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The Bitcoin Standard: The Decentralized Alternative to Central Banking

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Since the move from El Salvador, the leaders of developing countries, including Mexico, Argentina, Paraguay, Brazil, and Panama, have hinted at following suit. This shift has come to be known as the ‘El Salvador effect’. Siempre suelo decir que hablar de economía en términos nominales, es decir, expresada en dinero y precios, nos nubla el entendimiento de lo realmente relevante para el bienestar de las personas; a saber, la producción e intercambio de bienes y servicios reales. The Bitcoin Standard sirve para recordarnos algo igual de cierto y que a menudo también se nos olvida: la importancia de tener un “buen dinero” para el correcto funcionamiento del sistema de precios, el aumento de las posibilidades de especialización e intercambio, y para incentivar el ahorro y la planificación a largo plazo. Note: Even in a highly liquid cross chain world, you still need to denominate transactions in one currency for mental accounting purposes.

Bitcoin Standard Podcast - Saifedean Ammous The Bitcoin Standard Podcast - Saifedean Ammous

People are allowed to have ideologies, but it shows good faith to be explicit that this is what is being discussed: this is political ideology, not economic or monetary theory per se. Ammous is at least clear in affirming that “The political vision of Bitcoin” is essentially based around Murray Rothbard’s anarcho-capitalism: government should stay out of people’s lives (other than helping secure property). The book’s principle citations are from Rothbard and his fellow travellers, von Mises and Hayek (with some reference to other libertarian thought and modern Austrian school writers such as Salerno and Hoppe). The middle section of the book is von Mises and Rothbard on steroids. It has a feeling of lecture notes stitched together without the benefit of a serious editor: almost plagiaristic in parts, dumbed down for mass-market appeal in others, always displaying a touch of venom. The U.S. Fed’s inflationary policy ended by the end of 1928, at which point the U.S. economy was ripe for the inevitable collapse that follows from the suspension of inflationism. Note: Gold, by comparison, is harder to mine – even with price increase it is hard to mine more thus hard to inflate Although gold was supposedly demonetized fully in 1971, central banks continued to hold significant gold reserves, and only disposed of them slowly, before returning to buying gold in the last decade.

The Bitcoin Standard Summary/Review

These historical facts are still apparent in the English language, as the word pecuniary is derived from pecus, the Latin word for cattle, while the word salary is derived from sal, the Latin word for salt. The fatal flaw of socialism that Mises exposed was that without a price mechanism emerging on a free market, socialism would fail at economic calculation, most crucially in the allocation of capital goods

The Bitcoin Standard by Saifedean Ammous | Waterstones

As a dollarised economy, the US dollar will continue to serve as fiat currency alongside Bitcoin, but the move positions Bitcoin—the world’s leading cryptocurrency—as a transactional standard in the country. Bitcoin can thus be understood as a technology that converts electricity to truthful records through the expenditure of processing power. From there, we’ve gone from all kinds of currency valuable metals and now paper printed by governments. But since we ditched the “gold standard” of money and started relying only on easily manipulated paper money, we’ve seen a century of boom and bust and increasing debt. How can we have money that is secure and free from manipulation? Low time preference is more likely to prevail with monies that maintain purchasing power over time, while time preference increases with monies whose purchasing power declines. (Although “nudges” would imply top down control—which Bitcoin intrinsically deactivates—if you like thinking in these terms, sound money nudges toward lower time preference while easy money nudges toward higher time preference.)

Customer reviews

Further, wide acceptance of a medium of exchange allows all prices to be expressed in its terms, which allows it to play the third function of money: unit of account. This book could have been much better... There are good parts to it, especially in the beginning, a historical review of money is very interesting. However pretty soon the author loses credibility in my eyes as it slowly switches from presenting facts and interesting analysis to the ramblings of a madman. Note: I think there is an argument that keynsianism is a coordination problem. If one government adopted Keynesianism and the others didnt then in the short run that gov would conquer the other bringing in more resources and roping the system up. Only after they had conquered everyone and there was nowhere else to go would they colapse? A la rome? The Austrian theory of money posits that money emerges in a market as the most marketable commodity and most salable asset, the one asset whose holders can sell with the most ease, in favorable conditions.7 An asset that holds its value is preferable to an asset that loses value, and savers who want to choose a medium of exchange will gravitate toward assets that hold value over time as monetary assets. Network effects mean that eventually only one, or a few, assets can emerge as media of exchange. For Mises, the absence of control by government is a necessary condition for the soundness of money, seeing as government will have the temptation to debase its money whenever it begins to accrue wealth as savers invest in it. The only scarcity, as Julian Simon brilliantly demonstrated, is in the time humans have to produce these metals, and that is why the global wage continues to rise worldwide, making products and materials continuously get cheaper in terms of human labor.

The Bitcoin Standard: The Decentralized Alternative to

differentiating between a good’s market demand (demand for consuming or holding the good for its own sake) and its monetary demand (demand for a good as a medium of exchange and store of value). Civilization is not about more capital accumulation per se; rather, it is about what capital accumulation allows humans to achieve, the flourishing and freedom to seek higher meaning in life when their base needs are met and most pressing dangers averted. Po vzpostavitvi tega ozadja knjiga nadaljuje s funkcionalno in intuitivno razlago o delovanju Bitcoina. Gre za decentraliziran in porazdeljen kos programske opreme, ki pretvarja električno energijo in računsko moč v nesporno točne zapise, s čimer svojim uporabnikom omogoča uporabo interneta za izvajanje tradicionalnih funkcij denarja, ne da bi pri tem morali zaupati ali se zanašati na kakršnekoli oblasti ali infrastrukturo v fizičnem svetu. Bitcoin bi tako najbolje opisali kot prvo uspešno implementirano obliko digitalne gotovine in trdnega denarja. Zanaša se na avtomatizirano in popolnoma predvidljivo monetarno politiko ter ponuja zmožnost izvajanja končnih poravnav velikih zneskov po vsem svetu v nekaj minutah, zato njegova konkurenčna prednost morda leži ravno v vlogah hranilca vrednosti in omrežja za končno poravnavo velikih plačil – v vlogi digitalne oblike zlata z vgrajeno infrastrukturo za poravnave.

Bitcoin is also the first example of absolute scarcity, the only liquid commodity (digital or physical) with a set fixed quantity that cannot conceivably be increased. Market price of the token is determinable as the discounted cashflow of the underlying mining power. Who are partners of BTCST? delay his gratification to engage in risky production over a longer period of time is that these longer processes will generate more output and superior goods. In other words, investment raises the productivity of the producer.

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