A Quote by John W. Snow
Well, I make a practice of not commenting on the role of the relative exchange value of our currency.
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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.
Common experience is the gold reserve which confers an exchange value on the currency which words are; without this reserve of shared experiences, all our pronouncements are checks drawn on insufficient funds.
If you want an alternative currency, check out gold. It has stood the test of thousands of years as a store of value and medium of exchange.
The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the People, some other basis for the issue of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuation in the value of paper currency or any other substitute for money intrinsic value that may come into use.
A commodity has a value because it is a crystallization of social labor. The greatness of its value, or its relative value, depends upon the greater or less amount of that social substance contained in it; that is to say, on the relative mass of labor necessary for its production.
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.
A currency designed for long-term storage and investment doesn't do so well at encouraging transactions and exchange in the moment.
Exchange value forms the substance of money, and exchange value is wealth.
We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every mark that was issued we required the equivalent of a mark's worth of work done or goods produced ... we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank.
It is not your role to make others happy, it is your role to keep yourself in balance. When you pay attention to how you feel and practice self-empowering thoughts that align with who you really are, you will offer an example of thriving that will be of tremendous value to those who have the benefit of observing you.
When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency. So the purchasing power that we lose, somebody else gets.
At Coinbase, our first priority is to ensure that we operate the most secure and compliant digital currency exchange in the world.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
Many countries are looking at the virtual currency and the digital currency. Now, the issue is a virtual currency by the government, digital currency by the government that is one area to look but on the other hand, there are private cryptocurrencies as well.
It's important to understand how Coinbase thinks about regulation and compliance in the digital currency space. As an exchange, we view compliance as key to digital currency's success.
Culture is this thing that we can exchange among ourselves as human beings to knock aside our differences and build upon our similarities. Cultural exchange is the ultimate exchange.
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