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.

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Of all the faults of the book—and there are many—the wanton misrepresentation of Keynes is perhaps the most indicative of bad faith. Seashells were used as money when they were hard to find, loose cigarettes are used as money in prisons because they are hard to procure or produce, and with national currencies, the lower the rate of increase of the supply, the more likely the currency is to be held by individuals and maintain its value over time.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. Everything is asserted to serve the purpose of demarcating history into good anarchy and bad government. The digital-gold-as-universal-money idea had indeed been around for over a decade before the white paper. Governments deciding to dictate the measure of value makes as much sense as governments attempting to dictate the measure of length based on the heights of individuals and buildings in their territories. 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.

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Bitcoin’s volatility derives from the fact that its supply is utterly inflexible and not responsive to demand changes, because it is programmed to grow at a predetermined rate. The lambasting of Keynes is in the well-established rhetorical tradition of the Austrian School: unevidenced assertion and straw manning. Miners are only Bitcoin miners to the extent that they produce blocks with valid transactions according to the current consensus rules. A major advantage in securing centralized credit is scale, as it appears quantitatively less risky to lend to large‐scale lenders. money whose supply is hard to increase is known as hard money, while easy money is money whose supply is amenable to large increases.Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Time preference is Econ101: probably the first thing anyone learns in an economics or finance class, often with a parable such as that of Robinson Crusoe stuck on his island with the choices he has to make in allocating his time and effort: catch a fish with your hands? School choice advocate Cory DeAngelis joins us to discuss the failings of the public school system, and why he supports the freedom of parents to choose their schools for their children, and how that freedom benefits students. Our members contribute unparalleled experience and insights in Bitcoin mining and hashrate stability assurance.

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Saylor suggests that “It was this book, more than any other, that provided the holistic economic framework that I needed to interpret the macroeconomic forces reshaping our world.The book acts like a Pied Piper for the disenchanted children of a confused and challenging time in global society—people looking for that easy to swallow magic pill solution to all the world’s problems: ‘Bitcoin.

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He joins us from Mexico, country 28/40, to tell us about his inspiration, and what he has learned from meeting bitcoiners all over Africa and Latin America.main difference being that the monetary discipline of the gold standard was almost entirely lost in this world where there were no effective controls on all central banks in expanding the money supply, because no citizens could redeem their government money for gold. Maybe we are a lost society, so inferior in taste and refinement that this is regarded as high learning. There is no free lunch, after all, and if consumers save less, there will have to be less capital available for investors.