What do Francisco d'Anconia and Satoshi Nakamoto Have in Common?
Most important, sound money must be a reliable store of value. If money is expected to lose purchasing power over time, it will become less acceptable as a medium of exchange. This attribute of sound money transcends the here and now of trading values, and enters the fourth dimension of time and space. It becomes transferrable wealth, anywhere in the world, at any time.
The moral foundation of sound money is the productive work of its creator, stored as wealth, that has not been spent on other material values. Its moral purpose is to trade values with other producers, making it the keystone of civilization. In the modern and premodern eras, gold was the best global example.
The moral foundation of sound money is the productive work of its creator, stored as wealth, that has not been spent on other material values. Its moral purpose is to trade values with other producers, making it the keystone of civilization. In the modern and premodern eras, gold was the best global example.
The only solution I have pondered is the monetization of a human life. Very slippery slope, yet if, in principle, one had to "bet" on their life and that of others enjoined, "Monies" become very personal. I can envision accounts established, folks taking the day, week, month/s off.......and getting hungry....the most powerful motivator, to take by force or learn to enjoin equitably.
I found out last week that I was a free, natural born citizen until I was 11. My folks wanted to open up a saving account for me. Requirement: Social Security registration. I was enrolled into The Corporation of The US as a child. My parents never realized or understood that this is a contract. As a member of The Corporation I agree to abide by the rules / laws of said. The Corporation has a contract with The Federal Reserve. The Corporation is indebted to the FED....I, and all the future generations who enroll in SSA are indebted. Economies have been manipulated to created terrible conflicts.
The lack of teaching of this is intentional. This is also the only contract I can see that does not require an adult "legally" stature for engagement.
Valid corollary?
The present monetary systems need competition. Bitcoin is the most valid in it's representation to mining gold. Gold had limited use before industrialization....jewelry, coinage and solder. A "value" could be assigned based upon the effort / activity of tangible endeavor to find, mine, refine and store.
What keeps Bitcoin from going Fiat? Humans cannot agree that there is more gold in a system. Humans can agree, through the mechanism of interest, there is more Bitcoin.
If...big open concept....we had established a system of such what could / would happen in human interaction. And so, tomorrow this new system is established, lives are pro rated in the creation of these accounts. The first thing I envision is many not working...and the grocery shelves going empty. The first lesson is mortality tied to a medium of exchange. I can choose how to place my account expenditures, frivolously or not. Conceptually the idea of earning from a zero start to maintaining an existing are different enough to warrant thought.
Most see "money" through an emotional filter, Mine. The next stage is of commodity, I see the third stage as of a Social Modifier.
Using the idea of an account established at birth I certainly would be conservative in the first two contexts (betting my "life"), and cautious of the use by others in the third. I'd also be very cautious of enjoining others in activities / investments / developments requiring interdependence.
One thought i have had regarding this is that when a life ends so does the account. Conceptually the pursuit of money for it's sake may diminish greatly. The pursuit of one's happiness, thematically, may increase. Just ideas.