>the global currency of the future, that they need to buy some, and that he’s the man to safeguard it.
Looks like in the future people hoard currency instead of spending and investing it then. That ought to be interesting.
It also demonstrates the costs associated with non-reversible transactions, these vaults aren't storing gold ingots or priceless artifacts, just private keys. Banks around the world don't need to worry too much about this (well, within reason) because if somebody manages to break into their digital vault not everything is lost and they can mitigate the damages retroactively.
With bitcoin "if you don't hold the keys, you don't own the coins" but if you do hold the keys you better be absolutely paranoid with them because there's no plan B if they get compromised or destroyed. For this reason I think that even if cryptocurrencies manage to become mainstream many people (including myself) would rather let a bank manage and insure their wallet than manage it themselves. Too stressful otherwise.
People hoard capital now (currency being one form). Look at the result of the tax cuts leading to stock buy backs
This is more motivation to transition from currency based societies and focus on outcomes that benefit labor first
It’s plain there is no free market when currency monopolists can control not just what we work on looks like, but whether anything is worked on at all
There is great demand for the end of war, housing, social services, and universal healthcare. Cottage industry can rise around that instead of digital assistants that schedule hair cuts.
But we’re forced to prioritize the tasks the currency monopolists dictate, putting our own communities second
Adam Smith only mentions a markets in the context of a free labor market for workers of equal condition to move about freely
Mandate universal healthcare. It’s just as important to a secure and free nation as guns and is a potent first step to saying “we’re not interested in addressing the needs of stock markets and distant currency monopolists.”
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Looks like in the future people hoard currency instead of spending and investing it then. That ought to be interesting.
It also demonstrates the costs associated with non-reversible transactions, these vaults aren't storing gold ingots or priceless artifacts, just private keys. Banks around the world don't need to worry too much about this (well, within reason) because if somebody manages to break into their digital vault not everything is lost and they can mitigate the damages retroactively.
With bitcoin "if you don't hold the keys, you don't own the coins" but if you do hold the keys you better be absolutely paranoid with them because there's no plan B if they get compromised or destroyed. For this reason I think that even if cryptocurrencies manage to become mainstream many people (including myself) would rather let a bank manage and insure their wallet than manage it themselves. Too stressful otherwise.
This is more motivation to transition from currency based societies and focus on outcomes that benefit labor first
It’s plain there is no free market when currency monopolists can control not just what we work on looks like, but whether anything is worked on at all
There is great demand for the end of war, housing, social services, and universal healthcare. Cottage industry can rise around that instead of digital assistants that schedule hair cuts.
But we’re forced to prioritize the tasks the currency monopolists dictate, putting our own communities second
Adam Smith only mentions a markets in the context of a free labor market for workers of equal condition to move about freely
Mandate universal healthcare. It’s just as important to a secure and free nation as guns and is a potent first step to saying “we’re not interested in addressing the needs of stock markets and distant currency monopolists.”