My opinions shouldn’t mean much to the Peercoin community since I own zero PPC. I have noticed that Sunny is a proponent of Austrian economics, and statements like these reinforce it:
Gold’s superiority to fiat in promoting economic stability isn’t a worldview shared by the majority of economists, and I don’t support those thoughts either. The Great Depression in the 1930s was shortened once FDR was convinced to devalue the gold standard, after watching the British do the same thing a year or two earlier. The gold standard would later be completely abandoned by Nixon in the early 1970s. Sunny states “Gold’s inflation property is determined by physical and social-economic laws, as in laws of the nature/universe, not laws made by man, nor was it voted on by a committee.”, which I view with the same enthusiasm as “plants and herbs are naturally made, so they’re better than pharmaceutical drugs for treating AIDS”. Economics advanced in the 1930’s once governments realized they could stimulate their economies by adjusting the power of their currencies, setting interest rates, and other tools. It certainly helped when the US required quantitative easing in the aftermath of the 2008 financial crisis to avoid a second great depression. And yes, some governments have been poor managers of their fiat currencies, and some governments have spent irresponsibly. Global economic growth has still benefited from flexible monetary policy.
The great thing about Nu is that it is compatible with many different belief systems because it is so flexible. My own interest and belief in Nu is both pragmatic and idealistic. I strongly believe that a pegged currency to USD is of more utility today to our users than a volatile cryptoasset like Peercoin; that’s my pragmatic view. However, like others here I also dream of a future 1000 years from now where the value of non-governmental currencies are responsibly controlled by everyone on the planet, and not just central policy makers. If that happens, the future will be more peaceful. Nu is the first globally decentralized design in history that can possibly accomplish this. I think Jordan summed up why I’m involved in the Nu project eloquently in his quote:
I think cryptocurrency is beautiful because it is inclusive of all economic beliefs. Peercoin will appeal to Austrians as well as those who think sidechains will one day facilitate stable tokens. Nu will appeal to more traditional fiat fans who want to use USD values, but also those who want to create new financial tools like SDR NuBits or other global stores of value. Nu can even invent its own value peg if shareholders think there is benefit to the world to doing so. As long as we’re making strides as a collective group of cryptocurrency enthusiasts towards “advanced modern money”, we’re succeeding.
