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    This discussion has been archived. No new comments can be posted.
    The Failure of Internet Unilateralism | Log in/Create an Account | Top | 24 comments | Search Discussion
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    An Ironic Twist on Fiat Currency and the Fiat Root
    by Anonymous on Tuesday October 04 2005, @03:52AM (#16285)
    Children are told[1] that currency has value because
    of wide-spread agreement. It is called fiat
    currency. There is nothing or real value
    backing it, such as gold or land.

    The Fiat Root has a similar arrangement. There
    is wide-spread agreement, yet nothing backing it.

    It is ironic that the Fiat Root is largely tied
    to credit cards pumping domain name fees into
    the multi-level-marketing structure that now
    supports the growing Internet "community".

    Many people see that the Next Generation Internet
    will be constructed on a foundation of .CASH.
    People in New Orleans saw how fast their plastic
    became worthless and now operate on .CASH.

    With the emergence of the .CASH net, the Fiat
    Root will fade away. The credit cards will no
    longer be pumping domain name fees thru the
    arteries of "the society". Instead, .CASH and
    micro-payments will keep the net going and
    domain names will be a free commodity like air
    and water and have no value.

    Artificial scarcity created via the Fiat Root
    will be ended via Fiat Currency. Go figure.

    From Dave Farber's ICANN spin machine:
    [1] When my son was about four years old, he asked me "why is a dollar bill
    worth a dollar?"  My answer was simple, though unsatisfying to a child
    that young: "Because we agree that it is".

    It's much the same with ICANN.  The essential players -- virtually all
    ISPs, major companies, etc. -- agree that ICANN is the root.
    [ Reply to This | Parent ]


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