A very interesting debate occurs last week between George Selgin and Saifedean Ammous about the concrete management of a deflation economy in case Bitcoin becomes the world’s monetary standard. Juice sumed up the points made by the two sides and adds some context about fractional reserve banking. He also states in his own view how Nash can reconciliate Selgin and Ammous’ views. This made an excellent excuse for me to read some of Selgin’s work, which I have been contemplating for some time now. As he mentionned himself his book Less than zero: The Case for a Falling Price Level in a Growing Economy as a must-read to understand what he means in his debate with Saifedean, I read it[…]
Bitcoin est un environnement incroyablement hostile, en particulier pour ceux qui le découvrent et n’en maîtrisent ni la technologie, ni les aspects économiques, c’est-à-dire tous les humains sur cette planète à des degrés divers. Bitcoin est aussi un environnement anarchique et souverain, car il possède une règle et ne reconnaît aucune autorité supérieure à celle-ci. Cette règle est appliquée par chacun des pairs lorsqu’il choisit de faire tourner son propre nœud.
This article was first published on Medium on the 15th of June 2018. Introduction I think The Bitcoin Standard by Saifedean Ammous will be a milestone in the slow realization of what Bitcoin is, digital sound money, and why it is at least a subversion of the current monetary system, or more likely a revolution in the monetary realm. In this book, Saifedean mentions the historical study of hyperinflation episodes by Hanke and Bushnell, and make his point that every one of them occurred during the era of government paper-money, with one exception being “the inflation in France in 1795, in the wake of the Mississippi Bubble, which was also produced through government money and engineered by the honorary father[…]