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1. Matthew Davidson (mjd@microblog.ourcoffs.org.au)'s status on Thursday, 06-Apr-2017 05:48:22 UTC Matthew Davidson

   • Danyl Strype
   • yukiame
   @yukiame @strypey Currency-issuing states never need to tax in anything but their own currency. Taxes don't finance spending; spending finances taxes. Where else would the first $ taxed come from? #MMT
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   • Danyl Strype (strypey@quitter.se)'s status on Sunday, 26-Mar-2017 02:08:50 UTC Danyl Strype
     Noah Smith schools goldbugs and bitcoinbugs
     https://www.bloomberg.com/view/articles/2015-01-21/bitcoins-gold-bugs-and-money
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   • Matthew Davidson (mjd@microblog.ourcoffs.org.au)'s status on Sunday, 26-Mar-2017 09:59:00 UTC Matthew Davidson

     in reply to

     • Danyl Strype
     @strypey Money is _used_ in exchange, & also as a store of wealth, but neither is what money _is_. Money is an accounting credit. It's useful to hold & accepted in payment because it has a killer app - eg. the ability to settle taxes. #Bitcoin, at any price, is not money. #MMT
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   • Matthew Davidson (mjd@microblog.ourcoffs.org.au)'s status on Sunday, 26-Mar-2017 10:47:44 UTC Matthew Davidson

     • Danyl Strype
     @strypey Yep. I've a lot of time for #Graeber and was pleased he arrived at the #Chartalist / #MMT position of Mosler (http://ur1.ca/qoo52), Kelton (http://ur1.ca/qoo53), Mitchell (http://ur1.ca/qoo55) et al.
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   • Matthew Davidson (mjd@microblog.ourcoffs.org.au)'s status on Sunday, 26-Mar-2017 10:56:18 UTC Matthew Davidson

     • Danyl Strype
     @strypey Accepting taxes in #Bitcoin would be insane. It would mean surrendering the ability to use the monetary system to achieve public policy objectives. It'd be like joining a monetary union in the absence of political union. Who would do that? Oh, wait…
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   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Sunday, 26-Mar-2017 11:12:48 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     @mjd @strypey Surrendering the ability to use the monetary system to achieve public policy objectives is what has made #hongkong prosperous.
   • pettter ✅ (pettter@social.umeahackerspace.se)'s status on Sunday, 26-Mar-2017 12:25:50 UTC pettter ✅

     in reply to

     • Danyl Strype
     • Hallå Kitteh
     @mjd @strypey @clacke It's singularly hard to pin down what money "is", I think, if only because there are a number of different groups who all claim one definition of other, the differences in practise are quite subtle, and there is, to me at least, no clear candidate that is strictly a stronger choice than any other.
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   • LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864} (lnxw48a1@nu.federati.net)'s status on Sunday, 26-Mar-2017 12:50:21 UTC LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}

     in reply to

     • pettter ✅
     • Danyl Strype
     • Hallå Kitteh
     @pettter @strypey @clacke @mjd The definition used in first year Econ classes (a medium of exchange and a store of value) is at least as accurate as the accounting entries which record those things. Money has been many different things at different times (e.g., seashells and pretty rocks, gold and silver coins, pieces of parchment or paper).
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   • Danyl Strype (strypey@quitter.se)'s status on Sunday, 26-Mar-2017 12:58:58 UTC Danyl Strype

     in reply to

     • Hallå Kitteh
     @clacke that's what people used to say about the "Asian Tigers", and the "Celtic Tiger" and other countries recently structurally adjusted
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   • Danyl Strype (strypey@quitter.se)'s status on Sunday, 26-Mar-2017 12:59:45 UTC Danyl Strype

     in reply to

     • Danyl Strype
     • Hallå Kitteh
     @clacke before their economies all crashed and their societies crashed into record levels of inequality, unemployment, and poverty
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   • pettter ✅ (pettter@social.umeahackerspace.se)'s status on Sunday, 26-Mar-2017 13:00:43 UTC pettter ✅

     in reply to

     • Danyl Strype
     • LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
     • Hallå Kitteh
     @lnxw48a1 @mjd @strypey @clacke Is it a necessary and sufficent definition, though? When does a particular thing start acting as a money, and how does it stop? Does it need a market? Does it need a market of things other than itself?
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   • pettter ✅ (pettter@social.umeahackerspace.se)'s status on Sunday, 26-Mar-2017 13:04:13 UTC pettter ✅

     in reply to

     • pettter ✅
     • Danyl Strype
     • LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
     • Hallå Kitteh
     @mjd @strypey @lnxw48a1 @clacke Perhaps a more central question is "Is 'money' a noun or a verb?"
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   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Sunday, 26-Mar-2017 15:42:43 UTC Hallå Kitteh

     in reply to

     • pettter ✅
     • Danyl Strype
     • LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
     @pettter @lnxw48a1 @mjd@microblog.ourcoffs.org.au @strypey Or, even wider, does it need a market of more than itself and oher money?
   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Sunday, 26-Mar-2017 15:45:16 UTC Hallå Kitteh

     in reply to

     • pettter ✅
     @pettter Grammatically, "moneyed" is at least a verb in the present participle, which would suggest that "money" would be the infinite. I'll leave you there, at the thought of infinite money. :-)
   • Danyl Strype (strypey@quitter.se)'s status on Sunday, 26-Mar-2017 23:49:37 UTC Danyl Strype

     in reply to

     • Hallå Kitteh
     @clacke "moneyed" is an adjective describing the condition of having lots of money
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   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Tuesday, 28-Mar-2017 17:04:58 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     @strypey Sorry, I meant past participle, not present participle. The present participle of a verb can be viewed as an adjective or a verb form.
     
     If someone is moneyed, presumably someone, something or some circumstance moneyed them. :-)
   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Tuesday, 28-Mar-2017 17:07:52 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     • Hallå Kitteh
     @strypey Or, to use the same form, presumably they somehow were moneyed.
   • Danyl Strype (strypey@quitter.se)'s status on Thursday, 06-Apr-2017 04:58:11 UTC Danyl Strype

     • yukiame
     @yukiame @mjd "is the State also only a market actor". No. The state is a governing body that claims a monopoly of violence over a territory
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   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Thursday, 06-Apr-2017 06:21:54 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     @strypey HK has high levels of inequality. But not unemployment.
   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Thursday, 06-Apr-2017 06:29:36 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     • yukiame
     @mjd @strypey @yukiame The Hong Kong money supply comes from foreign currency. The M0 is required to be 100% backed by currency reserves. As the HKD is pegged to the USD, I'm assuming the entire reserve is USD.
   • Matthew Davidson (mjd@microblog.ourcoffs.org.au)'s status on Thursday, 06-Apr-2017 07:03:17 UTC Matthew Davidson

     in reply to

     • Danyl Strype
     • Hallå Kitteh
     • yukiame
     @clacke @strypey @yukiame & everyone in the Eurozone is using a foreign currency not issued by a state at all. #Keynes had a better solution to what the Euro or USD pegging tries to fix: https://en.wikipedia.org/wiki/Bancor
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   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Thursday, 06-Apr-2017 07:23:23 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     @mjd @strypey EUR is a traditional state-issued currency except the state isn't a state. Isn't #bancor just a bigger Euro?
   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Thursday, 06-Apr-2017 07:26:14 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     @strypey ... while also being a market actor. State goes "Here, I'll uphold law, order and defense of property and otherwise stay out. Except I'll be a monopsony on 50% of the goods and services, by taxing the other 50%.".
   • Danyl Strype (strypey@quitter.se)'s status on Thursday, 06-Apr-2017 07:26:18 UTC Danyl Strype

     • Danyl Strype
     • Hallå Kitteh
     @mjd @clacke the Euro is backed by the violence monopoly of NATO, which is backed up by the violence monopoly of the EU states and the US
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   • Hallå Kitteh (clacke@social.heldscal.la)'s status on Thursday, 06-Apr-2017 07:27:30 UTC Hallå Kitteh

     in reply to

     • Danyl Strype
     @strypey Yes. What monopoly on force would be behind the #bancor?
   • yukiame (yukiame@mastodon.social)'s status on Thursday, 06-Apr-2017 08:04:21 UTC yukiame

     in reply to

     • Danyl Strype
     • Hallå Kitteh

     @clacke @mjd @strypey and who forces you to use the HKD?

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