Thanks, sandalwood. I'm enjoying this conversation.
Maybe I used the wrong word by mentioning "cash".
Yes, the Central Bank issues its IOU here too, just like the Federal Reserve.
But do you think all transactions must use these IOUs?
Barter is alive and well today. Many LEGIT transactions go on without government-issued fiat currency.
I agree that the government mustn't dabble into EVERY legal transaction. (And by definition, they can't; they're too tied up in red tape to do that)
However, much of what I hear of Bitcoin reminds me of the scare-mongering of LibertyReserve, a digital currency that was the rave some years ago.
But it's always good to be informed. Beats hiding one's head in the sand...
Thank you
Quote:
Originally Posted by sandalwood
“Gold is the currency of kings, silver is the currency of the educated,
barter is the currency of the working-class, and debt is the currency of slaves.”
If your country has a national bank (ours is the Federal Reserve) you are a slave. In this day and age, slave is a very politically incorrect word. In fact, say it on a college campus and you're likely to start a riot.
However one institution doesn't mind rubbing your nose in it. Yep, your friendly government. Might be another reason to think long and hard about digital currency.
Just saying...
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