The Bitcoin Standard: The Decentralized Alternative to Central Banking

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Note: Even in a highly liquid cross chain world, you still need to denominate transactions in one currency for mental accounting purposes. The 61-year-old who thinks that Bitcoin is just another passing craze, the 33-year-old that wants to invest in cryptocurrencies and isn’t sure what they’re doing, and anyone who wants to know the history of money and where our current technologies could be taking us in the future. A fuller critique of this chapter is worthy of an essay in its own right, because if BTC is digital gold, the Bitcoin blockchain is the digital copper essential for building the information-transaction revolution of Hayek’s dreams.

‎The Bitcoin Standard: The Decentralized Alternative to

The network members face a strong incentive to remain on the consensus rules to ensure they can clear their transactions on the network. One can only imagine the sort of confusion that would happen to all engineering projects were the length of the meter to oscillate daily with the pronouncements of a central measurements office. We also participate in other affiliate programs, such as Blinkist, MindValley, Audible, Audiobooks, Reading. The larger the firm, the easier it is for it to secure low‐interest funding, giving it a large advantage over smaller independent producers.In a society of sound money, there are no liquidity concerns over the failure of a bank, as all banks hold all their deposits on hand, and have investments of matched maturity. All that this redefinition of the meter has caused is ruin an engineer’s ability to properly build or maintain a house.

The Bitcoin Standard: The Decentralized Alternative to

I found the core argument here really interesting and understanding the Austrian view of money and Bitcoin was helpful.The miners have to abide by the network consensus rules to receive compensation for the resources they spend on proof‐of‐work. It is when we get into the middle section of the book that things really get bad: it’s overly long, with ideas scattered and repeated; the only narrative thread being the twin evils of ‘unsound money’ and John Maynard Keynes. The Bitcoin Standard is being published in 37 languages: the original English, as well as Arabic, Brazilian Portuguese, Bulgarian, Chinese (traditional), Chinese (simplified), Croatian, Czech, Danish, Dutch, Finnish, French, German, Hungarian, Italian, Japanese, Korean, Norwegian, Persian, Polish, Portuguese, Russian, Spanish, Swedish, Thai, Turkish, Vietnamese.

The Bitcoin Standard’: A review - CoinGeek ‘The Bitcoin Standard’: A review - CoinGeek

When transportation and communications boomed from the eighteenth to the twentieth centuries, nonphysical forms of payment like paper bills and checks became justified.the history of China and India, and their failure to catch up to the West during the twentieth century, is inextricably linked to this massive destruction of wealth and capital brought about by the demonetization of the monetary metal these countries utilized. The fundamental flaw of Friedman and Schwartz’s book is typical of modern academic scholarship: it is an elaborate exercise in substituting rigor for logic. The legitimate—essential to capitalist growth—role of business entrepreneurs going to entrepreneurial bankers to seek fresh credit (new money created as a loan ex nihilo based on good collateral and good prospects) is completely ignored. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin's true importance may just lie in providing a decentralized, neutral, free-market alternative to national central banks. Detractors have raised issues surrounding Bitcoin’s volatility, while economist and historian George Selgin noted that certain clauses in the legislation are coercive in forcing Salvadoran merchants and companies to accept Bitcoin as payment.