On Oct 30, 2012, at 2:10 PM, Dmytri Kleiner <d...@telekommunisten.net> wrote:
> The critical feature required of public money is that we can socially
> determine how much of it there is, and how much of we want to apply to public
> purpose. We need ways to create and destroy public money so that we can can
> have a counter-balance to private activity, to manage cycles, to
> counter-balance economic sectors, and to socially pursue public objectives.
> --
> Dmytri Kleiner
> Venture Communist
Something I've noted about both Bitcoin and bullion-backed currencies, that
might hold true of some other currencies as well, is that they're the product
of the consumption of labor. With bitcoin, you can waste CPU cycles on a task
with no intrinsic value, and the result is bitcoin. With bullion-backed
currencies, you can send miners into one hole in the ground to consume
calories, and construction workers into another hole in the ground to consume
calories and construction materials, and move metal from one hole to the other,
and the result is money.
Potlatch economies have always resonated a little more sympathetically for me.
-Bill "Vladimir Ilyich Perkins" Woodcok
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