A Quote by Leon Louw
Bitcoin might revolutionise more than money or economics. It could transform the role and nature of government
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Women's battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.
There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
Well, bitcoin is a currency. Bitcoin has no underlying rate of return. You know, bonds have an interest coupon. Stocks have earnings and dividends. Gold has nothing, and bitcoin has nothing. There is nothing to support the bitcoin except the hope that you will sell it to somebody for more than you paid for it.
The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
What, on the eternal list of priorities, precedes health? What more obvious role could government have than the defense of the life, of each citizen? We cannot stop every germ that seeks to harm us any more than we can stop every person who seeks to harm us. But we can try dammit and government's essential role in that effort facilitate it, reduce its cost, broaden its availability, improve my health and yours, seems, ultimately, self-explanatory.
There isn't a single government agency that can't function. There's more money in this federal government, there's more money allocated than these people can possibly spend. They have to concoct asinine ways to spend it, like advertising for new food stamp users. I've gotten to the point, I'm just so righteously indignant and offended at the very idea that our government could ever run out of money when we've got a printing press, for crying out loud. Printed three and a half trillion dollars over seven years and flooded Wall Street with it.
Isn't the purpose of bitcoin mining simply to get rich - or not, as the case may be? Well, at 21, we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol - and particularly in the industrial uses of bitcoin enabled by embedded mining.
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
We're now moving into a stage where the green economy isn't just going to be the place for people to spend money. It's going to become a place where a lot more people can earn money, and also save more money. These kind of solutions require collective action and government action. So as an advocate for government change, even somebody like me gets to have a role.
Everything we know about human nature and about government tells us that individuals using their own money will achieve far more good for themselves and far more for others than politicians spending money they didn't have to work to earn.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
It's completely reasonable, even if some Bitcoin currency purists wouldn't like it, to have credit and debit card payments denominated in Bitcoin rather than dollars, and net settled on Bitcoin instead of on Fedwire.
The bitcoin world is this new ecosystem where it doesn't cost that much to start a new bitcoin company, it doesn't cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
Bitcoin has been described as a decentralized, peer-to-peer virtual currency that is used like money - it can be exchanged for traditional currencies such as the U.S. dollar or used to purchase goods or services, usually online. Unlike traditional currencies, Bitcoin operates without central authority or banks and is not backed by any government.
In the future, I expect to see bitcoin mining in places where electricity is free or cheap. You could put solar array in the Arizona desert attached to bitcoin miners, and instead of trying to ship that electricity all over world, you could ship Bitcoin all over the world.
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