A Quote by Douglas Rushkoff
A currency designed for long-term storage and investment doesn't do so well at encouraging transactions and exchange in the moment.
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The whole thing of moving the currency through currency sorting and detection machines and so on that was the whole process actually encouraging electronic transactions.
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.
Young people, under the social contract, suggest a long term investment. What we have today is a government that believes that young people - since they are a long term investment - are a liability. This is system that only believes in short-term investments.
You look at Bitcoin, and it is an entirely new currency, completely decentralized, anonymous; transactions occur incredibly fast for free, all designed by the free market.
There is currency to celebrity, or celebrity is a currency... You can spend it in a lot of ways, or you can squander it. You can be taxed, as well. I really started thinking long and hard about how to use that currency as long as I had it.
At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions... all good things.
At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions all good things
Well, there's always risk in long-term investment.
Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.
Britain is not in the single currency, and we're not going to be. But we all need the eurozone to have the right governance and structures to secure a successful currency for the long term.
As I noted in my article "Comparing LTO-6 to Scale-Out Storage for Long-Term Retention," in these situations tape is an ideal storage type. Data on tape can still be automatically scanned for durability and it certainly meets the cost-effectiveness requirements.
I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.
Debasing your currency sometimes works in the short term, it has never worked in the long term and does not even usually work in the medium term. Lots of politicians like to do it because it is an easy way.
The market is a brilliant system for the exchange of goods and services, but it doesn't protect the environment unless it's regulated, it doesn't train your workforce unless it's regulated, and it doesn't give you the long-term investment you want.
The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.
Ultimately, in the long run we need to immunise our system from being overly responsive to fluctuations in the exchange rate; that is, people should, by and large, be reasonably hedged, or they should borrow more in domestic currency rather than foreign currency.
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