Re:Hayek: Cryptocurrency backed by gold
by rdl on Wednesday May 06, 2015 @03:08PM
(#9501067)
A true Hayek currency would be backed by a market basket, not just gold.
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Yeah, it's pretty sad. His design for a currency is fascinating, and apparently unknown by these people.
A bearer-backed market basket currency (rather, the ability for anyone to create a digital bearer token currency as a service; billions of currencies, and realtime exchanges to determine prices and exchange currencies at transaction time) is my #1 idea for a project. Unfortunately not really a path to profitability, so I'll do something more mundane first.
I'm glad I ducked out of e-gold (we were building a digital bearer currency backed by e-gold, in partnership with them) before the e-gold prosecutions started. Kind of sobering talking to the lawyers 10 years later and seeing what pain I missed.
link for anyone interested: https://mises.org/library/denationalisation-money-argument-r...