It is an interesting point you raise, given countries control the cash rate which impacts lending and inflation, as well as being the local store of value.

My simple response is that it’s all relative. Right now, the greenback is the reserve currency off the world and economic statistics are quoted in USD not to mention directly impact some dollarised countries. If they became quoted in BTC, that would certainly change the perception of where the numbers are.

On the assumption BTC becomes the global store of value, this is a shift in dynamic on the global economy that will turn everything on its head. Case in point is internet commerce: why bother with national currencies? Things will gradually start getting quoted in BTC, like what already happens in crypto exchanges alongside the USD. So pricing with be evident there.

If BTC does this, it will become the global 'cash' of the world. If it becomes the standard for international trade, I think it's not going to have a parallel that we can equally compare to.

The whole concept of fractional cash system blows my mind. Isn't that why we had the financial crisis?! These banks are creating loans out of thin air!

Aligning lending to actual cash reserves, which yes, will lead to higher rates due to competition for a more 'limited' pool. But also, what is it that is putting demand on that debt? If no one could get a bank loan to buy a "home" or didn't want to shoulder the interest, that would lead to a corresponding decrease in the value of real estate. The market would adjust. It's why answers like this are hard because the entire system gets impacted and there's not simple answer.

So yes, he's right interest will be higher: that's the point. But the issue of less capital" going around is the real underlying issue he alludes to and to answer this, this needs to be looked at a bigger picture of sustainable debt, inflation, etc. Right now, we're just passing the buck.

Less borrowing is going to definitely reduce economic activity. But that's also why maybe the problem is that we define progress on a 'bigger' economy -- eventually, things will plateau and growth will no longer be possible to meet this "growth fetish". So before we hit this crisis, which will happen in the next century due to birth rates declining (Japan and Italy are going to be an interesting to watch for this reason), we need to better way to measure progress.

And so by changing the equation of what is progress, we change the inputs. And this doesn't mean he's wrong about the higher interest rates, but he's wrong it being an inefficient economy -- it's only inefficient for the current house of cards we have as a system.

Can you walk into a store and pay with gold? No...

Can you walk into a store and pay gold? No...

It\'s a database in essence, decentralised across multiple computers, using cryptography to validate data. This removes the need of humans as authenticators, so has become a distributed trust system. Perfect for storing things of trust (and value) like currency, votes, contracts, etc. As for how the technology works, plenty of resources on the web that would go out of date the moment I linked to it.

No

Any nationality. But it also depends on the company -- S-Corps have different rules.

The paper work for your role, ideally, is signed with another persons name to not raise questions if foul-play but it could also be you if you are on the board (what I did). The letter needs to come from a representative of the board of directors. You don't need American representatives and yes you need paperwork to back the board's eletion in accordance with the bylaws and the decision they make in meeting minutes.

Yeah, that's a great post and I've separately being reading into the protocol and intrigued by the namecoin project but as of yet I don't see this secondary value issue resolved.

Thanks. Yeah, the issue is the images are no longer hosted from where I got them from (Flickr).