[Novalug] bitcoin: or, speaking of cronyism

Jay Hart jhart@kevla.org
Sat Sep 28 18:04:20 EDT 2013


Better start reloading your own ammo and stocking up on supplies.

Jay

> On 9/23/2013 12:22 PM, Greg Bledsoe wrote:
>> "Do we really want random entities printing their own currency?"
>>
>> Why not?  worked fine before the fed.
>
> Before the US existed, the states, as well as some cities, issued their
> own currency. Chaos. Just as bad as each village having their own "foot"
> because the Chief wears a different shoe size.
>
>> Any currency backed by something tangible is preferable, in my mind, to
>> a piece of paper whose value is equivalent to the ability of the issuer
>> to keep its promise to honor it.  What happens when the federal
>> government defaults, which must happen eventually, and we are replaced
>> as the world's reserve currency?  Hyperinflation, is what.
>
> That's a different, and very interesting, story. But until/if that
> happens, the Stability that exists from any Single Standard, be it CGS,
> MKS, Pound, or Dollar, should be Obvious.
>
> JIM
>
>>
>> Greg
>>
>>
>> -- If you are afraid to speak out and criticize the powers that be
>>
>> You are already a slave.
>>
>>
>> On Mon, Sep 23, 2013 at 11:54 AM, James Ewing Cottrell, III
>> <jecottrell3@comcast.net <mailto:jecottrell3@comcast.net>> wrote:
>>
>>     Presumably, they are warning the bitcoin "banks" or "exchanges".
>>
>>     They are also presumably going after any entities making large
>>     transactions.
>>
>>     The idea of bitcoin might be cool, but is there the equivalent of a
>>     bitcoin FDIC? Probably not.
>>
>>     Do we really want random entities printing their own currency? There
>>     was a time when each state issued their own currency and things were
>>     pretty chaotic. Do we really want M$, GMarks, HPesos. I don't think so.
>>
>>     JIM
>>
>>     ----- Original Message -----
>>     From: "Stuart Gathman" <stuart@gathman.org <mailto:stuart@gathman.org>>
>>     To: novalug@calypso.tux.org <mailto:novalug@calypso.tux.org>
>>     Sent: Sunday, September 22, 2013 8:11:12 PM
>>     Subject: Re: [Novalug] bitcoin: or, speaking of cronyism
>>
>>     On 08/23/2013 01:58 PM, Greg Bledsoe wrote:
>>      > Bitcoin faces legal and regulatory hurdles.  Unless of course it
>>      > pitches in with the powers that be.
>>      >
>>      >
>>     http://www.againstcronycapitalism.org/2013/08/washington-warns-bitcoin-get-a-lobbyist-and-pay-us-or-else/
>>      >
>>     Who/what is washington warning?  The original inventor?  Every web site
>>     anywhere in the world that deals in bitcoins?  Are they going to go door
>>     to door, thoughout the world, demanding to search each house for
>>     (cleverly disguished) bitcoin mining equipment?   They would have to add
>>     yet another blatantly unconstitutional "war" to their already shameful
>>     portfolio, and hope the populace is already too stupefied to wake up.
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>
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