It's Official; Rand Paul Doesn't Understand the Importance of a "Decentralized" Cryptocurrency

[muh_roads]

It's Official; Rand Paul Doesn't Understand the Importance of a "Decentralized" Cryptocurrency


http://www.economicpolicyjournal.com/2014/07/rand-paul-wants-to-see-walcoin-money.html

Rand Paul Wants to See "WalCoin" Money

During the panel discussion at the Lincoln Labs Reboot conference, Rand Paul said he would like to see, what he called, "WalCoin."

Rather than Bitcoin, he said he would like to see about 10 retailers get together and create their own e-currency. WalMart and others. He said it could be called WalCoin and be backed by WalMart stock.

I began to wonder what kind of Aqua Buddha drugs Rand is on when he thinks monetary theory.

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[nayjevin]

Rand Paul Wants to See "WalCoin" Money

During the panel discussion at the Lincoln Labs Reboot conference, Rand Paul said he would like to see, what he called, "WalCoin."

Rather than Bitcoin, he said he would like to see about 10 retailers get together and create their own e-currency. WalMart and others. He said it could be called WalCoin and be backed by WalMart stock.

Hmmm... I'd have to do a lot more research to know whether I'd want to invest in that. I'm pretty sure it would be handy to have around on a card.

 

[juleswin]

Come to think about it, how decentralized do you really want your insurance company to be? or how about the hospital system coordinating your care. Let the decentralized companies compete with the centralized ones and who ever is able to deliver better, efficient and cheaper services wins gets my business. I don't know why anyone would be face palming about companies coming together to coordinate on a business venture

 

[tangent4ronpaul]

Come to think about it, how decentralized do you really want your insurance company to be? or how about the hospital system coordinating your care. Let the decentralized companies compete with the centralized ones and who ever is able to deliver better, efficient and cheaper services wins gets my business. I don't know why anyone would be face palming about companies coming together to coordinate on a business venture

You must lie to your customers and send out statements stating that your care cost megabucks, but we are only going to compensate you for a fraction of that.

If you encounter a pt that does not carry our extortion er insurance, you must charge them our lie to price.

We demand that you submit detailed medical charts including the patient's life history or you will not be compensated. We don't care that this takes a third of your time and reduces your ability to see pt's/income.

Failure to meet our terms will result in our not accepting you as a covered provider and a loss in business.

This is the reality of todays medical care. It's a huge SCAM!

-t

 

[juleswin]

You must lie to your customers and send out statements stating that your care cost megabucks, but we are only going to compensate you for a fraction of that.

If you encounter a pt that does not carry our extortion er insurance, you must charge them our lie to price.

We demand that you submit detailed medical charts including the patient's life history or you will not be compensated. We don't care that this takes a third of your time and reduces your ability to see pt's/income.

Failure to meet our terms will result in our not accepting you as a covered provider and a loss in business.

This is the reality of todays medical care. It's a huge SCAM!

-t

That was not very wise to use insurance companies and hospitals as my 2 examples. But the main point I was trying to make is that centralization is not all bad and depending on the scale and function, it can be something that is streamlines business operation. Think maybe the inventory system at McDonald's, even though most of the store are independently owned, my bet is that they benefit from having a centralized distribution system for their products.

Ofc, the ultimate test is always going ones ability to survive market competition.

 

[Henry Rogue]

I wouldn't want to be an employee of Walmart and get paid in Walcoin. I don't want to owe my soul to the company store.

 

[Bastiat's The Law]

I wouldn't want to be an employee of Walmart and get paid in Walcoin. I don't want to owe my soul to the company store.

Sounds a lot like script that coalmines used to pay that could only be used at the company store.

 

[William Tell]

I hate that Robert Wenzel rag, when is his wedding with Jennifer Rubin scheduled for?

I would not take Walcoin, but what's wrong with Rand wanting currency backed by stock? It's better than being backed by nothing but emotion, like bitcoin

 

[Henry Rogue]

Sounds a lot like script that coalmines used to pay that could only be used at the company store.

Exactly what I was driving at. Although in this day and age, I wouldn't think companies could get away with it.

 

[fisharmor]

But the main point I was trying to make is that centralization is not all bad and depending on the scale and function, it can be something that is streamlines business operation.

Yes, centralization is often a good thing.
And it happpens naturally as a consequence of one actor making the right decisions. Wal-Mart becomes a retailing giant, McDonalds becomes a hamburger giant, Coca Cola becomes a soft drink giant, because they all made, and continue to make, great business decisions.

Most of the time those decisions center on whether or not they are able to fulfill the needs of consumers better than the competition. And in those cases, it's not only a good thing, it's the main way markets correct themselves.

I would like to see Rand's quote, because for some reason, after all these years, and despite the fact that I should know better by now, I am still willing to give him the benefit of the doubt. As-is, the statement on EPJ makes it sound like Rand doesn't have a clue about cryptocurrencies... that he's willing to ignore all the good that's been done by people who know what they're doing, and that he wants to hand the whole thing over to faceless corporations with documented "worker abuses" who probably DON'T know what they're doing when it comes to cryptocurrencies.
Of course, making it sound that way was probably EPJ's intention.

 

[erowe1]

Could the OP explain what's so bad about what Rand said by presenting reasons, rather than sarcastic memes?

 

[RonPaulFanInGA]

Could the OP explain what's so bad about what Rand said by presenting reasons, rather than sarcastic memes?

Dondero : Ron Paul :: EPJ : Rand Paul

 

[Matt Collins]

EPJ has as much credibility as info wars... why do people bother to link to it?

 

[acptulsa]

Well, I don't know what's so centralized about a competitive currency. It isn't like Target or Sears/KMart wouldn't have something to say about it, assuming they didn't all work together on it. Any way you slice it, it's couldn't be worse at holding its value than the FRN has been of late. What's the big deal? How does having corporations offer currencies rather than being forced to use Fed Funny Money (TM) mean more centralization?

Sounds a lot like script that coalmines used to pay that could only be used at the company store.

That doesn't sound healthy to me either. Wal Marx employees do enough to haul their sixteen tons a day, without owning their souls too.

EPJ has as much credibility as info wars... why do people bother to link to it?

Who cares? Fact is, that would be less centralized than the FRN. Is that not more relevant?

 

[William Tell]

EPJ has as much credibility as info wars... why do people bother to link to it?

Infowars is FAR more credible, EPJ is nothing but a smear factory these days.

 

[newbitech]

bitcoin is becoming more centralized not less. The more currencies competing the less centralized currency will be. Once you step outside of the bitcoin echo chamber, you can see that adoption of the technology is what will lead to decentralization of currency rather than adoption of the first attempt at making the technology useful.

It's too bad that folks are so enamored by their piece of the infinitely expanding data file called bitcoin that they will take pot shots at a guy like Rand Paul. Rand Paul has the right idea about the technology. I've had similar ideas about how the technology may be used battle fiat legal tender laws that hamstring the free market economy.

Decentralization of bitcoin vaporized very quickly. The only way the technology itself can stay decentralized is to create and use new instances of it. Otherwise, control over the bitcoin economy will continue to consolidate and condense into the hands of fewer and fewer people.

read that.

https://blog.ethereum.org/2014/06/19/mining/

Of course the people inside the bitcoin echo chamber are probably not willing to entertain the idea that bitcoin may not be able to deliver on the original ideals in the white paper now that the technology has scaled.

There is a silver lining tho, the next iteration of the technology will be better.

 

[Dianne]

EPJ has as much credibility as info wars... why do people bother to link to it?

I find Info wars credible. Even Drudge uses a number of Infowars stories on their headlines, and I find Drudge to be credible as well. When I listened to Alex Jones 4 years ago, I thought he was a complete lunitic. But everything he said then has come to pass, even more so than he implied.

 

[idiom]

You must lie to your customers and send out statements stating that your care cost megabucks, but we are only going to compensate you for a fraction of that.

If you encounter a pt that does not carry our extortion er insurance, you must charge them our lie to price.

We demand that you submit detailed medical charts including the patient's life history or you will not be compensated. We don't care that this takes a third of your time and reduces your ability to see pt's/income.

Failure to meet our terms will result in our not accepting you as a covered provider and a loss in business.

This is the reality of todays medical care. It's a huge SCAM!

-t

Oh man for a second there I thought you were spoofing bitcoin.

 

[KingNothing]

Well, now that it's official, I still don't care.

 

[Bungeebones]

Actually Bitcoin is back by one incredibly massive amount of computing power. It is difficult (but not impossible) for an "alt coin" to meet that level of security. It would be kewl to get Walmart's stuff even after Wally coin got hacked though (unlike what happened when Target got hacked).