Thursday, April 11, 2013

BitCoin Market Forces Speculators, and Scammers


Already Corrupted
by Value Fluctuation and

Place you bets

If an alternative sustainable system of money, banking and trading is to be arrived at, IMHO it will need to have a fixed value, be free from speculation and manipulation, and gain trust by proven track record.

Otherwise speculation and market forces will quickly destroy value and people's trust in the system. The historical time when the value of coinage was intrinsic in the metals offered a great stability, people trusted the intrinsic value. The pole opposite is now the case with countries printing intrinsically worthless paper money at will. Post war Germany was a clear and painful demonstration of where that behaviour can lead.

Cheaper to burn the money than to buy the wood

Non speculators, Joe Soaps like myself, will not buy into a fluctuating currency driven by greed, speculation, and manipulated by sovereign and market forces. Would you give me $10 now for a 2 year old $5?

I am stretching my old brain around the idea of how money works, so forgive my ignorance on economic fundamentals. My thinking is based more on human psychology and social behaviour.

Collaborative and co-operative efforts using the Internet will IMHO in time produce some innovations in the way the world does business. These progressions will hopefully find a way of taking the process out of the hands of the speculators, the manipulators, the power mongers, and the greedy.


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