“Goldstein treats money like it’s the military: as something we can control, commandeer hither and thither, and that it almost always behaves like we imagine it will. It won’t do.” ~ Joakim Book
READ MORE“It could very well be that the benefits of reducing the threshold from $3,000 to $250 exceed the costs, defined as the sum of the administrative expenses, lost privacy, and increased financial exclusion. But all of these costs must be included in the final calculation. Not just some of them. As it is, FinCEN and the Fed have not done a sound accounting for their proposal.” ~ J.P. Koning
READ MORE“It is possible that these prepaid card providers aren’t competing very hard, and thus unbanked households face abnormally high fees. If so, the unbanked population could benefit by having the USPS enter the market. On the other hand, if the market for prepaid cards is already competitive, a USPS card may have problems gaining a foothold, in which case it may not even be worth the effort.” ~ J.P. Koning
READ MORE“It is sad to see an excited gambler sell their house to go all-in on a longshot, whether that be on lottery tickets or on cryptocurrencies. It is shameful to encourage such behaviors. Cryptocurrencies like bitcoin are a game. Play responsibly.” ~ J.P. Koning
READ MORE“Provided there is widespread social respect and protection for the institution of private property, we can have both markets and money, and the material bounties they create. But if we fiddle with markets and money, for example by conducting misguided political experiments, we jeopardize the very roots of our economic well-being.” ~ Alexander W. Salter
READ MORE“Money makes possible an incredible amount of interpersonal coordination in the market. Rules of private property and contract, of various kinds, predate money. But widespread market integration and economic growth only result when there is a critical mass of people in a single commercial network linked by money.” ~ Alexander W. Salter
READ MORE“It’s hard to see why AMPL or YAM could ever replace a dollar. While the price of these tokens is relatively benign, their quantity fluctuates wildly. So the total purchasing power of AMPLs (or YAMs) held in one’s wallet is quite volatile despite the purchasing power of a given AMPL (or YAM) being stable. Put plainly, these aren’t dollar substitutes.” ~ J.P. Koning
READ MORE“It’s refreshing to read an account of early Bitcoin – not the programming, the cryptography, or the scandals, but the dreamy futurists and their financiers.” ~ Joakim Book
READ MORE“Inflation is not a one-trick pony, with an easily predictable outcome. Rather, it does several things at the same time. Looking at claims like the eradication of a dollar’s purchasing power is misleading: it is not the case that inflation has ripped off savers by eradicating 97% of their savings’ worth.” ~ Joakim Book
READ MORE“Regular consumers are slowly becoming more interested in financial privacy. But they shouldn’t have to rely on systems that ignore the law. A more durable solution is to work towards changing those laws.” ~ J.P. Koning
READ MORE“In the absence of government regulation and monopoly control, a free monetary and banking system would exist; it would not have to be created, designed, or supported. A market-based system would naturally emerge, take form, and develop out of the prior system of monetary central planning.” ~ Richard M. Ebeling
READ MORE“Our smaller denomination coins cost more to produce than they are worth, and burden our transactions with tedious calculations. Temporarily, due to the virus, some of our businesses are suspending dealing in these coins. Perhaps soon we will replace our coinage with one that makes sense.” ~ Clifford F. Thies
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