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The False Premises and Promises of Bitcoin
Hanley, Brian P....

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The False Premises and Promises of Bitcoin by Hanley, Brian P. ( Author )
Lemonjar Open Access
Australian National University
01-09-2023
Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currency alternative. Bitcoin makes a number of false claims, including: solving the double-spending problem is a good thing; bitcoin can be a reserve currency for banking; hoarding equals saving, and that we should believe bitcoin can expand by deflation to become a global transactional currency supply. Bitcoin's developers combine technical implementation proficiency with ignorance of currency and banking fundamentals. This has resulted in a failed attempt to change finance. A set of recommendations to change finance are provided in the Afterword: Investment/venture banking for the masses; Venture banking to bring back what investment banks once were; Open-outcry exchange for all CDS contracts; Attempting to develop CDS type contracts on investments in startup and existing enterprises; and Improving the connection between startup tech/ideas, business organization and investment.
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Article
pdf
29.34 KB
English
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MYR 0.01
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http://arxiv.org/abs/1312.2048
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