27 Apr '13, 10pm

John Pavley: Miner Mike, the Bitcoin Minter

John Pavley: Miner Mike, the Bitcoin Minter

Because Mike was mining bitcoin for fun and as a means to contribute to a grand experience in "free as in freedom" currency. Mike knows how economic systems work. He saw bitcoin not as an investment but as a chance to "draw his own Monopoly money." Mike sees our current monetary system, with all its good and bad points, as a "distribution problem." Mike explained it to me this way: Currently we put money into our economy starting at the top: Governments print money which goes to banks, which wealthy people borrow or buy and distribute down the economic latter as payments for services and credit. Mike sees this as an inefficient distribution algorithm based on the tradition of minting gold coins for royalty. This algorithm needs an upgrade as it concentrates power, guarantees inflation, and puts governments under the heel of the rich. I have to admit Mike is on to something...

Full article: http://www.huffingtonpost.com/john-pavley/miner-mike-the-...

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