Tone Vays Embarrasses Himself and World Crypto Network with Ignorance of Basic Economics
The liberal assclowns at WCN censor Austrian Economists. I know, shocker, lefties censoring opposing views! On 9-29-2017 WCN uploaded "The Bitcoin Group #159 - ICO Bans - Hard Forks - Mainstream Finance - Russian Ban?" on yt where Tone Vays made some truly outrageous comments. Of course WCN, devotees of NPR and salon.com, banned anyone trying to correct Tone, so here were are.
Please note, people like Tone who trash Libertarians do not understand basic economics, and keynes was NOT an economist. Tone said the computer age might not have occurred if we were still on the Gold Standard and that he wasn't sure if deflationary money was good.
The United States went from an agrarian backwaters to the richest country in the galaxy under a Gold Standard. The Industrial Revolution happened under the Gold Standard. Since the federal reserve was created the richest country in the galaxy has become a bankrupt, third world, banana tyranny. The federal reserve's counterfeiting has funded an endless state of war and caused the impoverishment of millions. In the 1970s an uneducated worker could cover 2 kids, a stay at home spouse, a house, 2 cars... no problem. Then Nixon closed the gold window and now power couples can barely survive. The wealth of our nation has been looted by criminal banksters sanctioned by a criminal government. The definition of money has several criteria, one being a store of value, I question whether the US dollar can even be considered money anymore after ben shalom bernanke got through with it...
"By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens." Mentally Sick Pervert John Maynard Keynes who vacationed in Tunisa to buy boys. When you wake up in the morning and your savings account buys MORE (deflation) that is always and everywhere better than buying LESS(inflation). Inflation is counterfeiting of a currency and is the reason the US has lost its economic dominance. Anyone who doesn't understand this must refrain from talking economics. They just don't have enough brain cells.
The computer revolution occurred DESPITE and WITHOUT government. The full "Triumph of the Nerds" trilogy by Cringley is on yt for everyone to see. It came from garages and venture capitalists. See: Altair 8800; Apple; PARC (Palo Alto Research Center); Intel; Microsoft etc... The fact is, because of central banks our society is hundreds of years behind where it could be with sound money: silver; gold; Bitcoin.
Now jamie dimon likes to talk about jailing Bitcoiners who have never harmed anyone, who have SOLVED the worst problem affecting our world, INFLATION. The White Paper says "inflation free" because Nakamoto understood basic economics. Where were Tone's government regulators when jamie dimon should have gone to jail? It is absolutely SILLY to talk about new regs when existing regs are not being enforced. Our governments should be cut in half AT LEAST, and our regs should be cut in half AT LEAST. We are DROWNING in taxes, regs and debauched dollars. Fraud is illegal inside or outside the ICO space, but where was Bart Chilton when the comex was being rigged? He didn't do shit because government is incompetent, corrupt and irrelevant. If some very basic laws were ENFORCED by a streamlined authority that would serve as a DETERRENCE.
And yes, free market policing happens EVERY DAY. There are ratings agencies, Anderson (Accenture now?), Underwriters Labs, independent auditors, news letters. Stocks and bonds are being listed and rated every day, Kipplinger, Forbes, it's endless. There are already websites who are listing Bitcoin scams and those will grow, in a free market. Sad to see WCN become government fanboys, very disappointing.