Not The Grub Street Journal

Exegesis Hermeneutics Flux Capacitor of Truthiness

Roger Glyndwr LewisTweet text


I Was interested to learn what Dr Craig S Wrights definition of Free Money is, I am still waiting for it with anticipation.

Dr Wright a Cyber Security expert and Cryptography Ace with an impressive eclectic Academic background Followed up on his No Free Money left if Bitcoin Cash Fails revelation with another Cryptic Zinger, ” A Market of One Can Not be Manipulated”?
The question seems to be polarised to two points. Is One “Free” Money better than Many “Free” Money’s?

My Preferred definition of “Free” whilst waiting for Dr Wrights would be. Money Issued At Par without Interest accruing to the Issuer. This is generally termed Debt-Free Money.

Why Debt-Free Money.

I often refer to debt serfdom, the servitude debt enforces on borrowers. The mechanism of this servitude is interest, and today I turn to two knowledgeable correspondents for explanations of the consequences of interest.
Correspondent D.L.J. explains how debt/interest is the underlying engine of rising income/wealth disparity:
If we use $16T as the approximate GDP and a growth rate of, say, 3.5%, the total of goods and services would increase one year to the next by about $500B.
Meanwhile, referencing the Grandfather national debt chart with the USDebtClock data, the annual interest bill is $3 trillion ($2.7 trillion year-to-date).
In other words, those receiving interest are getting 5-6 times more than the increase in gross economic activity.
Using your oft-referenced Pareto Principle, about 80% of the population are net payers of interest while the other 20% are net receivers of interest.
Also, keep in mind that one does not have to have an outstanding loan to be a net payer of interest. As I attempted to earlier convey, whenever one buys a product that any part of its production was involving the cost of interest, the final product price included that interest cost. The purchase of that product had the interest cost paid by the purchaser.
Again using the Pareto concept, of the 20% who receive net interest, it can be further divided 80/20 to imply that 4% receive most (64%?) of the interest. This very fact can explain why/how the system (as it stands) produces a widening between the haves and the so-called ‘have nots’.

Bitcoin: A Peer-to-Peer Electronic Cash SystemSatoshi Nakamoto

Hashcash – A Denial of Service Counter-MeasureAdam Back

Hashcash is computed relative to a service-name , to prevent tokens minted for one server being used on another
(servers only accept tokens minted using their own service-name). The service-name can be any bit-string which
uniquely identifies the service (eg. hostname, email address, etc).

Peer to peer Electronic Cash ! Hash Cash !


Means, “Means of exchange” a facilitator of Trade and exchange!!!! Money and Currency is not wealth it is Anti Wealth or a claim check on wealth. Speculating in the monetary unit rather than adding value and producing goods and services is parasitic on the host economy. Let’s not make the “Freedom” of Cryptos mean just another word for nothing left to lose!

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