It's also worth noting that there was no meaningful mention of bitcoin throughout this part of the book. 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. While microeconomics has focused on transactions between individuals, and macroeconomics on the role of government in the economy, the reality is that the most important economic decisions to any individual’s well‐being are the ones they conduct in their trade‐offs with their future self. 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 Bitcoin Standard: The Decentralized Alternative to

differentiating between a good’s market demand (demand for consuming or holding the good for its own sake) and its monetary demand (demand for a good as a medium of exchange and store of value). Bitcoin has a huge advantage over gold in transactions: clearance does not require a specific custodian. No government can control what code you have in your head.

The Bitcoin Standard Quotes and Notes

Have you ever thought about the world before money? How did it work? Actually, it was pretty simple: people just swapped stuff. They traded a horse for a cow and so on. It worked okay, except if you didn’t have something your neighbour needed. Once people figured out you could exchange universally valued objects for goods, everything changed.

Everything you need to know about the Bitcoin Standard - Luno Everything you need to know about the Bitcoin Standard - Luno

The Bitcoin standard owes its workings to Satoshi, the creator of Bitcoin, but the concept was popularised in 2018 by Dr Saifedeam Ammous, an Assistant Professor of Economics at the Lebanese American University. In his book, The Bitcoin Standard, Ammous lays out the inefficiencies and flaws of the central banking system, and so too the fiat monetary system, arguing for the adoption of Bitcoin as legal tender. What is the Bitcoin standard? Note: Argument is that money is key technology of civilization. Presumably, because it enables social scalability.

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? The fatal flaw of socialism that Mises exposed was that without a price mechanism emerging on a free market, socialism would fail at economic calculation, most crucially in the allocation of capital goods