“Many of life’s failures are people who did not realize how close they were to success when they gave up.”
― Thomas A. Edison
Edison Renegade Currency
It started during the great depression of the 20’s and 30’s. When America was in a big crisis and the GDP dropped like a rock, total equivalent of 1 trillion dollars today, the Dollar went down with 17% and Edison blamed the Federal Reserve. He believed that, even though the dollar was backed up with gold, the Fed’s had too much power to manipulate the money supply and economy. He said “What the fed’s really wanted is a single currency, based entirely on mortgage loans” nothing more than paper. And he was right, the dollar today is based on those papers and it was responsible for the financial crisis of 2008. The idea that Thomas Edison had in 1921 was quite simple. First he had to weaken the FED’s centralized power by decentralising it. Create a free market driven Dollar, Edison Dollar, that would be decentralized across 36 commodities and decentralized across 12 warehouses. The only way for new money to be created was to add new commodities to the warehouses. Sadly when he took his idea to the government, they buried it before he could even start his plan. Luckily for us, his plan was kept alive by a few people who improved the idea of the Edison Dollar. From Edison to Henry Ford, a free market capitalist who stood behind a free market dollar.
To Irving Fisher, he was a famous economist how believed that the money supply should be increased among a fixed line of rules, no fed intervention.
To John Maynard Keynes, who in 1944 at the Bretton Woods meeting proposed to launch his own commodity backed currency called Bankcore. The difference with Edison was that he wanted his currency to overhaul not only the dollar, but all currencies.
To Pullitzer price winner Milton Friedman who said, in an interview with Micheal Robinson, that “We don’t need the Fed, just replace them with a computer and let them print those dollars on a set schedule, month after month, year after year like clockwork. The same amount of dollars are printed, no more, no less.
But in 2009 the world economy hit the perfect point in time for Bitcoin to arise, a perfected version of Thomas Edsion’s Dollar, money supply controlled, free market driven, inflation prove, it eliminates centralized power of not only the Fed’s but even the central banks.
With the coming of the Internet it was now possible to create a Digital currency that would act like virtual gold, backed by Energy.