Udhay Shankar N [01/02/09 10:47 +0530]:
If cash becomes king, what happens when market forces smash the cash?
Was that inky paper really, truly supposed to be worth more than real
He might write a good dystopian novel. But that screed is not informed
commentary on anything except crypto. Even physical security .. like TSA -
he cant resist descending into security theater to prove "that he can waltz
through security so it shouldnt be around at all".
Everything, Bruce, is a balance that you strike. Between security and
usability, between having a readily accepted medium of exchange with a
known set of yardsticks (aka an economy based on publicly traded national
currencies) and the older system - bartering pigs for grain and then notes
of hand / bills of exchange raised on merchant houses, so that you wouldnt
need to have the pigs or the grain at hand, just a promise to pay them.
estate, or unreal intellectual property, or shares in productive
companies? Why should anyone honestly believe that local treasury
departments are somehow more credible than global bankers? What on earth
were people thinking? Flee for the hills!
What on earth am I thinking, having had to plow through this? Sigh.
srs
