Issue #1060: The dollar is complicated
Which system do you think individuals will choose as this information becomes more widespread?
Look at this organizational (?) chart. Does that look very straightforward to you? Have you heard of all of the entities involved in the Dollar Funding Market? Do you understand the all the processes and facilities that the Federal Reserve is involved in? Do you understand what the arrows on the chart represent? Neither do I.
The Dollar system is a very opaque system run by a bunch of insiders who benefit greatly from being insiders. Think about the amount of sloshing between these insiders that is necessary to ensure the dollar can remained propped up. It is very complicated and demands a constant churn and creation of debt. Do you think this complicated system is viable in the long-run? Can the entities involved walk the tight rope of successfully coordinating with each other as needed to ensure things don't fall apart? I'm not so sure.
That's why your Uncle Marty is a fan of Bitcoin. The rules of the network are very straightforward. You can read them for yourself. You can verify the amount of bitcoin that's been distributed to the market for yourself. You can see where every bitcoin is held. You can have confidence that the system will work and no one will benefit without putting in necessary work that benefits every bitcoin holder.
Final thought...
Nothing better than writing a Bent at a bar while talking about past Grateful Dead experiences. I'll never forget seeing the Dead with John Mayer at MSG, sitting next to the stage and being able to point out Bill Walton with both hands raised to the sky in the pit.
Enjoy your weekend, freaks.
