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A People’s Money
By Ernest Hancock
The traits most associated with ‘Money’ is Divisible – Portable - Acceptable – Scarce – Durable – Stable in Value. But to retain these values there are some characteristics that can not be associated with a functional long term money.
If a Money can be copied or duplicated then it can’t be Scarce or be a Stable Store of Value. If it can’t be easily Divisible for use as a medium for small purchases (Bubble Gum Money) then the market will abandon its use. If your money dissolves in your purse then its Durability trait isn’t realized. Portability answers the question, “well,... got it on ‘ya?”.
Some Crypto currencies do an acceptable job at providing the main positive traits of ‘real’ money with the added benefit of being able to be used digitally without a third party’s approval or surveillance of the transaction.
Cash is King,... until it’s made illegal.
The massive creation of Federal Reserve Notes has demolished the ‘Scarcity & Stability’ traits of US Dollars to the point that any serious replacement option could quickly render the Dollar near useless in comparison. Soooo,… ‘Acceptability’ will be the focus of conversation in the near future, and conversion of any currency into FIAT will bring out The Crown’s guns in my opinion.
Yucky Cash has been regularly attacked since the creation of the Credit/Cash Card. While still based on the US Dollar, this method of transacting allowed for surveillance, more assured taxation and even denial of the transaction. During the Plandemic/Lockdown cash was promoted as a carrier of filth and disease. Several countries have eliminated cash or are in the process of eliminating cash transactions while other areas of the world are limiting access to cash from their own bank accounts.
I’m of the opinion that we will experience economic and social engineering on the issue of “Acceptance” for whatever They/Them/Those have determined will be the ‘Coin of the Realm’ no matter how many money traits are abandoned in the process. I suspect that “Legal Tender” laws will not include the anonymity of cash transactions and that unapproved cryptos will be labeled ‘Counterfeit’ and even more prosecutions for their use will be highlighted in every media outlet. I’m predicting that all “acceptable” cryptos will be required to comply with the legal standards created by T3 for the benefit of… not us and that GoldmanSucksDotGovCoin will be the result. ETFs created for Bitcoin will have the same manipulating effect on Bitcoin that we’ve seen ETFs have on Gold and Silver. Once again we’ll see these market valued assets turned into Paper,… Central Banker Alchemy.
Solutions are available and in time humanity will be experimenting with many options out of necessity.
In 2008 we promoted ‘Silver Dime Cards’ via the ‘LOV3olution’. Pre 1964 Dimes, Quarters & Half dollars were 90% silver and could be bought in bulk as “junk Silver”. We created a credit card size laminated card with a dime size hole in it that encased a Silver Dime. It was a great promotional device that had many colorful and inspirational designs on the front and educational information on the back regarding silver, its use & value. Silver Calculators were created for smart phones so that festival merchants could easily convert their value and make change. Silver was taking off and then Bitcoin hit the Liberty Community and Silver’s value turned back to a speculative investment and store of value for the most part, but many in the community started taking their crypto profits and accumulated precious metals and silver is now much more common in commerce between individuals due to its privacy and wide acceptance.
Portable metal analyzers help prevent fraud and Gold is used for larger purchases. Barter of products and services is also common. Even Craigslist or Facebook Market Place may feature an item for trade,… “ATV in trade for a trailer or motorcycle”. In many communities (small towns, churches, neighbors) labor is valuable. But what about “Money”?
A close friend in Arizona had hundreds of remote semi barren acres in northwest New Mexico where he built a steel building to park his RV and store things. He also had a Shipping Container close by the structure that he would fill with items of barter value when he’d make visits from his home in the Phoenix area. I’ve visited a couple times there and one trip include an SUV full of various items of value that included cases of Crown Royal alcohol. He wasn’t going to be drinking it, it was for bartering in an economic collapse. Ammunition can be argued to have many Money traits, and under certain circumstances bags of rice or beans or seeds could trade as money. The term ‘Salary’ is derived from the Salt that Roman Legions were paid with.
Over the last several years I’ve seen the rise of Goldbacks. Goldbacks are bills made of vapor deposited Gold laminated with a polymer/plastic. Imagine a plastic coated gold leaf. They are durable, come in various weights and are very attractive with elaborate designs. The company that manufactures the Goldbacks were making expensive gold wedding invitations and and things like poster size Declarations of Independence in gold using patented technology that is pretty amazing and can be very precise in the weight of gold that is deposited on the polymer with a cover coat of polymer making a sealed portion of gold that can used like a dollar bill in your wallet. The auditing of the weight is easy enough with a blow torch and a crucible. The polymer burns away and you are left with the stated gold.
The Porcupine Freedom Festival in New Hampshire (PorcFest) has been a good example for its use and acceptance. Upon arriving many would purchase “1” Goldbacks in bulk at about $3.70 each and they were accepted by the vendors at $4. This provided an immediate discount for purchases. About a decade ago we erected The Moneydome. It was a 16’ geodesic dome that was an exchange for Silver and crypto so the vendors could accept the alternative currencies and still exchange for FIAT to purchase more supplies at local stores. Another exchange “The Agorist Alchemist” sold one ounce copper rounds for a $1 that were accepted by vendors that could then exchange at the end of the festival for FIAT. The Agorist Alchemist made his profit by all of the people that chose to retain the $1 commemorative medallions that cost him less than that to have produced.
What I advocate personally is a People’s Money. Bitcoin was heavily promoted as the people’s money in 2009 – 2013 and was quickly adopted by the Liberty Community. Hyped for several reasons that appealed to the freedom advocates made us hopeful. I’ve done hundreds of hours of interviews on the subject with most of the biggest names in the space and have some opinions I wish to share.
The features most desired by the Liberty Community,… speed, anonymity, low transaction costs, no 3rd party risks, security, peer to peer, divisibility, ease of use, individual responsibility etc. were very obviously in direct conflict with the desires of The Crown. But then cryptos’ value increasingly became tied to its Acceptance in mainstream commerce and the emergence of political lobbyist and government regulation made it clear where this was heading,… A government approved Digital Currency issued and managed and programmed by Central Banks/Governments,… a “GoldmanSucks dot GovCoin”. All other unsanctioned cryptos will be defined as ‘Counterfeit’.
Silver and Gold will be resurrected as The People’s Money once again out of necessity and I’m encouraged by the new technology for Privacy Cryptos and the ability to create small denominations of auditable Gold.
Competition and WalletVoting will always have an impact on what is offered the market… the Real Market. And the real market is creating the promises of gold backed cryptos and government created alternatives with gold as their backing… “pinky swear”. But precious metals in the hand to hand transactions between individuals will increase and then we’ll experience the wrath of T3’s opposition to The People’s Money in all its forms… Bring It!
GOOD LUCK FREEDOM FIGHTERS!
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