That was a most perceptive comment. Now at the end of 2023 its becoming clear that the elite's management is incompetent. They are invariably old men who are using cutting edge concepts …..from when they were young. To us, in 2023, they just look silly. Trying to scare us into using lithium batteries with stories of rising sea levels is just not working. Probably because that policy dates back to the Club of Rome in the 1980s.

Unfortunately "The old guard will not go down without a fight, and for the moment, they have the institutions and the media, but that is already changing."
Indeed the MSM are a spent force, no one who thinks cares what they say. It seems the crunch issue will be the new laws intended to enforce censorship of all speech on the internet. I expect them to accelerate a move to de-centralised social media. They won't be resisted so much as left eating dust.

silly boy, how do you
a) transact with gold over the internet eg shop at amazon
b) how do you prove its 99.9% gold and not gold plated tungsten?

the joy of bitcoin is that you transact with the money itself. no need for tokens which say they 'represent' the money eg value. Thus PaxG – a token for gold held in a vault – may or may not represent gold in the vault. Thus its like a paper currency, susceptible to fraud. Whereas bitcoin is not a token. It is the money – the value – in itself.
To posess bitcoin is = to the ownership of physical gold, yet one can use it to transact online. That is the miracle of bitcoin.

Cardston Morman Temple Prophecy

Adam and Eve Story by Chad Thomas (aka Charles Hapgood?)

Dr. Robert S. Harrington.

********** WARNING **********

INCOMING

********** WARNING **********

For anyone interested in the full story of Cantillon (and all the other fiat fiascos of history) I can recommend a book by hard money enthusiast John Butler, the golden revolution revisited, available from all the usual suspects but well worth the read nonetheless

My own registrar seems to be going woke so I am looking for a new home. They still have bang up search capabilities though.

Hope to see more from you!

I had exactly the same take on “proof of stake” as a means for those in power to surreptitiously manipulate “cryptocurrency”.

Upon further reflection I realized “proof of work” created a stake of sorts and that all cryptocurrency designs involve “stake” of some kind, with “proof of work” being a sort of digital sweat equity, creating value in the form of assurance of legitimacy of transactions. What we’re calling “proof of stake” is buying in.

I believe we can expand ways Bitcoin brings value into the system in such a way as to reward the workers, while allowing those who have accumulated wealth to play a valuable role “staking” others. In fact some of the issues with fixation on mining, and excessive energy consumption might be addressed by recognizing value of not just hash validation work, but consensus/governance work, other computational work, network bandwidth, and storage. We should try to incentivize meeting needs, not just incentivize stacking up mining ASICs until the lights flicker.

The trick will be doing this without ceding control of the decentralized public ledger to any one group or adding computational load. Part of magic of Satoshi’s design for me is in how the system design tries to make computation which creates wealth be computation which is actually valuable to those using the system.

The value of the organic computation (brain power) being contributed to protecting the integrity of the public ledger by programmers such as yourself cannot be overstated. Hopefully you (and others) will be rewarded with wealth and recognition proportional to those contributions which add value to the system.

I believe successful designs will continue to model Satoshi’s presumption that there will always be someone trying to cheat or game the system.

Brian, I am in complete agreement with your comments.

Mark E. Jeftovic, this is a most excellent missive about JMK. I have always had reservations
about his economic theories, which were adopted by the western world economists without any
questions nor debate.

The only critical review of JMK economic dogma I could find, was a sterling book by Henry Hazlitt,
a well known business writer, ‘The Failure of the New Economics.’

What is disturbing about the accession of JMK’s economic theory, was how it was so readily adopted
without any constructive reviews or criticism. It was a sure sign of the penetration that Socsheviks
were making in the western democracies and the failure of academics.