If it was something like Bitcoin, then yes. But I don't necessarily think it should be the only currency. I like the idea of currency competition. If Bitcoin is preferable to government backed currencies, then people will naturally move to it, otherwise they will avoid it. The question then becomes one of whether or not the central bankers and governments will allow for that kind of currency competition because...

...if Bitcoin is truly a preferable currency, then it would jeopardize the central banking system.

quote:
It's the impossible trinity. The problem that all countries have with banking. You Chose what the US has, which is the most logical, IMO.

Here's a 80 second explanation

I watched the video, and it makes total sense to me, but I was left with only one thought:

It's still an artificially created problem due to the existence of nation states. So calling it "impossible" is a bit misleading, IMO. "Impossible in the current worldwide political paradigm trinity" is more accurate, but not as catchy.

1 ...

Report Post

Posted by TheHiddenFlask

The Welsh red light district

Member since Jul 2008

18384 posts

Posted on 12/3/12 at 10:57 pm to WikiTiger

quote:
WikiTiger

You make a series of great points, but I think that even you would admit that some of them are Utopian. In reality, there are real dangers in a currency that doesn't have someone in control, as there is no one to be held accountable in the occurrence of their failure.

While your premise of competitive currency would allow people to choose which currency to hold and therefore allow people to eliminate that risk, you're completely and totally overrating the intelligence of the human race. Most Wal Mart cashiers have a really hard time making change. They can't do basic arithmetic and it's a part of their daily duties. Do you think they would be able to effectively monitor the risks associated with multiple currencies? I'm going with no.

quote:

I watched the video, and it makes total sense to me, but I was left with only one thought:

It's still an artificially created problem due to the existence of nation states. So calling it "impossible" is a bit misleading, IMO. "Impossible in the current worldwide political paradigm trinity" is more accurate, but not as catchy.