Governments have control over money, meaning they have control over you. Bitcoin offers freedom from control and inflation. There will only ever be 21 million bitcoins (there are smaller denominations)--not like US dollars where the continual printing of more and more tends to devalue your money. 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. First off, I’m grateful to Saifedean for writing this book. I found it informative and thought-provoking, and loaded with potent one-liners that capture some of Bitcoin’s most exciting characteristics, and refute some of the most common arguments against it. And, yes, I have more than a few objections to share as well. But on the whole, I consider it worthwhile reading for anyone who is interested in the history, and future, of monetary systems. Note: The argument for inflation is that it incentivizes investment rather than hoarding which may overcome some loss aversion. Note: this is a pretty “rough” review. There was a lot of material in this book, and I hope at some point to give it a second read-through and then re-write this review, to provide a better survey of key points and a more nuanced treatment overall.]

‎The Bitcoin Standard: The Decentralized Alternative to

Note: Seems a bit much? I think the underlying point that money has a lot of downstream effects is good though

Hint, there isn't anything. The author just doesn't understand what nodes are doing under the hood to realize the processing of transactions as he described it is basically the extent of what a node does. sound money is an essential requirement for individual freedom from despotism and repression, as the ability of a coercive state to create money can give it undue power over its subjects, the power which by its very nature will attract the least worthy, and most immoral, to take its reins. The connection about the survival of BTC and the evolution of computing technology are well discussed in George Gilder's "Life after Google".

The Bitcoin Standard: The Decentralized Alternative to

There are good books available which give an introduction to Austrian School economics, not wholly tinged by a militant brand of libertarian ideology. There are good books about the political philosophy of liberalism. There are also good books on the history of monetary systems, and critiques of our current economic and monetary system, and the failures of central banking. This book is not one of them. Satoshi Nakamoto’s motivation for Bitcoin was to create a ‘purely peer-to-peer form of electronic cash’ that would not require trust in third parties for transactions and whose supply cannot be altered by any other party.state of the economy is determined by the lever of aggregate spending, and any rise in unemployment or slowdown in production had no underlying causes in the structure of production or in the distortion of markets by central planners; rather it was all a shortage of spending, and the remedy is the debauching of the currency and the increase of government spending. Saving reduces spending and because spending is all that matters, government must do all it can to deter its citizens from saving. Imports drive workers out of work, so spending increases must go on domestic goods. Nero, who ruled from 54–68 AD, had found the formula to solve this, which was highly similar to Keynes’s solution to Britain’s and the U.S.’s problems after World War I: devaluing the currency would at once reduce the real wages of workers, reduce the burden of the government in subsidizing staples, and provide increased money for financing other government expenditure. The only way around this is through indirect exchange: you try to find some other good that another person would want and find someone who will exchange it with you for what you want to sell. That intermediary good is a medium of exchange, and while any good could serve as the medium of exchange, as the scope and size of the economy grows it becomes impractical for people to constantly search for different goods that their counterparty is looking for, carrying out several exchanges for each exchange they want to conduct. A far more efficient solution will naturally emerge, if only because those who chance upon it will be far more productive than those who do not: a single medium of exchange (or at most a small number of media of exchange) emerges for everyone to trade their goods for. A good that assumes the role of a widely accepted medium of exchange is called money.

BTC Standard Hashrate Token BTCST - CoinGecko BTC Standard Hashrate Token BTCST - CoinGecko

I'm in 3/4 and there is still nothing interesting if you know a little bit about bitcoin and financial system.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. Keynes recognised that to fight the more terrifying despots, liberal democracies needed to fight the lesser despotism of post-feudal rentier capital—largely based around the ‘sound money’ gold standard. A modicum of reform in the direction of intervention would allow individual human flourishing in a world gone bad. A kind of Biblical Jubilee to avert the End times. In contrast Ammous suggests that: Ammousovo nesporno razumevanje tehnoloških možnosti in zgodovinskih realnosti monetarnega razvoja botruje neustavljivo privlačnemu raziskovanju učinkov uporabe prostovoljnega prostotržnega denarja. Bitcoin izpodbija najbolj nedotakljiv monopol državnih oblasti in s tem posameznikom vrača njihovo neodvisnost ter nam ponuja mamljivo možnost sveta, v katerem je denar popolnoma izločen iz politike in njegov pretok ni oviran z državnimi mejami. It's also worth noting that there was no meaningful mention of bitcoin throughout this part of the book.

The Bitcoin Standard - Saifedean Ammous

Zadnje poglavje knjige razišče nekaj najpogostejših vprašanj o Bitcoinu: Je rudarjenje bitcoinov potrata energije? Je bitcoin za kriminalce? Kdo nadzoruje Bitcoin in ali ga lahko samovoljno spremeni? Kako je mogoče Bitcoin ubiti? In kako naj si razložimo tisoče posnemovalcev Bitcoina in številne domnevne uporabe Bitcoinove »tehnologije veriženja blokov«? Bitcoin standard predstavlja ključen vir za jasno razumevanje vzpona internetne decentralizirane, apolitične in prostotržne alternative nacionalnim centralnim bankam. O AVTORJU When economic decision making is geared toward the future, it is natural that all manner of decisions are geared toward the future as well. People become more peaceful and cooperative, understanding that cooperation is a far more rewarding long‐term strategy than any short‐term gains from conflict. People develop a strong sense of morality, prioritizing the moral choices that will cause the best long‐term outcomes for them and their children. A person who thinks of the long run is less likely to cheat, lie, or steal, because the reward for such activities may be positive in the short run, but can be devastatingly negative in the long run. Svojo celotno kariero sem preučeval dela o monetarni teoriji, zlatem standardu, primerjalnih monetarnih sistemih, centralnih bankah ter o predlogih za monetarno in finančno reformo. Le peščici knjig, ki sem jih prebral o katerikoli izmed teh tem, bi pripisal odlično oceno. Knjiga dr. Ammousa, Bitcoin standard, poleg odlične obravnave teh tem vsebuje tudi enega redkih razsvetljenih in poučnih opisov bitcoina, na katere sem naletel, in predstavlja nujno branje za vse, ki jih zanima morebitna vloga bitcoina v sistemu svobodnega in zanesljivega denarja prihodnosti.” – Dr. Joseph T. Salerno, Inštitut Mises O KNJIGI The second challenge for Bitcoin is that it needs to grow. But eventually, Bitcoin would need to rely on centralized institutions to continue growing. Unfortunately, there doesn’t seem to be a viable way around this: the more transactions that happen, the more copies of the ledger need updating.

money whose supply is hard to increase is known as hard money, while easy money is money whose supply is amenable to large increases. 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. 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. Y es que este es un libro más sobre historia del dinero y el impacto de distintos patrones monetarios en la economía real que sobre Bitcoin, al que solo dedica los tres últimos capítulos (Ch.8 – Digital Money; Ch.9 – What is Bitcoin Good For?; Ch. 10 – Bitcoin FAQ). This] should be required reading for everyone in modern society,” writes Michael Saylor, CEO of MicroStrategy, in his foreword to the latest version of The Bitcoin Standard (subtitled, the decentralized alternative to central banking) by Saifedean Ammous.