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The Bitcoin Standard: The Decentralized Alternative to Central Banking

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It's also worth noting that there was no meaningful mention of bitcoin throughout this part of the book. Saving reduces spending and because spending is all that matters, government must do all it can to deter its citizens from saving. By requiring the expenditure of electricity and processing power to produce new bitcoins, PoW is the only method so far discovered for making the production of a digital good reliably expensive, allowing it to be a hard money.

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

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. Humans created money as an easier way to exchange goods and services, and gold quickly became the foundation of consistent standards. 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. The hype about Bitcoin is real, and this book explains why it’s not just a fad but why it has so much power to improve our world.

A one‐time collapse in the value of a monetary medium is tragic, but at least it is over quickly and its holders can begin trading, saving, and calculating with a new one. 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 Book Summary and Notes - Taylor Pearson The Bitcoin Standard Book Summary and Notes - Taylor Pearson

Note: Even in a highly liquid cross chain world, you still need to denominate transactions in one currency for mental accounting purposes. Ammous holds a bachelor’s degree in engineering and a PhD in Sustainable Development, yet he claims that university curricula in economics ignore time preference, “to the point that many academic economists have no familiarity with the term time preference. Keynes’ essay, ‘The End of Laissez-Faire (1926), cited disapprovingly and disingenuously by Ammous, is not some authoritarian agenda but a warning cry, to remember the true purpose of liberty against the despotic mastery of feudal lords, monarchs and church: abstract rentier capital had come to serve that role. Market participants can enter and exit Bitcoin mining exposure in any size, any time, at a low cost than actual physical bitcoin mining which requires maintaining a mining rig. com seminars on the topic of Bitcoin and Islamic finance, why Bitcoin is an Islamic form of money, why fiat money is not, and why bitcoin finance might resemble Islamic finance.We also participate in other affiliate programs, such as Blinkist, MindValley, Audible, Audiobooks, Reading. The digital-gold-as-universal-money idea had indeed been around for over a decade before the white paper. At these artificially low interest rates, businesses take on more debt to start projects than savers put aside to finance these investments.

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