Denationalization of MoneyFriedrich A. von Hayek
Denationalization of Money
An Analysis of the Theory and Practice of Concurrent Currencies (Hobart paper special ; 70)
by Friedrich A. von Hayek · first published 1977
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Revised and enl. German translation published in 1977 under title: Entnationalisierung des Geldes.Label mounted on p. [1] of cover: Transatlantic Arts, Levittown, N.Y., sole distributor for the U.S.A. Bibliography: p. 103-107.
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The valid reason is that Bitcoin is the best money that has ever emerged in human history. The denationalization of money is inevitable and long predicted. Check out Nobel prize winning economist Hayek's Denationalization of Money https://en.wikipedia.org/wiki/The_Denationalization_of_Money
on “Bitcoin surpasses $50K as major companies jump into crypto” ↗…cryptocurrency. Actually there are hundreds, and it's trivial to make more. Rather than a digital gold standard, we have a system of competing privately-issued currencies, which Hayek advocated in his book The Denationalization of Money.
on “Cryptocurrency chaos as China cracks down on ICOs” ↗…currencies, most people spend the weaker one and hoard the stronger one. Eh, that's not really Gresham's law, which applies when there is a fixed (by law) exchange rate between two currencies. Quoting Hayek’s Denationalization of Money, “What Jevons, as so many others, seems to have overlooked, or regarded as irrelevant, is that Gresham's law will apply only to different kinds of money between which a fixed rate of exchange is enforced…
on “What is money, anyway?” ↗Nobel prize winner F.A Hayek wrote a great defense of deflationary currency and a rebuttal to Keynes back when he was debating Keynes in the 30s[1]. He also predicted Bitcoin with his book "The Denationalization of Money" written in the 1970s[2]. [1] https://mises.org/library/hayek-paradox-saving [2] https://mises.org/library/denationalisation-money-argument-r...
on “Central bank cryptocurrencies” ↗Hayek theorised this in 'The Denationalization of Money'. When government currencies become less stable, less valuable. Private, competing currencies can become a medium of exchange free from that. We're starting to see this as many of the national currencies…
on “The Bristol pound is giving sterling a run for its money” ↗…>$50k a month on electricity and millions of dollars in mining gear. You can also go start collecting Dogecoin or Ethereum or start your own crypto currency. Nobel Prize winner F.A Hayek in his book "The Denationalization of Money" suggested that in the future there should be multiple competing currencies anyway, not one uber currency to rule them all.
on “What Happened at the Satoshi Roundtable” ↗Multiple competing privately issued currencies is also a trope of libertarianism; people refer a lot to Hayek's The Denationalization of Money.
on “The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market” ↗Bitcoin is the Devil's way of demonstrating F.A Hayek was on to something with his essay "The Denationalization Of Money."
on “Auroracoin: Cryptocurrency for every Icelandic resident” ↗Hayek is NOT one of the reasons we're in this. He has been largely ignored as an economist, unless one makes the assumption that Satoshi was influenced by Hayek's "The Denationalization of Money". As a political theorist he has had a fair amount of impact with the "Road to Serfdom", which he worked on after Keynes was mysteriously elevated to Sainthood after his death and Hayek largely ended…
on “We’re in a Low-Growth World. How Did We Get Here?” ↗https://en.wikipedia.org/wiki/The_Denationalization_of_Money > According to Hayek, instead of a national government issuing a specific currency, use of which is imposed on all members of its economy by force in the form of legal tender laws, private businesses…
on “Kik Messenger App Debuts Own Digital Currency Amid Bitcoin Boom” ↗…a deflationary world if Bitcoin were the only currency. Since there are lots of digital currencies, we actually have something like the privately-issued competing currencies advocated by Hayek in The Denationalization of Money.
on “Digital coins may be on the verge of going mainstream” ↗F.A Hayek wrote a book titled "The Denationalization of Money" in the 70s where he predicted that we'd have competing private currencies not tied to any government at some point. Reading Hayek is difficult because he writes in a very intellectually dense style…
on “In second largest DeFi hack, Blockchain Bridge loses $320M Ether” ↗