The ECASH Act with Rohan Grey (New Transcript!)

Money On The Left has an interview The ECASH Act with Rohan Grey (New Transcript!).

This conversation happened on March 28, 2022. I am not sure I posted this exact interview, but I have posted before about this idea. I think now is a good time to bring it up again.

But I think one of the things that defines cash is that there is no third party involved. There’s no permission you need to ask once the cash gets issued. We’re not talking about a private cryptocurrency, where the issuance itself is based on some pseudo gold standard, mining logic. We’re talking about a publicly issued dollar, where the amount and who it gets issued to is still a matter of collective governance. But once the money is out there, once it’s issued, it has its own locus of gravity.

One of the things I don’t like with the crypto-currency craze as it now works is the idea that there has to be a fee attached to each transaction. With government issued cash, there is no transaction fee.

Another problem with private crypto-currency is that it has no mechanism like government issued money to give it value. What has driven the value of government issued money for many thousands of years, is the government’s power to levy a tax and to insist that government issued money is the only way to pay that tax. It is not to say that there can’t be a new way to give value to a new form of money. It is just that proponents of crypto-currency need to recognize that this has not passed the test of time, yet. Only the passage of time will prove that this can work over the long term, or it fails in a human life time.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.