The Bitcoin Standard: The Decentralized Alternative to Central Banking

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Bitcoin can thus be understood as a technology that converts electricity to truthful records through the expenditure of processing power. Unlike the Romans and the Byzantines, Arab and Muslim civilizations’ collapse was not linked to the collapse of their money as they maintained the integrity of their currencies for centuries. the importance of sound money can be explained for three broad reasons: first, it protects value across time, which gives people a bigger incentive to think of their future, and lowers their time preference. The lowering of the time preference is what initiates the process of human civilization and allows for humans to cooperate, prosper, and live in peace. Second, sound money allows for trade to be based on a stable unit of measurement, facilitating ever‐larger markets, free from government control and coercion, and with free trade comes peace and prosperity. Further, a unit of account is essential for all forms of economic calculation and planning, and unsound money makes economic calculation unreliable and is the root cause of economic recessions and crises.

Bitcoin Standard: The Decentralized Alternative to The Bitcoin Standard: The Decentralized Alternative to

A modern economy with a central bank is built on ignoring this fundamental trade‐off and assuming that banks can finance investment with new money without consumers having to forgo consumption. Ekonomist Saifedean Ammous v Bitcoin standardu popelje bralce skozi izjemno zanimivo zgodovino tehnologij denarja in razišče, kaj je tem tehnologijam omogočilo igranje monetarne vloge, kako so jo izgubile, kaj nas to nauči o zaželenih lastnostih denarja in kako je Bitcoin zasnovan kot izboljšava teh predhodnih tehnologij. Ammous pojasni ekonomske, socialne, kulturne in politične prednosti zanesljivega denarja v primerjavi z nezanesljivim denarjem in s tem omogoči informirano razpravo o vlogi, ki bi jo Bitcoin lahko igral v digitalnem gospodarstvu prihodnosti. Ta knjiga zavrača, da Bitcoin predstavlja valuto za kriminalce ali poceni omrežje za množična potrošniška plačila, in namesto tega trdi, da ta tehnologija postaja decentralizirana, politično nevtralna in prostotržna alternativa centralnim bankam, ki bi lahko močno vplivala na svobodo in blaginjo posameznikov. Bitcoin standard predstavlja ključni vir za vse, ki iščejo jasno razumevanje tega novega digitalnega denarja. It’s a disconcerting reminder that ersatz ‘libertarian’ thought, at its edges, looks a little bit authoritarian: sound money forces you to be more morally upright. After all, the ostensible hero in this morality play is Rothbard whose ‘Ethics’ (cited by Ammous) ultimately resolve into allowing parents to starve their children to death if they wish (presumably a result of high time preference); a problem of neglect that, Rothbard tells us, could be solved through a free-market in babies. This is not classical liberalism, or even mainstream libertarianism, but the hard-core anarcho-capitalism of sociopaths. De la tercera parte, me quedo con el capítulo 9 "Para qué es bueno Bitcoin" así como algunas cuestiones del capítulo 10. 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.

The Bitcoin Standard Quotes and Notes

This book is a polemic and that is what makes it so funny. His views on Keynes are increasingly scatologial, starting from his being born with a silver spoon in his mouth and not really being an economist at all to JMK being a pederast trawling the brothels of Europe in his spare time. I hope that he has enough evidence for this to keep lawyers at bay. He has no time for modern art or music - it doesn't take enough time to produce and therefore can have no value. He doesn't appear to believe in increasing scarcity of resources based on the human race despoiling the planet, calling people like George Monbiot "hysterics". In retrospect, the major difference between World War I and the previous limited wars was neither geopolitical nor strategic, but rather, it was monetary. Note: Gold, by comparison, is harder to mine – even with price increase it is hard to mine more thus hard to inflate A major advantage in securing centralized credit is scale, as it appears quantitatively less risky to lend to large‐scale lenders. The larger the firm, the more predictable the formula for its success, the larger the collateral in case it fails, and the more secure bank bureaucrats feel when making loans according to central bank lending criteria. While many industries could benefit from economies of scale, centralized credit issuance accentuates the advantages of size above and beyond what would be the case in a free market. Note: The techno-economic paradigm theory of money: Under each technological regime, a different form of money thrives.

BITCOIN STANDARD - resistance.money THE BITCOIN STANDARD - resistance.money

Note: Once one power did it without causing a run on the bank then they sort of all had to do it because otherwise they would be outspent and lose the war. Could appeal to nationalism to prvent bank run. Think of the obnoxious frat bro who just read Ayn Rand for the first time and now has the world completely figured out, or the stoner who believes that the illegality of pot is the cause of all the planet's suffering: it's the sort of exaggerated, tenuously-connected rambling that occurs when someone stumbles across a decent idea and thinks that it is *THE* grand unifying idea that cures all ills. Contrary to the most egregiously erroneous and central tenet of the state theory of money, it was not the government that decreed gold as money; rather, it is only by holding gold that governments could get their money to be accepted at all. Bitcoin can be best understood as distributed software that allows for transfer of value using a currency protected from unexpected inflation without relying on trusted third parties. In other words, Bitcoin automates the functions of a modern central bank and makes them predictable and virtually immutable by programming them into code decentralized among thousands of network members, none of whom can alter the code without the consent of the rest. Systems - Leverage Systems to Be 10x More Effective, and Discover Frameworks that Yield Disproportionately Large Results

The Bitcoin Standard Summary/Review

In The Bitcoin Standard, Ammous offers a take on why Bitcoin is the best version of what Austrians call “sound money” and why he believes that makes it the only cryptocurrency worth paying attention to.