Jim H,
I will try to tone down the arrogance but no promises ;). Especially as we enter this bull run of bull runs.
Scarcity of a tradeable good can be measured using a Stock to Flow ratio. Where stock is the current total supply, and flow is the annual production of new supply that enters the market.
Actually I’ll just post this link instead of explaining it as my thoughts come directly from this article and it’s updated sequel:
https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
“Think of it as the foundation of an enterprise mainnet.”
That’s how Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business.
The revamped Liink, which is based on a fork of Ethereum, is more of a “decentralized network,” said Moy, and less like a “central command product.” As such, Liink now invites its 400-plus financial institutions (including 25 of the largest 50 banks) to start building on top of the platform.
And the dirty deals he rode in on
@Barbara
Nice article. I like:
Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business.Andreas Antonopolous had the perfect response to corporations rebranding to take advantage of blockchain and its potential to decentralize. I don't remember it all word-for-word, but I do remember he said it's the difference between "revolution" and "revolutionize," or between Che and a Che T-shirt worn by a hipster in a Brooklyn coffee shop. They want it all tamed and broken to their lead. By definition, of course, no system under centralized control is decentralized. The rebranding is not really a change in structure so much as a re-defining of the terms to fit the corporate brochure's glossy new language. This is the intention of Central Banks as they get into the "cryptocurrency" game, too. In the name of copying Bitcoin's decentralized structure they will create coins that give them even tighter supervision of and control over every individuals' financial life and behavior. They're trying to maintain command and control in a world that increasingly won't need them.
Interview with Abby Martin on why big banks are terrified of BTC
https://www.youtube.com/watch?v=5AQ9Yuv0yiY
This was 4 years ago
No, unless you go for mining and a 51% attack. Proof of work and transactions mean multiple miners can disprove your hacked block transaction.
One must understand this while entering crypto. It’s equivalent to ordering an Uber during the rush hour:
https://www.coindesk.com/bitcoin-transaction-fees-hashrate
000
If I want to buy a coffee using bitcoin, how much is the transaction fee and how long do I have to wait?
So you probably don’t want to pay for coffee, but paying for (say) server time is something I’ve done. If you actually have the bitcoin lying around, its pretty fast. As in - seconds. Because the company doing the receipt accepts the transaction as valid before the confirmation lands in the blockchain (which can take 10+ minutes).
By convention, once it is posted to the memory pool (the pending TX queue), “that’s good enough.” And almost always this is true.
You can post a TX without a fee - it just might take even longer to actually get formally added to the blockchain vs queued up waiting in the mempool.
What rate do they give? It was basically a forex transaction for me, so they can hide fees inside the rate they quote me for the TX. So YMMV.
Elon is enveloping the globe with Starlink. Every square centimeter will have cell coverage. A smart phone, and a Starlink acct is all you will need to conduct crypto business. The large exchanges will likely become extinct thanks to DEFI.
P2P transactions will make crypto an actual currency. There will be no need to link to the corrupt legacy system. The future is now. STACK SATOSHIS
At current valuation in USD you can buy 2,720 latte’s at Starbucks in seconds with zero fees if you use an exchange and Starbucks uses the same exchange, via email. Or if nostalgia for the legacy system is your thing use your Coinbase Visa card. The transaction will process before you well before you get your latte’.
Though I prefer Chai
Thank Mohammad
P2P seems like the best part of bitcoin.
I also look forward to the day when we have P2P communications and would like to work with other amateur radio people here on a private system.
P2P is where its at for peak prosperity as centralized, racketeered systems collapse, in my opinion. I wonder how a P2P payment system can be adapted to meet the requirements of CHS’s labor backed currency…
It is very simple. First of all CHS does not have a Labor backed currency so let’s get that off the table. We already have a P2P currency. Actually many of them Edward Snowden uses Monero. I have sold, as have others, goods and services with crypto. I pay my plumber with Ether. There is no reason in the world to try to conceptualize a wheel. We have numerous options for wheels. BTC is a wheel that rewards savers. DUH. BTC is P2P. DUH. BTC is secure. DUH. BTC is transparent. DUH.
Unfortunately you and many others are looking at it as a sepia toned snap shot. It has gone beyond still photography, it has gone beyond silent movies, it has gone beyond talkies. It is well beyond 3 D. The space is changing by the second.
Whenever I work for someone I always tell them they can pay me in crypto.
Here is your free introductory offer to earn crypto. You don’t have to buy it you can earn it with your “labor”
Are you interested? Are you willing to go into the rabbit hole?
You and many others here are very smart. I have said this many times here. What is clearly holding you back is fear. Your fear is preventing you from seeing opportunity. There is an opportunity for you and everyone here to “earn” crypto. There is nothing preventing you from earning crypto but your own prejudice. Here is an example. Does this site accept crypto for subscriptions? Does it accept it for T shirts? Does it accept it for seminars ? Why not. I am not going to pay USD for anything this site offers. However I might spend some Ether which cost me $2 for something here. Get it? Here is another one. Dr Doom has spent most of his time denigrating crypto. What if he offered to help people get started and explained everything to them for a small pmt. of crypto? What if he produced an instructional video? Or a book? He is the resident genius techie and people here trust him. What if he set up an escrow for transfer of goods using crypto via smart contracts?
You write about solar. Could you sell your writing for crypto? Could you be a consultant for someone wanting a system? Could you design a system for someone? I don’t know what other skills you or anyone here has that they could market but if you can get paid in fiat you can get paid in crypto. Why not be a part of a revolution to start a democratic, transparent, trustless P2P economy. THE FUCKING TECHNOLOGY IS HERE RIGHT NOW. All you have to do is do it. Why not?
Seriously why no? It checks all the boxes? Why wait for CHS to do something that he has not done, is not doing and will never do? There is no need to do anything, it is done.
You want a P2P labor backed currency it’s here dude. “Will work for Bitcoin”
I think there might be a misunderstanding about what a labor-backed currency is.
All bitcoins are created by mining - this structure rewards people who do the work of keeping the bitcoin network running by giving them brand-new bitcoin.
A labor-backed coin (laborcoin?) would reward people who provide labor that was determined “to be in the public interest” by giving them brand-new laborcoin.
More people doing “public interest” work? More laborcoin would be created, and then handed to the workers.
I’m not taking a position on this either way - just explaining the structure.
Thanks Dave
The main point as I see it, is to get rid of the bankers and politicians and free-shit-for-nothing slugs who ruin it for wealth creators.
A labor backed currency based on the Real Bills Doctrine would serve the wealth creators and be self-limiting such that units would only be issued that correspond to real work-value added. Us wealth creators (I hope that I speak for everyone here) need to shake off the speculators and bankers who merely steal from us and enslave us. Doesnt everyone care about building or re-building a prosperous world unencumbered by free shit for nothing grifters/bankers? We need a real labor based currency and not something that is gamed and valuated by grifters.
The old ways of “investing” money to grow based on other’s efforts does not work in a world that is no longer exponentially growing. The amount of and evaluation of a crypto should directly be determined by labor, not by religious-like focus of attention on get rich quick, which served the banking class well in the previous world of exponentially growing resources/oil/wealth…
We really need that labor backed real bills doctrine based crypto or something that would operate the same way.
Mots-
Can you be a bit more specific about the conditions under which your Motscoins would be created? Reading the Real Bills Doctrine, it sounds like the only way you can create money under that system is by creating some physical good and assigning a value to it. Do you receive the coins in that situation whether or not you can sell the item?
How would this work for services?
Or are the coins “borrowed” into existence (from - whom?) by the manufacturer and must be later repaid with interest once the product is sold?
I think I just need a little more detail.
By the way, I’m not anti-bankster if they siphon off just 1% of GDP - they loan the money, they take the risk. I’m anti-bankster when they siphon off 4-5%, like they do today. And whenever they get convicted of any crime, its always a monetary fine that the shareholders end up paying, while nobody goes to jail.
Send them to prison when they do wrong, and trim the scams back down to 1%, make banking boring again, and I’d be fine with it all. Like central banking - when all they did was make loans on good collateral during turbulent times, I’m fine with it. Its the crazy mission creep that’s out of control.
And yes, I think banking will still work going forward. There will always be some number of “self-liquidating debt” projects even if things contract. Not every project will be loss-making.
But I’m totally open to hearing different approaches. Especially ones that put writing software front and center. 
It is quite clear some people do not understand Liberty. It is also clear that most people do not understand money.
Thus they end up with neither.
Dave, thank you for your question.
Shortly after 2008 (and reading CM’s work in detail) I invented a labor backed currency and wrote a 25 page summary including an example.
Here are some short passages from my document (which I am happy to send to anyone that gives me an email):
“A self regulating individual-issued currency is described that allows each wealth producer to issue currency. Freedom and independence is promoted as the currency amount and quality are controlled directly by the acts of the issuer in tight cooperation with the community that utilizes the currency. A central database is used to allow members of a community that may encounter the currency evaluate the quality and quantity of the currency and thereby expose the currency itself to immediate and constant market force reality-checks…In an embodiment, each producer of wealth issues his or her own money when the producer wants to receive something from others in a transaction. The issued money acquires value via reputation and/or via collateral backing. Interest is not required, and the monetary currency, which from a legal perspective is a straightforward contract with others, is self regulating. If one person issues too much money without backing (either in reputation/ability to perform, and/or by available collateral for alternative redemption) then that money (and only that money) is damaged and further issuance not welcomed. This system allows a wealth producer to work hard and to create good reputation and wealth without having to give away wealth products to faraway places to satisfy banking schemes.”
"
Currency can be printed from a personal printer using a software program. The program prepares a front side of the currency unit that displays identification of the issuer, such as his name, trade name, address, website and/or email address. The back side optionally displays conditions of the currency, such as the work or service to be performed, conditions of redemption etc. The issuer’s signature preferably is on the front but may be on the back. Contact information, such as website, access codes and the like may be included to allow the currency recipient to look up the public database on the currencies issued by various individuals and organizations.
The Personal/Organization Currency Value is determined by Reputation and/or Collateral
Currency may be issued for a variety of goods and services and may be denominated in any units or measure that makes sense. Currency may be issued in kilowatt hours, solar (sunlight dependent) kilowatt hours, an amount of kilowatt hours based on time of day or other consideration, volumetric or energy unit measure of oil, biodiesel, synthetic gas, natural gas, other hydrocarbon, wood, wood pellets, or other measure of energy. Currency may be issued in units of food, futures of foodstuffs, futures of energy or other materials etc.
Valuation of a personal currency is important and can be achieved a variety of ways. The public database facilitates the generation and dissemination of reputation of the currency issuer. Data such as successful redemptions of currency, rate of circulation of the currency before (or without) redemption, and total amount or rate of change in outstanding currency allows judgment on the value of a person’s individual currency. The data base preferably includes assets of the issuer that are tied to (burdened by) the issued currency. Currency reputation is enhanced by contractually backing the issued personal currency with collateral of the issuer. Collateral may be tied to specific currency units and in fact may be the sole basic value of an issued currency. Currency may be issued and valued solely on the basis of the ability to redeem for a precious metal such as gold or silver. Combinations of these also are possible.
Public Database Facilitates the Currency Use
In an embodiment a server or other data base holder is connected to a net such as the internet and provides information about the individual currencies. Preferably the data base has identification of an individual (such as name, address) linked to a history of his currency. For example, a currency history could include at least one of: proportion of contracts fulfilled, average pendency (time before fulfillment) of currency contracts, complaints received, total outstanding currency contracts, circulation of the issuer’s currency contracts, and the like.
A “public” database may be freely accessible to members of a group and is “public” with respect to that group. For example a barter or currency club may be organized to share their local currency and utilize password restriction to access their “public” database…
Basically I propose merely using electronic technology and basic contract law to supercharge what we already do in sustainable small communities…
Dave
Here is an example of a labor backed currency. Although this obviously can be implemented totally by electronic form, it is much more fun to give and receive real paper with the issuer’s picture and signature on it as well as enter a database. This is designed for real communities that are cohesive and which ALREADY have an informal banking system of doing good for others to incur favors (the Japanese are real champs at this and quickly take care of fraudsters at the community level). Currency should be fun to use.
Front and back of the paper (which is not necessary but more fun) are presented below:
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