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Reinventing the Root of All Evil

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Posted By: Hazymac, 11/30/2022 8:20:13 PM

What is money? Money is perhaps one of humanity’s most important inventions. But what is it really? Credit? A medium of exchange? A store of value? All of the above? On Dec. 8, 2021, FTX founder Sam Bankman-Fried told the U.S. House of Representatives Committee on Financial Services how digital assets could be that and more. In the language of the testimony, digital assets were a “financial innovation” that could improve — and possibly replace — older instruments. Sam Bankman-Fried was before Congress to praise regulation, not to bury it. “Why would the titan of crypto want regulation?” asked the Washington Examiner. “Part of it is that big guys like regulation

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Reply 1 - Posted by: VirtuDawg 11/30/2022 8:23:36 PM (No. 1346099)
A misquote of the Bible, which says that the LOVE OF money is the root of all evil. Money itself is neither “good” nor “bad.”
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Reply 2 - Posted by: davew 11/30/2022 9:08:33 PM (No. 1346116)
The article blurs the distinction between "money" and "currency". Money is really a unit of measure like points in a game that express the purchasing potential of the holder. Nobody cares how the score is displayed on the scoreboard as long as it honestly reflects every credit and debit that the holder created. Most people have bank accounts where the score is stored electronically and transfers are usually done by electronic transfers. The old method of paper checks with magnetic ink that has to be read into the computer first before clearing transactions is going the way of the buggy whip. What people really are arguing over is currency. This is a some token that the holder personally possesses and represents a promise that it can be converted into money. If you wanted to issue your own currency you could try but it would require you to be trusted by every stranger you gave it to. Good luck with that. In the beginning people trusted BitCoin exchanges to convert their digital currency into money. When people found out that Bankman-Fried was mingling his private money with their money they lost trust in his currency and asked for their money back. When he couldn't pay them back he was shut down. Like the old Johnny Carson show, the Fed is asking people "Who Do You Trust?", private entrepreneurs or your friendly Federal Reserve Bank. If you trust their paper currency, why won't you trust their digital currency? If they violate that trust, their system will collapse just like Bankman-Fried's.
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Reply 3 - Posted by: Highlander 12/1/2022 6:08:59 AM (No. 1346341)
In hard times past, people resorted to trade and barter to get by. Digital is worthless
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Reply 4 - Posted by: Sorosisbehindit 12/1/2022 6:18:11 AM (No. 1346347)
And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. ~Revelation 13:17 Doesn't seem so far out these days, does it?!
1 person likes this.

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