EFTA00995269.pdf

From: Vincenzo Iozzo alEIM> To: "Jeffrey E." <[email protected]> Subject: Re: Thanks and some considerations Date: Mon, 11 Aug 2014 03:19:37 +0000 Other alternatives to think about which might be viable are the Vatican and Monaco. Probably a couple of others with some tweaking but those two were on top of my head Sent from my Iphone > On 10/ago/2014, at 20:28, Vincenzo Iozzo < IMIM> wrote: > Jeffrey, > I'll start with the easy thing: thanks for letting me stay tonight > Now some considerations on our conversation from today: > I) what you said about not liking working with people much struck me quite a bit, mostly because I feel the same and also because especially when money/greed is involved people become mean and stupid - which is probably the most annoying combination out there. > I guess my solution to this is to try and work with people I like/trust/respect, but yours works as well if you can pull that off > Anyhow onto more practical things. > 2) besides the 'personal safety' considerations the more I think about your idea (and users of your idea) the more I think it's flawed. Here's why: > A) digitaUvirtual currencies are fragile, you can protect them only by selecting a few 'trustworthy' parties that can use the currency. Alternatively you can protect them if everyone likes 'it' and wants more of it. > The wording here is fundamental: think how easy if would be to destroy a currency(even a regular one) if people hated it instead of just wanting more of it for themselves > B) in most of the countries you were thinking about this wouldn't work - simply because they are not technologically advanced enough to handle it (think about the tiny villages, the old people, the underground economies, etc etc) > C) in some of the countries you were thinking about this could work but the incumbents have no interest whatsoever in the transparency that a public ledger will force > D) all those countries are weak, this will make them weaker - you can hack their currency and they are done > I think the keys here to make this work are: > I) interest free loans > 2) reduced FX risk for participants > 3) limited circulation > 4) enforced identities/accountability > You said you like great hacks - selling companies and/or big western countries a currency that doesn't actually EFTA00995269 exist is probably the ultimate hack in the world. I think, if anything, we should focus on that. > Let me know what you think, I'll read about Sweden in the meanwhile > Sent from my Iphone EFTA00995270