Bitcoiners’ dubious sense of economic history 2

JISHOU, HUNAN — Banks are all evil, right? Especially the Federal Reserve Bank, which if you believe Sen. Ron Paul (R-TX), is unconstitutional and shouldn’t even exist. And governments shouldn’t control currency, because … free markets! That’s pretty much the reasoning behind bitcoin and its various clones. Although I have playing with bitcoin and other crypto-currencies for the last month, I don’t totally buy into the philosophy behind their creation. For one thing, bitcoin fans don’t know their economic and political history too well. Here’s a tip, guys. It’s important to get your history straight before you introduce a whole new currency to replace something that’s been used for centuries. Maybe I’ve put the cart before the horse, but only now have I had the time to review the rationale for introducing bitcoin and its offshoots. Quite simply, I am not impressed. The wiki for Devcoin, an offshoot of bitcoin, links to this so-called “History of Money,” which contains this reference to Colonial Scrip (paper money) and Parliament’s regulation of it. In Response the world’s most powerful independent bank [The Bank of England] used its influence on the British parliament to press for the passing of the Currency Act of ...
WP Facebook Auto Publish Powered By : XYZScripts.com