...Is this relevant? It's over my head at the moment & I'm probably barking up the wrong tree.
[
link to www.ecb.europa.eu (secure)]
"It was against this background that Hayek proposed his radical solution. It called for no less than the complete abolition of the government's monopoly over the issue of fiat money, leaving the way open for comprehensive competition in its supply by the private sector. In his Hobart Paper Special No. 70, he spelt out his philosophy with respect to free competition in the supply of money: "The purpose of this scheme is to impose upon existing monetary and financial agencies a very much needed discipline by making it impossible for any of them, or for any length of time, to issue a kind of money substantially less reliable and useful than the money of any other."
Quoting: Vision Thing This was from page 297, less than 2 weeks ago, it got buried, I kind of want to pick up this thread again, didn't want it to get lost.
Hayek belonged to an economic school of thought: Austrian, as opposed to the generally practiced Keynesian - see [
link to en.wikipedia.org (secure)] for a more complete list.
Check out: [
link to mises.org (secure)] for a brief summary of Austrian economics from a basic perspective.
Also, related in our current times - the Cantillion effect: [
link to www.adamsmith.org (secure)]
To me the interesting thing about crypto/blockchain is that it is a technology that finally allows private currency to compete with the public currency as it solves the issue of counter-party risk (aka:who can you trust).
Historically, governments have used their "trustworthiness" (monopoly on the legal use of force) to issue and secure money, but history also shows that inevitably they can't resist the debasement of money to fund their excesses.
We are entering into an age of the failure of centralized/globalized systems (political, cultural, monetary etc... see [
link to www.fourthturning.com (secure)] for Strauss & Howes theory on this) and the question is what comes next?
If you like these sorts of topics in fiction (that's looking more real every day) consider the classic Snow Crash: [
link to en.wikipedia.org (secure)]
It's fairly certain that Satoshi (whoever they may be) was influenced by both Snow Crash and economic schools such as the Austrians.
