Prove Mises wrong.

I hear that wrong belief often. But fiat money is monetised government debt, thin air. Goods move through credit. Goods itself are proof of work. Goods back trade credit which is self liquidating upon the goods’ sale. It is crucial to understand this.

Thanks for finding Bitcredit intriguing and from your article we seem to agree that institutional adoption is what matters now. The most important institution at this stage of Bitcoin, more than the ETFs, are the Bitcoin Treasuries, specifically those which aim to put bitcoin to work with lightning channels and credit mints, and not just abuse the fiat flywheel, which was a temporary aberration. And yes absolutely, Bitcoin rails need to be reliable, build a credit graph for trust, and grow the liquidity superstructure which will reliable dampen volatility to an acceptable level. This will take time and hard work. After talking to Bitcoiners all over the world I sense that a good portion of us is willing to put in the effort. Fiat must end.

Ok on practicalities but what’s wrong with the freedom from self-sovereignty? Crucial IMO.

Where’s Peter?

Trade runs on credit. The superstition against all forms of credit in #Bitcoin stems from the almost complete absence of businessmen in Bitcoin. Far too few of us know about the production and supply chains of real goods. Yet, it will be always held against Bitcoin if, unlike fiat, it cannot do its work in the real economy: money for the redemption of current trade credit, also called "currency." Bitcredit Protocol now adds the currency layer which will make Bitcoin usable in world trade: - geopolitically neutral - unbureaucratic and fast - efficient and cheap

I wonder if (m)any Bitcoin maxis really understand Bitcoin? Or are they just chasing the dream, without knowing what it takes to bring the dream about. That’s naive. Or do they only plot on NGU, when more and more capital flows in. That’s greed. How many know the real workings of a monetary system? Consider the “Folly of the World”.

It doesn't surprise me that the politicking for the foundation of the Bank of England in 1694, was to be kept from the public eye. To my knowledge, this pamphlet from 1665 A.D. is the first proposal ever for currency out of the thin air of budget deficits. Then they waited for a war ... 306 years later, Nixon finally ended the international gold standard. Gold specie disappears.

Join me on 27 March for our next Austrian Economics Salon CVI at the Hayek Institute in Vienna. Topic: Does AI mean the end of work? RSVP https://www.meetup.com/austrian-economics-vienna/events/313811771/

It does not need to be fancy. Less is more.