Prem Chandavarkar on Fri, 5 Jan 2018 06:39:51 +0100 (CET) |
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Re: <nettime> Ten years in, nobody has come up with a use for blockchain |
Another argument against the governmental monopoly on currency is Bernard Lietaer, “The Future of Money”. But Lietaer does it for a different reason than Hayek. His concern is that speculative transactions have leveraged technology to exponentially increase their volume and presence. In the case of currency exchange, in the 1970’s close to 80% of currency exchange transactions were tied to a ‘real world’ economy of moving goods, services and people across international borders; and 20% was speculation. Now the situation is completely reversed: the speculation figure dominates, and it is estimated that the real economy share has fallen below 1%. This creates the following problems:
Lietaer’s solution is not a virtual currency like bitcoin - for that would only offer further opportunity to the speculative system; and the bubble in the increase in value of bitcoin over the last year reinforces that fact. He argues that breaking the governmental monopoly on currency should create the space for highly localised currencies decentralised to the scale of a city or province.
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