tag:blogger.com,1999:blog-6704573462403312459.post6892618033243237509..comments2024-03-29T02:53:03.321-04:00Comments on Moneyness: Another Fedcoin sightingJP Koninghttp://www.blogger.com/profile/02559687323828006535noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-6704573462403312459.post-20081319365156430442017-01-07T13:14:15.213-05:002017-01-07T13:14:15.213-05:00Blockchain ledgers for general use would facilitat...Blockchain ledgers for general use would facilitate taxation audit/implementation on money movement in the public in a way dollars today cannot. It would also enable negative interest implementation, and remove risks of bank runs by imposing a conversion fee to untracked dollars.<br />A key benefit of the Fair Tax idea is to tax billions of dollars moving that can't be seen today. Blockchain history poses the potential to expose every transaction to visibility and taxation. Drug sales on the street could be taxed, not even knowing what was sold. Money moved.Ken's Commentshttps://www.blogger.com/profile/08009592971837106225noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-39364937534159860652016-06-20T17:22:02.166-04:002016-06-20T17:22:02.166-04:00Fedcoin would certainly be more transparent. On th...Fedcoin would certainly be more transparent. On the other hand, I don't think banks really want other banks to be able to see their books, for competitive reasons. JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-69669259583591435732016-06-20T14:17:52.156-04:002016-06-20T14:17:52.156-04:00I think the other benefit of FedCoin is increased ...I think the other benefit of FedCoin is increased transparency, helping avoid opaque shadow-banking blow-ups. I think this is perhaps bc of distributed nature of ledger. Not sure if this could be just as easily achieved with just faster better payments, but also would require a new "data structure".G Larangehttps://www.blogger.com/profile/16647894149786673605noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-37385016932847389472016-06-19T22:34:32.333-04:002016-06-19T22:34:32.333-04:00Yes, banks would face huge challenges with Fedcoin...Yes, banks would face huge challenges with Fedcoin. That's why I think most of the Fedcoins currently being trialed are for internal use only and not for public consumption. JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-81465903443585873012016-06-19T22:26:38.942-04:002016-06-19T22:26:38.942-04:00Brian, a system like Ripple is far cheaper to run ...Brian, a system like Ripple is far cheaper to run while still being distributed.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-63401185161474803822016-06-19T22:23:55.227-04:002016-06-19T22:23:55.227-04:00They often have accounts with each other. They often have accounts with each other. JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-211267476216366012016-06-18T15:46:31.667-04:002016-06-18T15:46:31.667-04:00In Ludkin's framework, banks are not key inter...In Ludkin's framework, banks are not key intermediaries (once you can store wealth AND make payments in Fedcoin, why have a DD?). It is unclear what role 'reserves' play. Whether or not it's a centralized RTGS or digital currency system, the real question is what happens to fractional reserve banking, and how does credit creation behave during the transition. For instance, would DD's be exchanged for Fedcoin? This would expand the 'base' while at the same time creating de facto 100% reserve requirements. Diegohttps://www.blogger.com/profile/18084671738464414141noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-90896556165243203832016-06-16T19:48:01.136-04:002016-06-16T19:48:01.136-04:00"A criticism I have of blockchain advocacy in..."A criticism I have of blockchain advocacy in general and Fedcoin in particular is that evangelists tend to understand little of the history or qualities of the institutions that they are trying to overthrow. The result is that they invariably end up mis-estimating the benefits of replacing existing systems with new ones."<br /><br />Says most of what needs to be understood about this.JKHhttps://www.blogger.com/profile/06322177539880818556noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-2379079430004086472016-06-16T11:53:13.305-04:002016-06-16T11:53:13.305-04:00Lol to a central bank issued digital token. You pe...Lol to a central bank issued digital token. You people don't have a clue what bitcoin is intended for. go read the whitepaper.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-14866069575192709902016-06-16T09:35:08.603-04:002016-06-16T09:35:08.603-04:00The same thing that happens in any other industry ...The same thing that happens in any other industry where the input prices rise. Does that mean that other industries are also techno-optimists and assume that their inputs will be cheap forever?Peter Šurdahttps://www.blogger.com/profile/02219200720577247444noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-29724906168792531232016-06-16T09:17:01.856-04:002016-06-16T09:17:01.856-04:00I believe that "bitcoin mining" (the sol...I believe that "bitcoin mining" (the solution of cryptographic puzzles to get new bitcoins) is a key component of the economics of running the servers that keep the system going. This consumes a lot of real resources, to the extent that people had to set up server farms in Iceland to take advantage of cheap geothermal power.<br /><br />What happens to.these business models if electricity prices rise significantly in real terms?Brian Romanchukhttps://www.blogger.com/profile/02699198289421951151noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-37071492429645955512016-06-16T08:55:35.704-04:002016-06-16T08:55:35.704-04:00Care to explain where you get this premise from?Care to explain where you get this premise from?Peter Šurdahttps://www.blogger.com/profile/02219200720577247444noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-80316218829518939372016-06-16T06:36:29.963-04:002016-06-16T06:36:29.963-04:00I haven't been paying attention, but are other...I haven't been paying attention, but are other blockchain systems reliant upon computing solutions to cryptographic problems (like bitcoin)? The entire Bitcoin premise is that electricity will be cheap forever, which is an unquestioned assumption of techno-optimists.Brian Romanchukhttps://www.blogger.com/profile/02699198289421951151noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-81937320681096435182016-06-16T01:06:42.905-04:002016-06-16T01:06:42.905-04:00Some people really like the democratic governance ...Some people really like the democratic governance of distributed ledgers. Central bankers can impose their will on the monetary network under their control, whereas changes to blockchain operation are decided collectively. Anwerhttps://www.blogger.com/profile/08277173974258559733noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-47518119909249362462016-06-15T23:55:23.586-04:002016-06-15T23:55:23.586-04:00Do CBs deal with each other directly much, or have...Do CBs deal with each other directly much, or have accounts with each other, or deal through the market? Lordhttps://www.blogger.com/profile/06747994571555237739noreply@blogger.com