The Bitcoin Standard: The Decentralized Alternative to Central Banking

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Los 4 primeros capítulos son un fantástico repaso de los distintos bienes que han actuado como dinero a lo largo de la historia y un resumen de cómo ha cambiado el consenso económico respecto a cuál es la política monetaria ideal. Los capítulos 5 – 7 son una introducción a la teoría austriaca de economía pero con una postura demasiado “one-sided” en favor de esta y contra el keynesianismo y monetarismo (que teorías acertadas o no, tienen mejores argumentos para defender su política monetaria ideal que las que se exponen en el libro). Además, en esta parte se introduce un fuerte componente ideológico libertario y el autor se va por las ramas opinando sobre temas como el arte contemporáneo o la vida de Keynes, que son claros “off-topics”.

Bitcoin Standard: The Decentralized Alternative to The Bitcoin Standard: The Decentralized Alternative to

Note: I think there is an argument that keynsianism is a coordination problem. If one government adopted Keynesianism and the others didnt then in the short run that gov would conquer the other bringing in more resources and roping the system up. Only after they had conquered everyone and there was nowhere else to go would they colapse? A la rome? Irrespective of the disapproval of the Austrian school, commodity monies have existed alongside other monies of varying types for thousands of years, variously competing and complementing according to context. Monetary systems largely emerged through top-down socio-political arrangements: from temples and priests, to Pharaohs, philosopher kings, Knights Templar, merchants, notaries, credit-brokers, bankers, governments and central banks. In contrast, the traditional methodology of the Austrian school seeks to develop theories and narratives based on a priori deductive reasoning of the presumed desires of individual human actions ( praxeology they call it). Any legitimate role of governance in the multidimensional socio-political relations around money is assumed away by ideological fiat, derided as an unnecessary intervention in the market which can only end in disaster. More dogma than theory or history. The history of money is complicated, and far more interesting than the simplistic narrative presented.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? Note: Argument is that this monetary nationalism administered by central banks created more upside as well as more downside. In an asymmetric world, AKA Extemistan, that is not worth it.

The Bitcoin Standard: The Decentralized Alternative to

Market participants can enter and exit Bitcoin mining exposure in any size, any time, at a low cost than actual physical bitcoin mining which requires maintaining a mining rig. Potentially the best explanation of the characteristics of money and how they work together to solve the "coincidence of wants" issue. La segunda parte toca un tema especialmente controvertido como es la teoría monetaria. En este sentido, el autor tiene un enfoque 100% austriaco y aborrece al máximo las teorías keynesianas tan en boga en la actualidad. 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 Mises

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 larger the firm, the easier it is for it to secure low‐interest funding, giving it a large advantage over smaller independent producers. In a society where investment is financed from savings, a small mom‐and‐pop diner competes for customers and financing with a fast‐food giant on an equal footing: customers and investors have a free choice in allocating their money between the two industries. The benefits of economies of scale are up against the benefits of the personal attention and relationship between cook and customer of the small diner, and the market test decides. But in a world where central banks allocate credit, the larger firm has an advantage in being able to secure funding at a low rate which its smaller competitors cannot get. The sum total of the contribution of both these schools of thought is the consensus taught in undergraduate macroeconomics courses across the world: that the central bank should be in the business of expanding the money supply at a controlled pace, to encourage people to spend more and thus keep the unemployment level sufficiently low. Like the gold standard, or the fiat system, the Bitcoin standard is a proposed monetary system that was only theoretical until El Salvador recently went all in by passing a law that accepts Bitcoin as legal currency.

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

The second half of the book is largely raw Bitcoin Maximalism. Not all of it is wrong per se, but it reeks of a zealotry. The sections of the book covering the scaling debate are incredibly biased, presented without nuance, and even factually wrong in many places. 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.The fatal flaw of the gold standard at the heart of these two problems was that settlement in physical gold is cumbersome, expensive, and insecure, which meant it had to rely on centralizing physical gold reserves in a few locations—banks and central banks—leaving them vulnerable to being taken over by governments. Civilization is not about more capital accumulation per se; rather, it is about what capital accumulation allows humans to achieve, the flourishing and freedom to seek higher meaning in life when their base needs are met and most pressing dangers averted. Bitcoin Standard Hashrate Token (or BTCST token) aims to widen up the participation of Bitcoin mining to the open market. Each BTCST represents 0.1 TH/s of Bitcoin mining power and by staking it, holders of the token are entitled to receive daily distributions of Bitcoin mined. 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.