Calculating the insurance requirements for mints this way progressively discourages extreme wealth inequality among a mint’s members: the more monopolistic a mint’s holdings is, the more it must rely on the wealth of other mints to assure the market of its coins’ legitimate value. While many may decry this as putting capitalism in fetters, its actual effect is rewarding functioning competition—the heart of capitalism—and punishing a stagnant environment that suppresses innovation.
As you may assume, I entirely disagree. While this may indeed require millions or billions of chalkoi to be reassigned to a new owner during a transaction, this is far better than requiring an infinite number of blocks on an immutable ledger. The only reason it would be unwieldy is because of the notorious difficulty of confirming transactions on the Bitcoin blockchain.
Information about all the other previous owners would be a numeric hash of the owner’s wallet ID with some function performed on the transaction number and coin ID as the salt. My words are becoming labored at this point, so I wish to leave you with those of somebody else. They simultaneously inhabit a space of lamentation over our current economic system and that promised land that is imbued with the hope that a sense of humanity will at last triumph:
A successful reformation of the very nature of currency must occur in the context of dialogue between private entities and public institutions. To divorce politics and economics—while a thrilling idea at first—is to sever the channels through which individual liberties negotiate with social responsibilities. This is precisely why I am alarmed that popular cryptocurrencies’ flirtation with anarchic ideals has resulted in the systemic espousal of the Freidman doctrine that “greed is good.
Bitcoin’s philosophy most certainly rejects the idea of chartalism, but it also fails to fulfill the requirements of the metallist viewpoint. As it is not backed by a government nor by any tangible commodity, Bitcoin’s entire utility is based upon the techno-utopian—and dare I say quasi-idolatrous— trust placed solely in the “infallibility” of the blockchain.
This solution devised in ancient times has served for the basis of monetary conceptualization across millennia. Of course, other evolutions have occurred , but none are so important as the development of currency in a centralized manner. It has been Bitcoin’s aim to make take the next step in economic development, namely by decentralizing currency.
ColdFusion_TV Want to do an episode on this? It was a top story for a few days. chitosenakamoto digitaluniversaldrachma cryptocurrency decentralized
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