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[GoombaGeek]

So currency is free-market too?

How does that even?

[Nadaka]

And now for something less rage inducing?

http://sports.yahoo.com/blogs/highschool-prep-rally/erin-dimeglio-florida-first-female-qb-her-school-105141507.html

Admittedly, she isn't the first string qb. But still, first female quarterback in Florida varsity football.

[GlyphGryph]

So currency is free-market too?
How does that even?

There are several free market currencies. Not all money is fiat money. Corporate script, gold/silver/previous metals in general, bitcoin, are the classic examples.

[Reelya]

Those Liberty Dollars seem to have been targeted for being too similar to US currencies. Other currencies like Phoenix Dollars, which are also backed by precious metals, never got targeted by the law.

But Phoenix Dollars are actually a physical ounce of silver, whilst Liberty Dollars are worthless paper and coins that a company nominally guarantees for an amount of precious metals. There are ALL sorts of scams you could pull with that. e.g. just like fractional reserve banking, there is no actual need to hold the gold/silver to back every Liberty Dollar in existence, since a Liberty Dollar for example is defined as being worth a certain amount of gold, if anyone tries to cash in too much Liberty Dollars at once, the company can just trade for more gold with new Liberty Dollars effectively setting up a type of Ponzi scheme. As long as you can get enough people to accept the "face value" of a Liberty Dollar it turns into an infinite money pump.

And then you just hire yourselves as consultants, pay yourselves in whatever hard currencies are coming in plus millions of Liberty Dollars, and pass those off. When the whole thing collapses due to not having enough reserve, then you abandon the shell company with massive debts, and retire rich.

[Leafsnail]

(don't use bitcoins unless you like losing all your money)

[GoombaGeek]

(don't use bitcoins unless you like losing all your money)

But then it's like you're surrendering your soul to the Man, man.

[GreatJustice]

Those Liberty Dollars seem to have been targeted for being too similar to US currencies. Other currencies like Phoenix Dollars, which are also backed by precious metals, never got targeted by the law.

But Phoenix Dollars are actually a physical ounce of silver, whilst Liberty Dollars are worthless paper and coins that a company nominally guarantees for an amount of precious metals. There are ALL sorts of scams you could pull with that. e.g. just like fractional reserve banking, there is no actual need to hold the gold/silver to back every Liberty Dollar in existence, since a Liberty Dollar for example is defined as being worth a certain amount of gold, if anyone tries to cash in too much Liberty Dollars at once, the company can just trade for more gold with new Liberty Dollars effectively setting up a type of Ponzi scheme. As long as you can get enough people to accept the "face value" of a Liberty Dollar it turns into an infinite money pump.

And then you just hire yourselves as consultants, pay yourselves in whatever hard currencies are coming in plus millions of Liberty Dollars, and pass those off. When the whole thing collapses due to not having enough reserve, then you abandon the shell company with massive debts, and retire rich.

So they were arrested for having the ability to do something that governments and state-chartered banks have done for literally centuries (and continue to do to this very day)?

[Kilroy the Grand]

(don't use bitcoins unless you like losing all your money)

But then it's like you're surrendering your soul to the Man, man.

I know someone who spent 10k on a buttcoin mining rig, we still laugh about it in his face.

[Leafsnail]

Assuming they haven't caught fire he might at least be able to host a decent gaming night with all those graphics cards.

[lorb]

[...] if anyone tries to cash in too much Liberty Dollars at once, the company can just trade for more gold with new Liberty Dollars effectively setting up a type of Ponzi scheme. As long as you can get enough people to accept the "face value" of a Liberty Dollar it turns into an infinite money pump.
[...]

Same thing is true for the US Dollar. (which the US government has by far not enough gold to cover for)

[GlyphGryph]

Well... actually, no. You can't have a run on the US dollar, because it's not backed by a material good you could exchange it for. And when it was, we COULD actually back it.

[Reelya]

A big difference between federal currency and a private one is that a private shell company could issue piles of currency then declare bankruptcy, the directors have already cleared out all the profits, and the currency is completely worthless overnight. The more of their "currency" gets circulated, the greater the temptation to default.

Governments by their nature have a degree of continuity, a collapse of confidence in the current US Administration doesn't render all US Dollars in circulation 100% worthless overnight.

[GoombaGeek]

Those Liberty Dollars seem to have been targeted for being too similar to US currencies. Other currencies like Phoenix Dollars, which are also backed by precious metals, never got targeted by the law.

But Phoenix Dollars are actually a physical ounce of silver, whilst Liberty Dollars are worthless paper and coins that a company nominally guarantees for an amount of precious metals. There are ALL sorts of scams you could pull with that. e.g. just like fractional reserve banking, there is no actual need to hold the gold/silver to back every Liberty Dollar in existence, since a Liberty Dollar for example is defined as being worth a certain amount of gold, if anyone tries to cash in too much Liberty Dollars at once, the company can just trade for more gold with new Liberty Dollars effectively setting up a type of Ponzi scheme. As long as you can get enough people to accept the "face value" of a Liberty Dollar it turns into an infinite money pump.

And then you just hire yourselves as consultants, pay yourselves in whatever hard currencies are coming in plus millions of Liberty Dollars, and pass those off. When the whole thing collapses due to not having enough reserve, then you abandon the shell company with massive debts, and retire rich.

So they were arrested for having the ability to do something that governments and state-chartered banks have done for literally centuries (and continue to do to this very day)?

Yes, and if you show up at a UN meeting pretending to be the President you get kicked out, even though you're doing exactly the same thing the government is allowed to do with no repercussions. Is this a sign of a fair and just society? I think not!

[Leafsnail]

Tesco's had the nerve to drag me out (using physical force!  If I had used a gun to defend my rights they might have even shot me!) of one of their board meetings!  Apparently I'm not allowed to sit in the CEO's chair and talk about how I'm going to run the company even though they have been doing the same thing for years (and continue to do to this very day).  They are just like the mafia, not allowing any competition.

[Darvi]

But you're the KING of the mafia! They should listen to you!