[21echoes]

rather than stating the risks/benefits of fiat vs metal-backed currencies as absolutes, how about you address them as they really are?

what would you rather have controlling your inflation/deflation rates? the rate of mining of a metal from the ground? or, in the case of the US dollar, a specialist committee controlled by a democratically elected government? (and don't come back to me with bullshit fed conspiracies, here).

i mean this question quite honestly: sometimes, your government is so fucked up that yes, indeed, the mining process, if less controllable, is at least more reliable. however, in the case of most modern, powerful countries, this is far from true.

[Friterie]

You're post is incoherent. I'll try to address what I can.

You ask what I would have controlling inflation / deflation. The free market is my answer. Study the history of inflation / deflation you will see that almost without exception inflationary shocks are caused by the control of money and its supply by a narrow self-serving elite. You ask what else I would favour when a much better question would be why, based on the historical record you would ever lend intellectual support to the status quo.

You mention "bullshit Fed conspiracies". Do you actually understand the Fed and its origins? I'm 100% sure that you don't. The robber barrons were never deposed. When the Rockefellers and Morgans were relieve of thier "monopolies" they gained the greatest cartel and monopoly that one can possess: The power to print the money. The won the central bank. That's no conspiracy. It's fact.

Your mention of mining is a bit confused, and I don't really understand what your getting at. You are aware that mining isn't cost-free activity?

Finally, before you repeat the asinine arguments as a peasant shill of their cartel how about asking yourself why the central banks of the world retain gold as their most prized asset while at the same time quite successfully employing you, for free to peddle the notion that only toilet paper has any utility in internet discussions.

[nunb]

Your posts are so well-written that I feel compelled to point out these few errata while you may still edit this one post:

- Your post is incoherent.

- why, based on the historical record,

- were relieved of their

- They won the central

- what you're getting at

- , for free,

I actually pointed out the mistakes, then worried that the malformed sentences would remain, and so I've posted the corrections instead.

Also, I think you might be responding to a troll. Or at least somebody with no hope of understanding or redemption, which is almost worse. Sigh, such is HN on matters of inordinate privilege.

[nunb]

Reflecting on the problems with metals-backed currency (eg FRNs) it's a wonder that nobody thinks BTC is the ultimate form of money.

It's especially a wonder that us hackers don't think it'll work, and that HN is so opposed in general (at least judging by the number of comments against it).

I wonder if this reflects the US-centrism of HN. I believe it's become a lot more popular in Europe (especially Germany, where Satoshi may well have been from).