Noah Smith: Digital currencies won’t kill the dollar but still may change the world

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Noah Smith: Digital currencies won’t kill the dollar but still may change the world by Chris Powell – GATA

By Noah Smith
Bloomberg News
Friday, September 15, 2017

Jamie Dimon, the CEO of JPMorgan Chase & Co., recently slammed bitcoin in no uncertain terms: It “won’t end well,” he said, calling the cryptocurrency a “fraud” and “worse than tulip bulbs.”

Is Dimon right? It depends. In at least two important ways, bitcoin and other cryptocurrencies will probably fail to achieve the dreams of their creators and enthusiasts. They are unlikely to usher in a hard-money revolution, and are also unlikely to supplant national fiat currencies as the standard means of payment. But that doesn’t mean they won’t change the world. …

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Chris Martenson

Build understanding, encourage small actions, then align with solutions. Many people have asked us, "Where are the large-scale solutions to all the problems you have described?" and "What should we do as a nation to avoid the seemingly inevitable consequences of this fiat money system?" We believe that we must reach a critical mass of individuals and ensure that they have an understanding of the ideas presented in the Crash Course, before any national or global solutions will even be possible. Because we are still quite far from this tipping point of understanding, we must first focus on educating. Many people have already reached a place of understanding and assumed responsibility for their futures, but most have not. Once we have achieved a critical mass of people who understand the issues and have taken responsible actions as a result, solutions will find more fertile ground in which to take root. The theory of action: building understanding Solutions should come from a position of understanding. Understanding arises from awareness, and awareness arises from the ashes of denial. In other words, the stages of action are: denial >> awareness >> understanding >> solutions. It is not enough for people to be aware that inflation exists, or that our monetary system has flaws, or that resources are depleting. If effective actions are to be formulated, then understanding is essential.