Post
Topic
Board Economics
Re: Economic Totalitarianism
by
OROBTC
on 25/07/2015, 23:18:29 UTC
...

To my knowledge, no one has come up with a better system than some version of fiat (standardized) money withing major jurisdictions.  Recall that the most commonly accepted definitions of money is that it fulfills all three roles:

1) Unit of Account (my car is worth $8000)

2) Medium of Exchange (give me $1.25 for that Twinkie)

3) Store of Value (will my $1000 next year still buy me approx. $1000 worth of Omaha Steaks as this year?)

The US$ (and almost all) and other currencies FAIL, as they must.  Doing all three of the above is very difficult, especially politically difficult.

We NEED currencies, to more easily buy & sell.

We need gold, perhaps other things, as a Store of Value.  If/when Bitcoin (or a later crypto) comes along re the Store of Value, and especially if ANONYNOUS, wow, then we will be in business (those of us doing stuff anyway).