4/8/2023 0 Comments Unsw encrypto currency![]() ![]() ![]() It can be trusted because software logic is exposed to view (i.e.It is International and hence cannot be subverted by any of those nation-sized businesses.It is so effective that it can be used to do micropayments (of less than a dollar) - which is beyond the capability of any fiat currency.It is a better payment technology than exists anywhere with fiat (i.e.If properly designed and implemented, it cannot be subverted because it is widely distributed and there is no single point of failure.Why A Cryptocurrency Beats A Fiat Currency? Bitcoin is not yet ten years old, and it has already changed the world. There are now many other such children, some of whom may turn out to be even more precocious than their eldest sibling. The first child of this dramatic invention was Bitcoin. In 2009 someone with the pseudonym Satoshi Nakamoto invented a wholly new technology for a currency, through the application of digital cryptography. Even today there are millions of people who profess a strong belief in such currencies and even assume that they will persist forever. This system of national currencies proved practical, if not ideal, for a few centuries. Rampant inflation, devaluation, arbitrary taxation and many other economic inconveniences were inflicted on them. The average Joe and Flo simply couldn’t expect the currency to be well-managed at all times. But unfortunately, politicians had control over these fiat currencies. The invention of paper money and national currencies gradually shaped nation-sized businesses with names like America, Germany, Great Britain, France, Russia, with national currencies called: dollar, deutsche mark, pound, franc, ruble. Wealth could be created more efficiently by machines than by slavery and exploitation. The industrial revolution moved the goalposts on all of that. The British conquered an even larger land mass than the great Khan, as the ultimate winners of the once-popular European game of “colonization by military subjugation.” In the years that followed he established the largest land empire in history, thoroughly earning the title of “the richest and most successful mass murderer of the millennium.” Sure he had competition from Hitler and Stalin, but they couldn’t outdo him. Genghis Khan, undergoing a mid-life crisis perhaps, became an imperial entrepreneur in his forties. Military conquest and enslaving the conquered was an economic strategy that kept Rome in business for a thousand years. Such kings were the entrepreneurs of ancient economies. And if your particular kingdom wasn’t awash with wealth, invading your neighbors was the natural path to greater riches. There have been prosperous merchants since before the Silk Road, but in times past, if you wanted to be as rich as Croesus, you had to be a king, like Croesus. In prior history, a different economics prevailed - the economics of conquest. It grew out of the industrial revolution from seeds planted in the European mercantile economies that spawned it. The “science” of Economics, with its fiscal mechanisms, trade balances and currency fluctuations, is a Johnny-come-lately thing. Nevertheless, it is worth remembering that the UN was established in the wake of a half century that boasted two world wars and established historical records for destruction. ![]() In the modern world, we cling to a belief in the “civilized behavior” of countries brokered by the United Nations. It is threaded with accounts of vainglorious leaders whose conquests redrew the maps and disrupted the lives of millions. History is the study of dictatorship, organized violence, murder, and theft. ![]()
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