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Overstock CEO Slams "Unethical" Krugman; Hopes "Bitcoin Destroys Central Banking**QQ*

 Overstock CEO Patrick Byrne goes to town on Keynesian Crony Paul Krugman in this brief interview. Byrne blasts Krugman for everything from his "unethical" involvement in the Enron debacle to his present day view that "the market failed so we need more government; or freedom failed so we need more government." Noting that Krugman may have done "some great work before he went crazy," he rants against the Fed apologist for his "bitcoin is evil" comments adding that he hopes "Bitcoin can destroy central banking." Byrne pulls no punches in his attack on Krugman and his "Keynesian magic money tree theories," as he explains why the so-called 'economist' would be against a 'bounded currency'.

2 Comments in Response to

Comment by Ed Price
Entered on:

The destruction of the Fed and the U.S. dollar is a death sentence for anybody over 60, and especially those who are over 70. Why? Because the older you get beyond, say, 30, the weaker you get. Think of the masses of elderly who will not receive any support, because the money structure is the only way that they find any sustenance at all.

Because Bitcoin is market moved, without interference from big institutions, when the banks fail, there will be a time of turmoil and death for many of the weak - the very young, the very old, the sick people, those not prepared to fight off human predators, those in the big cities, etc.

The only things that have inherent, intrinsic value are the things that you need to live - fresh air, clean water, healthy food, clothing and shelter. The value of the dollar is found in the fact that we have made ourselves dependent on it to provide us with the commodities listed, and others. In addition (and worse) we have made ourselves dependent on the power grid / Internet for moving money. If any of these collapse suddenly, we are not prepared to live without them. If they collapse suddenly, there will be untold pain and death across the nation.

While we do NOT need a money system, direct barter for necessary commodities is not a thing that we have been trained in. Buying and selling with money is a method of easing the burdens involved with barter. We simply are not prepared as a nation to live without money.

Bitcoin, itself is not the answer. Bitcoin is the beginning of the answer. The people who "play" with Bitcoin haven't really started to turn the Bitcoin idea into something useful. Most folks are not used to applying ingenuity to anything.

Mike Caldwell of Casascius, the Bitcoin mint, has started to move in the right direction a tiny bit - That is to mint the coins and let the people attach the Bitcoin value to them.

What we need to do is to improve the Bitcoin program so that people can attach and then remove specific commodities and/or property to individual groups of bitcoins or portions of a bitcoin. Then we need to form an easy method for printing bitcoins, or fractions thereof, to paper so that the info will not be lost even in the event of a power grid failure. The printed paper could be something like dollar bills, with the specific bitcoin listed along with the exact property value that it holds.

Right now, someone should be making non-electronic copies of the blockchain as a backup in the event of power grid or Internet failure. The copies, be they printed, or in some other form, could be attested to as true and correct by affidavit, just as anything else is.

The dollar will fail. The money system will fail. The power grid and Internet may fail. We need to put a backup in place while we have time. If we don't get it going, there will be lots of pain and death when the failures come.

My simple ideas, above, are not the answers. They are ideas. It will take a lot of thinkers a bit of time to devise usable ways to make this happen. The nice thing is, the whole Bitcoin direction of things allows anyone with the thinking power to design and implement more and more of what we need, on their own, without the authorization of some central authority.

Comment by Anon Commenter
Entered on:

BITCOIN is just another virtual or illusionary currency.  It has NO INTRINSIC value, just like FRN's ("Federal" "Reserve" Notes, which are nothing more, than pieces of paper with ink on them).

It is very clearly, just another attempt, to get people used to the idea of ELECTRONIC MONEY, or ELECTRONIC transactions, like paying your bills, online.  The NSA has a built-in backdoor to EVERY computer and software, including MicroSoft.  Bitcoin is just another attempt to control everyone.

For THOUSANDS of years, only silver and gold were used as REAL money.

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