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Comment Re:Patents are by definition not the free market (Score 1) 240

Of course the free market is a social construct. No one claims it is an entity. But it doesn't require government force for the protection of property rights and God help us if government gets to define property rights. Individuals can defend their property rights without government force.

I can easily lock my car to keep valuables inside it safe without the government's involvement. And the government is completely powerless to stop someone from smashing the window to get in and take my valuables.

For the record, I'm not speaking strictly of capitalism, but rather free markets. There is a difference. Adam Smith didn't write "The Wealth of Individuals." So if he is the basis of your capitalism then, yeah, there is a governmental role and it is not, strictly speaking, a basis for a free market.

Comment Patents are by definition not the free market (Score 5, Insightful) 240

Patents are a monopoly issued by government. They are the antithesis of the free market. This government intervention in the free market leads to ridiculous patents like this.

Many patents are filed defensively since someone else could use the force of government to prevent Amazon from conducting free market business in the future by getting this patent.

The patent, copyright and entire IP systems is not a construct of the free market and we could be so much further advanced without these government interventions.

Comment Re:Fundamentally... (Score 1) 470

POMO and interest on reserve holdings are indeed bailouts for the primary dealer banks. Not to mention the 16 trillion in undisclosed loans by the Fed to banks. LIBOR is just the bankers following the lead of the Central Bankers. It doesn't excuse RBS et al but you can see where their inspiration came from.

Comment Re:Um? (Score 1) 320

The point is that you have to wait for the machine to "make" the money and then you have to convert it into local currency. All the while you are carrying the risk of a value collapse in BitCoin, an exchange collapse, theft, etc. vs. the direct approach of selling for your local currency and spending it now. Additionally if you are invested in chip production, you likely have state obligations like taxes that become a nightmare to account for when introducing a non-state currency into your transactions. Net profit is probably higher if you just get paid in local currency.

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