News for hackers. Stuff that matters.

A comment on Peter Thiel Makes Down Payment on Libertarian Ocean Colonies. Parent comment

Re:Peter Thiel Makes Down Payment on Libertarian Ocean Colonies by LogicHoleFlaw on Monday May 19, 2008 @01:30PM (#194249)
Do you know the current Kongbuck exchange rate, by chance?

Jokes aside, leaving the accounting to the market seems ripe for fraud. Finance is staid, but it's got a lot of years of experience behind it.

[ Parent | on HN ]
Re:Peter Thiel Makes Down Payment on Libertarian Ocean Colonies by Prrometheus on Monday May 19, 2008 @01:37PM (#194259)
>Jokes aside, leaving the accounting to the market seems ripe for fraud. Finance is staid, but it's got a lot of years of experience behind it.

Where do you think accounting rules come from? Accounting practice comes from hundreds of years of custom and precedent, also known as "the market". It is only recently that accounting standards have been codified into law.

[ Parent | on HN ]