No One Understands The Monetary System, And That’s Not OK
Understanding the monetary system is foundational to seeing what’s wrong with the current system and to have a true grasp of Bitcoin and its importance.“If you want to make an apple pie from scratch, you must first invent the universe.” – Carl SaganAmong the first objections that arise for anyone who has just learned about Bitcoin is “this is too complicated to understand.” And it’s true; private keys, block times, difficulty adjustments, UTXOs, uncensorable CoinJoin transactions, hash-something — the learning curve is steep and, for most, the reasons to ascend it seem few and far....
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Bitcoin is an infinitely complex system that is a zero-to-one invention with little for us to compare it to, so no one can fully understand Bitcoin.
A hard fork has been announced for the NXT crypto-currency, which will enable the long anticipated 'Monetary System' feature that allows for the creation of user-issued currencies by 'locking' NXT. NXT users can update now to the NRS v1.4.5 client, which will enable the Monetary System. This is a 'hard fork', which means that the upgrade is compulsory if you want to keep using NXT without ending up on your own separate block chain. Users of NXT must upgrade to the latest release by block 330000, at which point the Monetary System will go live. The new Monetary System feature will allow....
In order to understand Bitcoin’s potential role in the future, we must understand the monetary system of the present.
Libertarian leader Jeffrey Tucker, CEO of Liberty.me and publisher of Laissez Faire Books, shared with Bitcoin Magazine his views on how Bitcoin is NOT a monetary system. Bitcoin Is Not a Monetary System. By Jeffrey Tucker. Every since I started writing about cryptocurrency last Spring, my inbox has become a hub for Bitcoin questions. I completely understand - even to me it's still the most implausible idea ever that some code-slinging, nameless geek somewhere could somehow invent a new currency made from 1s and 0s, throw it out there on an open forum, and (in a mere five years), it would....
Quantitative Easing (QE) has so far not produced the runaway inflation some predicted. But before you start feeling comfortable about fiat currency again, central planners have another trick in store, i.e. “helicopter money,” a term that’s back in vogue thanks to a country that has tried almost everything to stimulate its economy: Japan. A more extreme....