JP Koning

The blog from which this article hails -- turns out to be an interesting blog about all things Money: "Moneyness "money is best described as an adjective not a noun" - the blog of JP Koning": https://jpkoning.blogspot.com/ (Disclaimer: Note that I do not necessarily agree with some/any/all of the political positions and/or ideologies espoused by this blog. That being said, it seems to be an interesting blog with the central topic being all things Money related...)

Before it gets mentioned here is a good post why ransomware gangs love (traceable) Bitcoin. Most of ransomware gangs are more or less well known, not really anonymous. http://jpkoning.blogspot.com/2021/06/why-do-ransomware-gangs-like-bitc…

These are all inevitable consequences of artificially cheap debt due to USD "printing". The Cantillon Effect has weird consequences. Bullshit companies can be worth billions, and people will rationally flee the dollar (into e.g. BTC). Bitcoin has a much more plausible value proposition than most of these bullshit companies. Conflating the anomalously high value of BTC with the anomalously high value of companies is a category error. http://jpkoning.blogspot.com/2018/10/bitcoin-and-bubble-theory-of-mone… https://www.unqualified-reservations.org/2013/04/bitcoin-is-money-bitc…

The best rebuttal to the perennial and cliche bubble articles is the post by Mencius Moldbug "Bitcoin is money, bitcoin is a bubble". http://unqualified-reservations.blogspot.com/2013/04/bitcoin-is-money-… He perspicaciously explains that moneyness is inherently related to bubbleness. The two go hand in hand The concept of "moneyness" is also explained very well at JP Koning's blog: http://jpkoning.blogspot.com/2012/12/why-moneyness.html These guys have more insight, into the monetization of bitcoin, in their little finger than Joe Wiesenthal has in his bromide producing brain.

Individuals and companies with billions of dollars in cash can't really stick it in a mattress and ignore it. True. Far better to bury it somewhere remote. See this "news article" from the future about how it plays out: The desert dollar industry January 1, 2021 These days, the desert is swimming in cash... literally. Over the last six months, a booming business in illegal cash storage has sprung up in Nevada, New Mexico, and Arizona where analysts estimate that $30 billion worth of $100 notes have been hidden. By day, smugglers drive deep into the desert, SUVs loaded down with suitcases full of Ben Franklins. Once they've found an ideal spot, they wait till the sun goes down and frantically dig a hole, only to drive away the next morning with nothing but the cache's GPS coordinates and a drone or two to guard it. When asked about the sorts of people staying at her motel these days, Smith shrugs. "I don't ask who they are and they pay cash." ... http://jpkoning.blogspot.com/2015/12/the-desert-dollar-industry.html

Same link, but with enabled TLS: https://jpkoning.blogspot.com/2024/11/setelinleikkaus-when-finns-snipp…

Last part is a trope but human societies around the world use different things as money, including counterfeit notes in Somali http://jpkoning.blogspot.com/2013/03/orphaned-currency-odd-case-of-som… In fact I doubt gold/silver becomes money because it’s generally too rare and inconvenient (hard to cut the gold bar without tools even if you have one). Realistically people will just keep using cash.

He has an article about that one too: https://jpkoning.blogspot.com/2013/05/disowned-currency-odd-case-of-ir…

Debunked: http://jpkoning.blogspot.com/2019/09/the-life-and-death-of-internet-mo…

You can see the "Authorized but not issued" numbers at https://tether.to/en/transparency/ and a detailed outside analysis of redemptions http://jpkoning.blogspot.com/2022/06/watching-tether.html

Project url : https://www.billionpricesproject.com/index.php Per [1], sold to commerical entity. [1] https://jpkoning.blogspot.com/2021/09/a-decentralized-version-of-mits-…

I'm as concerned as the next person about energy use, but I did read some counterpoints in an article published yesterday [1] The House Energy and Commerce Committee’s Oversight and Investigations Subcommittee is reportedly going to investigate cryptocurrency’s effect on the environment... But the meme that bitcoin or cryptocurrency uses as much power as one country or another, promoted by The New York Times last September, for example, deserves a bit of pushback on a couple of fronts. [1] https://www.aei.org/technology-and-innovation/no-hearing-on-bitcoins-e… Edit: and then someone pushes back on Nic Carter today: https://jpkoning.blogspot.com/2022/01/the-fallacy-of-bitcoin-and-renew…

J. P. Koning noticed this a year ago - he blames crooks having a hard time laundering money in pandemic lockdowns. https://jpkoning.blogspot.com/2020/07/how-pandemic-has-clogged-global-…

http://jpkoning.blogspot.com/2021/03/from-circle-of-gold-to-meganets-t… "By solving the dishonesty and fungibility problems, bitcoin has radically dialed up the contagion factor for chain letter technology to a degree never experienced before. Bitcoin has become the first chain letter to go mainstream. It is the first chain letter to go global."

The US military has had some innovative payments ideas. An occupying force prefers to use a money that 1) doesn't dollarize the nation they are occupying 2) can be tracked, thus thwarting black marketeers 3) is lightweight 4) if they lose, the enemy can't reuse it Unfortunately, dollar bills are bulky, infiltrate local economies, and aren't enemy-resistant. So we get innovations like EagleCash, which solves a lot of these problems. Other payments ideas emanating from the military include Military Payment Certificates (https://jpkoning.blogspot.com/2017/04/c-day-and-military-money.html), overstamped currency ( https://twitter.com/jp_koning/status/1343874636480729088) and pogs (http://numispedia.org/AAFES/).

Specifics about L'Oreal. https://www.loreal-finance.com/eng/registered-shares-loyalty-bonus General discussion of the concept in France. http://jpkoning.blogspot.com/2016/09/the-french-shareholder-revolution… > Despite ensuing controversy in the French legislature over the fairness of elevating one class of shareholder above the rest, the ability to provide prime de fidélité was enshrined in French law in 1994, with several limits.

I find it absolutely astonishing people would pour half a billion into a fintech company which puts real money transactions on the same platform as a betting game and even worse, a betting game which claims it's some sort of digital money. (bitcoin) I never used Revolut because of this and never will. To be fair, I never used Revolut because I thought bitcoin is a scam but since last November I know better. http://jpkoning.blogspot.com/2019/11/bitcoin-11-years-in.html and also https://www.aier.org/article/bitcoin-as-a-novel-financial-game/

More on this: http://jpkoning.blogspot.com/2017/06/on-currency.html > Property that had been granted currency had a different legal status from property that didn't. Let's assume that a good has been stolen and sold by the thief to a third party, a shopkeeper, who innocently accepts it not knowing that it has been stolen. For most forms of property the original owner could sue the third party and get the stolen article back. But not if that good is one of the few to be considered by society to have currency, wrote Macleod. When an article is said to have currency, or to be current, the original owner cannot chase the third party to recover stolen property. So in our example, our shopkeeper gets to keep the stolen good, even if its stolen nature has been proven in court.

Somalia spent years accepting fakes as real, because there was no "real" government: http://jpkoning.blogspot.co.uk/2017/03/bringing-back-somali-shilling.h… (Price fell to roughly the cost of production)

Yes, but also more generally, highly-liquid IOUs ("bills of exchange") as were widely used before the rise of modern banking: http://jpkoning.blogspot.de/2013/02/ripple-or-bills-of-exchange-20.htm…

another example of a discontinued currency remaining in use: http://jpkoning.blogspot.com/2013/05/disowned-currency-odd-case-of-ira… http://en.wikipedia.org/wiki/Iraqi_Swiss_dinar

It's getting more complicated than that. Expect financial deepening to occur when it comes to mining. http://jpkoning.blogspot.com/2013/02/financial-deepening-and-currency.… I would also keep in mind that lots of people are thinking about harnessing the bitcoin network for a plethora of applications. http://qz.com/84056/the-bitcoin-network-is-now-more-powerful-than-the-…

Here are a few recent articles I found to be relatively accurate and fair (several of which have already appeared on HN): http://blog.priceonomics.com/post/47135650437/are-bitcoins-the-future https://medium.com/money-banking/2b5ef79482cb https://mises.org/daily/6399/The-Moneyness-of-Bitcoins http://www.forbes.com/sites/timothylee/2013/04/03/four-reason-you-shou… http://jpkoning.blogspot.com/2013/04/bitcoins-plunge-protection-team.h…