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July issue of Cato Unbound

I published one of the response essays in July's issue of Cato Unbound.

"It would be entirely reasonable for a developing country to dollarize to bitcoins, embracing sound money as a replacement for a faltering, untrusted national currency. Coupling bitcoins with free banking both introduces elasticity into the money supply to smooth out the price level and also creates a physical manifestation of bitcoins that people can trade for goods and services without needing Internet connectivity."
— Chuck Moulton, "It’s a Sound-Money Alternative to the Dollar", Cato Unbound

The pieces of my colleagues are also quite interesting. However, I will correct Jim Harper later — he is far too charitable to governments and dismissive of private money in his remarks concerning monetary history.

July issue of Cato Unbound (The Private Digital Economy):


  1. There was a new digital currency launched July 9th, and I believe it may over take bitcoin. Primecoin has a target block rate of 1 every minute, so that transactions are recorded quicker. Also the proof of work is discovering prime number chains which may be useful, for mathematicians, it also will continue printing coins, and is only bound by an estimate of the accuracy of moore's law. It has a continuously variable difficulty rate, unlike the halfsteps of bitcoin. Here is some charts showing how it is doing., this is it's current market cap under the symbol xpm.
    It is from the same creator of ppcoin, which is an energy efficient block chain miner. Anyway this is the announcement,
    and this is the website

    1. Yes, PrimeCoin is very exciting! I mentioned it in my first draft of this essay, but cut it out for space and focus considerations.

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