The Mises View: "Bitcoin and Central Banking" | Peter G. Klein
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- Опубліковано 7 вер 2024
- Peter G. Klein answers a viewer's question, and discusses a critical battle between technology and ideology. Klein is the Mises Institute's Executive Director and Carl Menger Research Fellow. For more information, visit the Mises Institute online at mises.org. Submit a question via twitter @MisesView
I agree, new technology and a new ideology go hand in hand.
Great explanation.
Our future will never be different from our present if we carry the same mentality of the present into the future. To seek a different future we have to first of all seek a different mentality, because we can only change our future by first changing the way we think.
We are not guaranteed a better future until we acquire a better mentality!
The only current value derived from Bitcoins is the hope that you can flip it over to someone else for more than what you paid for it. Its lack of stability renders it useless as a currency which is its downfall...
American revolutionaries represented something like 3% of the whole American population and only about 10% actively supported their case (If I am not mistaken with my numbers). You don't have to have the majority to win this fight, you just have to have the right people. If BTC is widespread, it will be a great danger to the position of a petrodollar as a world reserve currency and if this hegemony is toppled, the government of the USA will be forced to live within much smaller fiscal boundaries. It won't matter if an average Joe accepted it or not, economic laws don't hand out special favors.
I liked what you said. But only one thing will force the government to live within much smaller fiscal boundaries" and that thing is total collapse.
I can agree with that.
Good comment mr Rees!
"We need an ideological revolution -- not just a technical one."
Seems like the only way they ca afford to be for the nanny state is by not having to pay for it in ways they understand.
Well said
I fear ideology truly is more important than technology, which makes liberty harder to achieve.
The lack of interest within the general population for economics and finance is very concerning for me. They very willingly give up controls of their economy, by way of the FED, or control of their currency(such as the EU), without fully understanding the consequences of such actions. Even scarier is the public's willingness to lash out at anything that is perceived to be causing some economic distress. All the while ignoring the most prevalent issues namely - Should we give the power to create money (and by doing so give up the power to control our economy) to the bankers, the FED, or worse still, the government. In my eyes, all other political issues are just misdirection and propaganda. Because the longer we ignore the people pulling the strings on our money and economy, the longer we stay under their control. Digital currencies will be the way of the future without a doubt, but I'm very doubtful the powers at be will give up control so easily.
If people continue to use digital currencies to circumvent the state, they will become better off for doing so. If the population see that digital currencies are for their benefit, they will follow. The state will see this and at first will try to persuade the population that the benefits are not there. When they fail in doing so, the state will penalise the users, in order to dissuade general adoption of digital currencies. The future of digital currencies will be dependent upon how successful the state is at penalising the early adopters. It would be nice to think the state will fail but unfortunately the state is good at, and well practiced in penalising/harming people.
But the state, Uncle Sam, is not the only state and it is quickly losing its ability to bully other nations as its economic hegemony is diminished through the destruction of the world reserve currency, the Dollar. Bitcoin is not a mere local phenomena it is global and the world is growing weary of Uncle Sam dictating policy.
Solid point...when the folks think Uncle Government is our benevolent pal any alternative currency will have a difficult time getting wheels under it. However, I think that more and more people are realizing that Uncle Gov is no ones pal but itself.
He says "it will become more like money." Bitcoin is money!
What would be the point of a government/bank controlled digital currency? If that's what people,want they will use the dollar, bank transfers, credit cards and paypal. I don't see that happening.
A central bank for bitcoin? How could that even work?
Are there no futures contracts for bitcoin being traded?
IMHO we need to build the systems and infrastructure to bypass the state as it crumbles. Educating people is a great start but actually building agorist type systems which perform services government currently performs is an absolute necessity in order to free us from the state. The average person is not going understand inflation, monetary policy, or the history of state power. However if systems are in place which they can use when the state collapses we will have already won.
education can only go as far as people are willing to listen, however when opportunity to advance their own well-being peacefully is right in front of them all but the hard-core statists will take freedom to government control
The Bitcoin market is tiny, so there's gonna be large swings until mass adoption and when it gets to that point and it smooths out then there will be no justification for all calls that will come to centralize it. Also, the market has a growing hunger for finite commodities.
Governments need new forms of taxing. We already have land tax or Council rates and they could charge for mining because a mine digs out a quantifiable product. The legislators will need to be imaginative and inventive.
An international currency is needed and no particular government or banking cartel should have control over it.
Let's just get rid of taxes altogether. The govt does not provide anything that can't be had from other sources, with lower cost and better quality.
I'm not quite sure why government needs new forms of theft...uhhh I mean taxation? Additionally, crypto-currency mining is already taxed via tax on electricity, computers, taxes on all the materials needed to manufacture and delivery electricity to you mining computer. The income on all the people worked to provide the above items. and on and on and on.
Better buy something real than something that's whipped up out of nothing.
I'd rather go with the view of Gary North
I'm don't think BTC is "whipped up out of nothing" I think if you started mining you would agree.
Funny enough that matches with what the pot smokers say.