25 Oct '17, 4pm

NYU's 'Dean Of Valuation': Bitcoin's Not A Fraud, It's A Currency

Ah, the old argment about currency. None of these old definitions work anymore. Currency means to make current, to flow, to circulate. In the old days, currency was base money. Base money was at the bottom of the inverted pyramid. Said inverted pyramid had gold or treasury money at the bottom, then 10:1 credit riding on top. The credit moved on ledgers while the currency was in people's pockets. Gold was also stored at the bank. Today, bank credit is 97% of the money supply. It is also called on-accounts. On-account money fluxes back and forth from ledger to physical notes. There is no longer any difference. So, any talk about currency reveals to the reader, that "nerdy" professors do not know of what they speak. On account bank credit decrements one ledger while incrementing another, so in effect the "currency" is moving via ledgers. Also, the argument about asset verses ...

Full article: http://www.zerohedge.com/news/2017-10-25/nyus-dean-valuat...

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