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https://github.com/olizilla/fiat-club
Let there be money
https://github.com/olizilla/fiat-club
Last synced: 9 days ago
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Let there be money
- Host: GitHub
- URL: https://github.com/olizilla/fiat-club
- Owner: olizilla
- Created: 2017-11-04T23:37:52.000Z (about 7 years ago)
- Default Branch: master
- Last Pushed: 2019-03-04T03:09:15.000Z (almost 6 years ago)
- Last Synced: 2024-10-08T00:24:58.414Z (3 months ago)
- Language: HTML
- Homepage: https://olizilla.github.io/fiat-club/
- Size: 2.57 MB
- Stars: 5
- Watchers: 3
- Forks: 2
- Open Issues: 1
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Metadata Files:
- Readme: README.md
Awesome Lists containing this project
README
# 
This talk is a prelude. I wanted to write a talk about what cryptocurrency is, but in trying to do so, realised I didn't know what money is.
For @bmordan
---
###### Notes and reading list
- states create money
- commodity money
- Breton woods (post war major currencies peg to USD. 1940 £1 = $4.03)
- 1971, dollars detached from gold. end of commodity money. Fiat money.
> In the UK, the government’s Exchange Equalisation Account shows 9,971,000 troy ounces of gold on the books. At today’s (2012) market value (1,054 British pounds) and the Bank of England’s most recent statement on reserve balances and notes (259.5 billion pounds), Britain’s gold supply constitutes roughly 4.05% of pounds in circulation.
http://www.businessinsider.com/are-there-any-currencies-backed-by-gold-2012-3?IR=T
- banks create money
- Electronic money (credit) is 95% of total money supply.
- we've privitised the creation of money for convenience.
(instability, inequality, power)
- load interest is money tax, but those with assets pay the lowest rate, those with little pay more, and those with none often have no access.
- https://www.youtube.com/watch?v=CvH66fz9nyU
http://positivemoney.org/2013/06/banks-dont-lend-money-guest-post-by-michael-reiss/
- we create money
- crypto currency
- labour theory of value
---
> The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.
https://en.wikipedia.org/wiki/Pound_sterling
inflation - the pound in your pocket buys you less today than it did yesterday
deflation - that pound buys you more today than yesterday
> Fiat prices are stable because they are actively managed to be stable
> The British “Pound Sterling” has not bought a pound of sterling silver for a very long time.
> Fiat currencies are not “backed by nothing”. They are backed by the labor and assets of all the humans who have obligations to pay in fiat
> Fiat currencies are no more “created from thin air” than you create money from thin air when you make a purchase with your credit card. You do, actually, create a medium of exchange from thin air when you make such a purchase!
...
> Stronger cases can be made that currently dominant fiat
systems have screwed workers (through silent wage cuts that
might otherwise have been resisted) and borrowers (if savers have been overcompensated, borrowers have been overcharged)
...
> Price stability, the primary advance fiat
offers users over other forms of money, is often purchased at the expense of workers and the unemployed, on behalf of those who have the luxury of worrying about economic calculation for their businesses or hedging with their savings horde
http://www.interfluidity.com/uploads/2017/10/Fiat-Is-Effective-Minitalk-light-edit-to-share.pdf
---
> banks "create" money
http://positivemoney.org/how-money-works/how-banks-create-money/
> final settlement in base money is relatively
rare. Claims on money are reproduced and circulate indefinitely as media of exchange
http://www.interfluidity.com/uploads/2017/10/Fiat-Is-Effective-Minitalk-light-edit-to-share.pdf
> Whoever controls the money supply can inflate away savings or crush house prices, but also prevent the Great Depression.
> Whereas with anything of predetermined supply you just have to hope for the best. Reduced wages are harder to swallow than high inflation.
https://twitter.com/richsilvo/status/920303643710185472
> The Times 03/Jan/2009 Chancellor on brink of second bailout for banks[1]
This was probably intended as proof that the block was created on or after January 3, 2009, as well as a comment on the instability caused by fractional-reserve banking.
https://en.bitcoin.it/wiki/Genesis_block
## Simulacra
> Most cryptocurrencies are designed to gradually decrease production of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation, mimicking precious metals.
https://en.m.wikipedia.org/wiki/Cryptocurrency
## Nostalghia
think of the miners
---
https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change?utm_source=mbtwitter
https://upload.wikimedia.org/wikipedia/commons/1/12/Bitcoin_explained_in_3_minutes.webm