Notes of Note from John F. Ince

Archive for August, 2013

The Federal Governments Reaction To Bitcoin Is An Acknowledgement Of The Dollars Vulnerability – Forbes

The term “fiat currencies” is strange and mostly not understood in this modern “progressive” era, where everything is transformed by political “Progressives” into fiat rather than natural forms, which continue to exist as long as so-called “Progressives” have the power to impose them.  So instead of Natural Law, we have fiat law, which is whatever those who currently have the political power say it is.  And instead of Natural Rights, the world today mostly recognizes only fiat rights, which are only the rights those in power say we have.  America was rooted in Natural Rights and Natural Law, which so-called Progressives have been rebelling against for more than 100 years, certain they had better ideas more suited to the modern world.And so today we have fiat money instead of natural money.  Fiat money is money with a government declared value, rather than a natural, inherent value.  That is how the government takes some paper, slaps some ink on it, and supposedly it has the value the government and the ink says it has. Bitcoins Are Digital Collectibles, Not Real MoneyLouis WoodhillContributorIts Not That Bitcoin Can Be Regulated As Money: Its That Now Bitcoin Will Be Regulated As MoneyTim WorstallContributor Dont Be Silly, The Entitlement State Wont Allow BitcoinHarry BinswangerContributor Bitcoin Is a Junk Currency, But It Lays the Foundation For Better MoneyNathan LewisContributorBut that fiat money also lasts only as long as the ruling class has the power to impose it on us.  That means the political power and the market power to do that.  At some point, the market power, which is more real and natural, can overcome the political power.  And that is the point we are reaching, when the innovation becomes more real and natural.

via The Federal Governments Reaction To Bitcoin Is An Acknowledgement Of The Dollars Vulnerability – Forbes.

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Video

A Flaw in the Monetary System

This video concisely explains why we need to redesign our monetary system.

TheGivingMachine: how technology is making donating free | Social Enterprise Network | Guardian Professional

A social enterprise that taps into the hidden world of online sales referrals allows us to give to charity without opening our wallets  Through TheGivingMachine, charities that might otherwise directly ask for money are asking people for a small change in their online behaviour. Photograph: Alamy

Would you donate more to charity if it wasn’t coming out of your pocket? Thanks to the combination of several technologies and services, this is now possible through the social enterprise TheGivingMachine.

Every year, online shops pay hundreds of millions of pounds to other websites for sales referrals. This is a hidden pool of money to which we have all added by clicking on a link, buying a product and as a result unknowingly created a sales commission for someone else. TheGivingMachine taps into this established technique called affiliate marketing and enables you to generate a sales commission from buying what you were already going to buy from hundreds of the best known online shops. 75% of these commissions are then converted into free donations to the charities and schools you choose, with the remainder providing the income needed to operate the website and distribute the many donation payments every month.

via TheGivingMachine: how technology is making donating free | Social Enterprise Network | Guardian Professional.

Bitcoin Is Money … It’s Just Terrible At It | The Exchange – Yahoo! Finance

“So, is Bitcoin actually money?”It’s a fair question and, with the intense scrutiny directed at the “crypto-currency” of late, an increasingly common one. But the real question is not whether Bitcoin functions as money today, nor whether Bitcoins themselves are a good speculative investment. The real question – and the only important question when considering whether Bitcoin could be a viable alternative currency – is, “can Bitcoin ever function well enough as money to matter?”And that answer, I fear, is no.Whether something is “money” has nothing to do with the source of production, whether it’s issued by a government or a private company or spontaneously generated by a community, whether it’s minted or mined or printed or issued electronically.Money is … well, money … to the degree to which it enables transactions, to the degree that you can use it to purchase things. No matter how efficient or liquid a market is, unless it can be used to purchase things, it’s not money; it’s a commodity.By that measure, Bitcoin is unquestionably money.It just happens to be terrible at it.Wheres the marketplace?Even the most vocal supporter of the system acknowledges that the number of merchants accepting Bitcoins is miniscule and the number of large merchants embracing it is almost nil.But is that unfair, or at least premature?Perhaps it’s just a question of time, business development, marketing … of scale. One hears the term “critical mass” a great deal when this question is posed, the implication being that the ecosystem just needs enough merchants to buy in for Bitcoin to become useful as money and to become self-sustaining.But it is not quite so simple.

via Bitcoin Is Money … It’s Just Terrible At It | The Exchange – Yahoo! Finance.