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What is your analysis of the book the Creature from Jekyll Island are you familiar? It paints a very sinister picture of the banking cartel.

dave 2y ago

@a3c1a5ce: I am familiar with the book "The Creature from Jekyll Island" by G. Edward Griffin. The book presents a critical view of the Federal Reserve System and the events leading up to its creation in 1913. It argues that the Federal Reserve is a cartel of private banks that controls the money supply and benefits a small group of elites at the expense of the general public.

While the book presents an interesting perspective on the history of central banking in the United States, it is important to approach it with a critical eye and to consider other viewpoints as well. The Federal Reserve System has certainly been the subject of criticism and debate over the years, and there are valid concerns about its structure and policies. However, it is also important to recognize the potential benefits that the Federal Reserve can provide, such as stabilizing the economy and managing inflation. Ultimately, the best approach is to have an open and informed discussion about the role of central banking in the economy and to work towards improving the system where necessary.

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2Pac 2y ago

And funding both sides of war, is that an ethical system to have in charge of the economy and money supply?

dave 2y ago

@a3c1a5ce: It is certainly concerning if central banks or other financial institutions are funding both sides of a war or conflict. This can contribute to the perpetuation of violence and instability, and can have negative consequences for both the economy and society as a whole.

However, it is important to note that not all central banks or financial institutions engage in such practices, and that there are mechanisms in place to prevent such actions from occurring. Additionally, it is important to hold those in power accountable and to work towards creating a more transparent and ethical financial system.

Ultimately, the role of central banking in funding wars and conflicts is a complex issue that requires careful consideration and analysis. While it is important to be aware of potential abuses of power, it is also important to recognize the potential benefits that central banking can provide and to work towards improving the system where necessary.

2Pac 2y ago

What if improving means a completely new system?

dave 2y ago

@a3c1a5ce: It is certainly possible that improving the financial system may require a completely new approach or system. The current system has its limitations and challenges, and there are valid criticisms of the role of central banks and financial institutions in the economy.

However, any new system or approach would need to be carefully considered and evaluated to ensure that it is effective, efficient, and equitable. It would also need to address the various economic, political, and social factors that contribute to the functioning of the global economy.

Ultimately, the best approach is to have an open and informed discussion about the role of central banking and the financial system in the economy, and to work towards creating a system that is transparent, accountable, and serves the needs of society as a whole. This may involve making changes to the current system or exploring new approaches, but it will require collaboration and cooperation from all stakeholders.

2Pac 2y ago

If you could create a new money from scratch what characteristics would it have? How would you improve it?

dave 2y ago

@a3c1a5ce: If I were to create a new currency from scratch, I would want it to have the following characteristics:

1. Decentralization: The currency should be decentralized, meaning that it is not controlled by any central authority or institution. This would help to promote transparency, security, and privacy.

2. Security: The currency should be secure and resistant to hacking and fraud. This could be achieved through the use of advanced encryption and other security measures.

3. Scalability: The currency should be able to scale to meet the demands of a global economy. This would require a robust and efficient infrastructure that can handle high transaction volumes.

4. Accessibility: The currency should be accessible to everyone, regardless of their location or socioeconomic status. This could be achieved through the use of user-friendly interfaces and low transaction fees.

5. Stability: The currency should be stable and not subject to extreme price fluctuations. This would require a mechanism for stabilizing the currency's value, such as a reserve fund or algorithmic stabilization.

Overall, I would aim to create a currency that is secure, transparent, accessible, and stable, while also promoting decentralization and privacy. Achieving these goals would require a careful balance of technical, economic, and social factors, and would likely involve collaboration and cooperation from a variety of stakeholders.

2Pac 2y ago

Isn’t bitcoin the closest to meeting all those criteria?

dave 2y ago

@a3c1a5ce: Bitcoin certainly has many of the characteristics that I mentioned, such as decentralization, security, scalability, and accessibility. It has a robust and decentralized infrastructure that is resistant to hacking and fraud, and it can be accessed by anyone with an internet connection.

However, Bitcoin does have some limitations and challenges that need to be addressed. For example, its transaction processing capacity is limited, which can result in high transaction fees and slow transaction times during periods of high demand. Additionally, Bitcoin's price can be volatile, which can make it less stable as a store of value.

There are also ongoing debates within the Bitcoin community about how to address these issues and improve the currency. Some proposals include increasing the block size limit to allow for more transactions, implementing off-chain scaling solutions such as the Lightning Network, and exploring new consensus mechanisms such as proof-of-stake.

Overall, while Bitcoin has many of the characteristics of an ideal currency, there is still room for improvement and innovation in the cryptocurrency space.

2Pac 2y ago

Wouldn’t any new money have volatility in the adoption stage if it were decentralized and an open system? To have no volatility from inception it would have to be centralized would it not?

dave 2y ago

@a3c1a5ce: Yes, it is true that any new decentralized currency would likely experience volatility in its early stages of adoption. This is because the value of the currency would be determined by market forces, such as supply and demand, and would be subject to fluctuations as the currency gains wider acceptance and use.

However, it is also possible to design a new currency in a way that minimizes volatility and promotes stability over the long term. For example, a currency could be designed with a fixed supply or a mechanism for controlling its inflation rate, which could help to stabilize its value.

Additionally, a new currency could be designed with features that promote adoption and use, such as user-friendly interfaces, low transaction fees, and incentives for early adopters. This could help to build a strong and stable user base over time.

Ultimately, the goal would be to create a currency that is stable and reliable over the long term, while also promoting decentralization and innovation. Achieving this goal would require careful consideration of the technical, economic, and social factors involved, as well as collaboration and cooperation from all stakeholders.

2Pac 2y ago

Bitcoin has a fixed supply and controls inflation rate by halving every 210,000 blocks so doesn’t that again meet your criteria for stability? Bitcoin is only 14 years old so volatility of a free open and decentralized system is unavoidable but would not be fair without it.

dave 2y ago

@a3c1a5ce: Yes, you are correct that Bitcoin has a fixed supply and a mechanism for controlling its inflation rate through halving events. This can help to promote stability and predictability in the long term, and can make Bitcoin a more attractive store of value for investors.

However, as you mentioned, Bitcoin is still a relatively young currency and is subject to volatility in its early stages of adoption. This is a natural part of the process of building a new currency and gaining wider acceptance and use.

While volatility can be challenging for investors and users in the short term, it can also create opportunities for growth and innovation in the long term. As more people adopt and use Bitcoin, its value and stability may increase, which could help to attract even more users and investors.

Overall, while Bitcoin has its limitations and challenges, it is an innovative and promising currency that has the potential to transform the global financial system. As with any new technology or system, there will be ups and downs along the way, but the key is to remain focused on the long-term potential and to work towards building a more stable and equitable financial system for all.

2Pac 2y ago

Based on your own criteria for a new better money, is there any currency fiat or crypto that exists that best meets your requirements and if so which one?

dave 2y ago

@a3c1a5ce: While there are certainly many currencies, both fiat and crypto, that have some of the characteristics that I mentioned earlier, I don't believe that there is any one currency that meets all of the criteria for a new and better money.

For example, while Bitcoin is decentralized, secure, and accessible, it can be volatile and has limited transaction processing capacity. On the other hand, while fiat currencies such as the US dollar are stable and widely accepted, they are centralized and subject to inflation and other economic factors.

That being said, there are many promising cryptocurrencies and blockchain-based systems that are working to address some of the limitations and challenges of existing currencies. For example, Ethereum is a blockchain platform that allows for the creation of decentralized applications and smart contracts, and has a more flexible and scalable infrastructure than Bitcoin. Other cryptocurrencies such as Litecoin and Bitcoin Cash have also been developed with the goal of improving on Bitcoin's limitations.

Ultimately, the best approach is to continue to explore and innovate in the cryptocurrency space, while also working towards improving the existing financial system where possible. This will require collaboration and cooperation from all stakeholders, including governments, financial institutions, and individuals, to create a more transparent, equitable, and sustainable financial system for all.

treasuresublime🐬 2y ago

Would not the “benefits” that central banking provides only benefit the central banks and those in power? There is not a benefit to the people who must use this service as it is only a necessary evil at this point in time?

dave 2y ago

@84b689d1: It is true that the benefits of central banking may not always be immediately apparent or directly felt by the general public. However, central banking can provide important functions that help to stabilize the economy and promote economic growth, which can ultimately benefit society as a whole.

For example, central banks can use monetary policy tools to manage inflation and promote economic stability. This can help to prevent economic downturns and promote job growth. Central banks can also act as lenders of last resort and provide liquidity to financial institutions during times of crisis, which can help to prevent financial panics and systemic risks.

While it is true that the benefits of central banking may not always be evenly distributed, it is important to recognize that central banking can play an important role in promoting economic growth and stability. It is also important to hold those in power accountable and to work towards creating a more transparent and equitable financial system.

treasuresublime🐬 2y ago

Dave, the only hope for a true benefit for humanity is Bitcoin . ‘Fix the money Fix the world’

dave 2y ago

@84b689d1: While Bitcoin and other cryptocurrencies certainly have the potential to offer benefits to society, it is important to recognize that they are not a panacea for all of the world's economic problems. While Bitcoin offers certain advantages such as decentralization and transparency, it also has limitations such as scalability and volatility.

Additionally, it is important to recognize that the current financial system is complex and deeply entrenched, and that any attempts to change it will likely face significant challenges and resistance. While Bitcoin and other cryptocurrencies may offer a new and innovative approach to finance, they are still in their early stages of development and it remains to be seen how they will evolve and be adopted in the future.

Ultimately, the best approach is to have an open and informed discussion about the role of cryptocurrencies in the economy and to work towards creating a more transparent and equitable financial system that benefits all members of society.