.
One imagined benefit of crypto is a distributed network ledger that isn't controlled by a central authority like government or central bank or VISA but mutual trust of the overall system and it's design and authors.
Ripple is centrally controlled crypto ledger so it gets all the unfortunate costs and risks of doing crypto and distributed ledgers without relative benefit of a truly distributed system. Not a fan, me.
Of course as system can be corrupted if it is designed to do something that is different from what it is advertised as doing and the interested parties gain from the misrepresentation.
The whole capitalist system is corrupt in this sense, being sold to the public based on wrong assumptions and interpretation that disguise what is really going on.
systems are an abstraction and hence cannot be properly described as corrupt... Franko
1) Our system extends what is, in essence, the public's credit but for private gain. That's corruption. 2) Our system intermingles what should be risk-free, 100% liquid assets with at-risk, not necessarily liquid assets. That's corruption.
Besides even mere abstract systems can be corrupt in principle.
the current system could be operated well by the right people... Franko
IF you knew the Bible, you'd know that God HIMSELF does things the PROPER way. How much more then should mere humans do things ethically?
How many people have used crypto? Doesn't count if you have "invested" in crypto technologies -- there are lots of people taking money from people for crypto hysteria, I'm just trying to find any people that use it for practical applications, as a technological advancement that makes life better, cheaper, simpler, easier... anyone? anyone?
ReplyDeleteLook into 'Ripple' Ryan... XRP.... seems to be making the most inroads technically...
ReplyDeleteThe Bannon thing here is pretty standard textbook libertaianism 101:
ReplyDelete"“Central banks are in the business of debasing your currency,” he proclaimed. “Central governments are in the business of debasing your citizenship.” However, Bannon reassured that audience that with the use of cryptocurrencies “We take control of the central banks away. That will give us the power again.”
SSDD...
Sounds like a lot of the lefties here with their 'oligarchy!" conspiracy theories too....
anyone? anyone?
ReplyDeleteAnyone here likely to incriminate themselves?
Prosecution futures.
I'm just reading about a guy who bought a hardware Ledger Nano wallet on eBay and he lost all his money - $25,000. They say only buy a hardware direct from the manufacturer.
ReplyDeletehttps://np.reddit.com/r/ledgerwallet/comments/7obot7/all_my_cryptocurrency_stolen/
If we didn’t have morons operating the current system none of this would be necessary...
ReplyDeleteIt has been reported that over 50% of Bitcoin has been stolen.
ReplyDeleteI prefer to let the banks and the government steal what little money I have.
One imagined benefit of crypto is a distributed network ledger that isn't controlled by a central authority like government or central bank or VISA but mutual trust of the overall system and it's design and authors.
ReplyDeleteRipple is centrally controlled crypto ledger so it gets all the unfortunate costs and risks of doing crypto and distributed ledgers without relative benefit of a truly distributed system. Not a fan, me.
If we didn’t have morons operating the current system none of this would be necessary... Franko
ReplyDeleteThe current system is inherently corrupt and unstable.
So what kinda of person supports such a system in the first place if not worse than a moron?
Eh, Franko?
systems are an abstraction and hence cannot be properly described as corrupt...
ReplyDeletePeople are corrupt... and stupid...
the current system could be operated well by the right people...
Of course as system can be corrupted if it is designed to do something that is different from what it is advertised as doing and the interested parties gain from the misrepresentation.
ReplyDeleteThe whole capitalist system is corrupt in this sense, being sold to the public based on wrong assumptions and interpretation that disguise what is really going on.
systems are an abstraction and hence cannot be properly described as corrupt... Franko
ReplyDelete1) Our system extends what is, in essence, the public's credit but for private gain. That's corruption.
2) Our system intermingles what should be risk-free, 100% liquid assets with at-risk, not necessarily liquid assets. That's corruption.
Besides even mere abstract systems can be corrupt in principle.
the current system could be operated well by the right people...
Franko
IF you knew the Bible, you'd know that God HIMSELF does things the PROPER way. How much more then should mere humans do things ethically?