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Community, Environmental DesignAnd Pretty Soon You Have Some Real… What? I planned to spend the month of January clearing out files and getting old interests off of my computer to make room for new ones rather than doing any writing but a telephone call from a person well informed about banking, bank regulations, the American legal system, and many other things (including USA, Inc.), and it changed my plans. He called and asked a simple question: “What’s your opinion of Bitcoin?” I’ve had many other friends ask… and have avoided an answer – until now. Banking, not currency, is my area of expertise… but the two concepts overlap. Without money, what good is a bank? What is money? Before I address the topic of Bit coin, this question must be answered. What is money? What is wealth? What is profit? The three are intertwined, but they are not the same thing. Money is a reward for labor and risk management. People who run their own independent businesses are rewarded with profit for their good decisions (or take losses for bad ones) involving risk management. People who work for them – or for multi-national companies – take no risk but provide the sweat of their brow to gain access to money. Stock market investors are rewarded for their good decisions with profit – or are penalized for bad ones. For most people, however, money is the reward for labor and risk management. After earning it, it becomes the means to survive, giving us access to everything from housing and comfort – to the opposite. Anyone who...
Posted January 09, 2014 in Abney and Associates