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09:14 PM
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Get rid of the money system, then get rid of goverrments
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[quote:Levi Philos 590644:MV85ODA3ODlfMTc0NDcxNDNfN0M3ODIzMkY=] [quote:correspondent] One reader has an epiphany: {quote Correspondent} Oh, man oh man! It is so f_cking simple it is right in front of us can we can't see it!!! Think about it. A and B agree that C will keep the books. A promises B B promises A C records the transaction. If the transaction needs to be bonded A and B each deposit with C something equal to the "worth" of the value of the promise. If either A or B fails, C credits the aggrieved party. Simple as that. [/quote] The correspondent was commenting on the Ripple system: http://ripple.sourceforge.net/ He has failed to grasp that the bond does not have to be large enough to cover the value of the entire transaction. Some study on existing bonding mechanisms reveal that only partial coverage is needed. The bonding company always gets a percentage. We know that of all transactions - some small percentage will fail. Upon failure the bonding company picks up responsibility for specific performance. They pay for outstanding expense out of their profit. See also: insurance. Reputation records ("credibility") of people are also valuable references. THIS IS WHAT MAKES THINGS DIFFICULT TO UNDERSTAND. NOT EVERYTHING IN THE PRESENT SYSTEM IS FAULTY. IF WE DIDN'T ALREADY HAVE THE UCC, WE WOULD BE FORCED TO REINVENT THAT BODY OF COMMERCIAL LAW. ONLY THE VERY BASIC CONCEPT OF "MONEY" NEEDS TO BE REINVENTED [/quote]
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2 things the human race will have to combine and achieve before we evolve.
if we don't, it will be like a stagnant parasite within us all.
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