Classical Economics in a Quantum World
More on the problem and solution for cryptocurrency. Delineating the Crypto Space follows The Protocol Layer, Cryptocurrency Market Valuation II, and Free Banking and Cryptocurrency. The Big Picture The cryptocurrency blockchain space appears to be a chaotic morass of…
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When I first looked at Bitcoin in 2016, it was immediately obvious to me that, as designed, bitcoin wouldn’t work as a transactional currency. The bitcoin flaw. No currency has ever existed in fixed supply. An extremely primitive example is…
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In March 2019, Bitwise Asset Management made a presentation to the SEC to launch a Bitcoin ETF. On October 9, 2019, the SEC disapproved Bitwise’s proposal. This follows the rejection by the SEC of every previous bitcoin ETF proposal, including…
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George Gilder sent me a pre-publication draft of The Bitcoin Standard by Saifedean Ammous. We exchanged many emails on the topic of Bitcoin and cryptocurrency. This is Part II of my reply to George after reviewing The Bitcoin Standard. *…
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George Gilder’s new book, Life After Google, is out today. In October 2017 George sent me a draft of Saifedean Ammous’ book, The Bitcoin Standard. I was excited to read Saifedean’s draft because Bitcoin offers tremendous promise. I quickly realized that…
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In Part I, I examined Wright’s monetary views expressed in The illusion of scale in segregated witness. It is a rehash of Friedman’s failed monetarism experiment of the 70s, with fixed money supply instead of constant supply. Monetarism without an…
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Craig Wright, the Australian mathematician and serial academic credential achiever, is widely associated as Satoshi Nakamoto. Andrew O’Hagan wrote The Satoshi Affair, a long account of the events leading up to Wright’s public failure to prove he is Satoshi. Wright…
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While an increasing cryptocurrency market valuation is indicative of greater acceptance, it does not define its legitimacy as currency. In other words, a currency’s legitimacy is not based on its market valuation but rather on its potential for stability of…
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Money has three roles; a medium of exchange, store of value, and unit of account. A unit of account is the most important role of money and the least understood. A unit of account is a monetary standard of reference. …
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The primary utility of any currency is as a unit of account. Its other roles are a store of value and medium of exchange. The unit of account is a monetary standard of measure. It is a reference upon which…
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