Had European nations remained on the gold standard, or had the people of Europe held their own gold in their own hands, forcing government to resort to taxation instead of inflation, history might have been different. It is likely that World War I would have been settled militarily within a few months of conflict, as one of the allied factions started running out of financing and faced difficulties in extracting wealth from a population that was not willing to part with its wealth to defend their regime’s survival. But with the suspension of the gold standard, running out of financing was not enough to end the war; a sovereign had to run out of its people’s accumulated wealth expropriated through inflation. 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. In other words, there is no distinction between illiquidity and insolvency, and there is no systemic risk that could make any bank “too big to fail.” A bank that fails is the problem of its shareholders and lenders, and nobody else. 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:

Bitcoin Standard Podcast - Saifedean Ammous The Bitcoin Standard Podcast - Saifedean Ammous

The only scarcity, as Julian Simon brilliantly demonstrated, is in the time humans have to produce these metals, and that is why the global wage continues to rise worldwide, making products and materials continuously get cheaper in terms of human labor. 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.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.

Bitcoin Standard Book Summary and Notes - Taylor Pearson The Bitcoin Standard Book Summary and Notes - Taylor Pearson

This book could have been much better... There are good parts to it, especially in the beginning, a historical review of money is very interesting. However pretty soon the author loses credibility in my eyes as it slowly switches from presenting facts and interesting analysis to the ramblings of a madman. Even if the central planning system succeeded in managing a static economy, it is powerless to accommodate change or to allow entrepreneurship. How can a socialist system make calculations for technologies and innovations that do not exist, and how can factors of production be allocated for them when there is yet no indication whether these products can even work? “Those who confuse entrepreneurship and management close their eyes to the economic problem…. The capitalist system is not a managerial system; it is an entrepreneurial system.” —Ludwig von MisesPo vzpostavitvi tega ozadja knjiga nadaljuje s funkcionalno in intuitivno razlago o delovanju Bitcoina. Gre za decentraliziran in porazdeljen kos programske opreme, ki pretvarja električno energijo in računsko moč v nesporno točne zapise, s čimer svojim uporabnikom omogoča uporabo interneta za izvajanje tradicionalnih funkcij denarja, ne da bi pri tem morali zaupati ali se zanašati na kakršnekoli oblasti ali infrastrukturo v fizičnem svetu. Bitcoin bi tako najbolje opisali kot prvo uspešno implementirano obliko digitalne gotovine in trdnega denarja. Zanaša se na avtomatizirano in popolnoma predvidljivo monetarno politiko ter ponuja zmožnost izvajanja končnih poravnav velikih zneskov po vsem svetu v nekaj minutah, zato njegova konkurenčna prednost morda leži ravno v vlogah hranilca vrednosti in omrežja za končno poravnavo velikih plačil – v vlogi digitalne oblike zlata z vgrajeno infrastrukturo za poravnave. Note: Argument is that money is key technology of civilization. Presumably, because it enables social scalability.

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

Unsound money causes a myriad of problems, like recessions and debt. Interventions of governments distort markets and cause boom and bust cycles. The only solution would be establishing a new gold standard. This is where Bitcoin comes in.

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. 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.

Bitcoin standard knjiga – Prodajna stran slovenskega prevoda Bitcoin standard knjiga – Prodajna stran slovenskega prevoda

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. Binance Pool will be the underlying pool behind the operations of BTCST and alongside the team will form a governance board to manage the token issuances, hashrate adjusments, and other decision making process around this project. How is BTCST market price determined?I have personally no idea if the world would be a better or worse place today if we had continued with a free market and following the Austrian school of economics. Saifedean's views of the golden past are probably simplistic and the problems of today's globally connected and overpopulated world are probably far more complex than the author (or anyone on the planet) could possibly understand - BUT I can see with my own eyes that my generation's buying power is absolutely ridiculous compared to my parent's generation, despite us working significantly longer hours in supposedly much higher classed and higher paid jobs. 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. 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. Libertarian or "Austrian economics" explanation of money. Discussing the history and social impact then anticipating the role of bitcoin.