GM.
#Bitcoin is the stateless energy money that was first imagined by Nikola Tesla and Henry Ford 100+ years ago.
Spend a few minutes researching this to understand why stateless energy money is an idea whose time has come... and the effects it might have upon the entire world.
GM!
GM
And we think we're early to #bitcoin? 😮💨
Most can't grasp fundamental economic concepts, because we've been brainwashed into believing that money=wealth. In reality, money is the opposite of wealth.
Wealth is the goods and services that improve our quality of life. Money is a social ledger to keep record of who has created goods and services for others instead of for their own consumption. Production beyond consumption is what enables capital formation. Specialization and complex supply chains are what separate civilization from subsistence survival. Money is the social technology that enables this.
Since savings and capital formation enable technology to advance and aggregate wealth and living standards to rise, sound money is an equity stake in the future of civilization. It's a representation of the production that wasn't consumed immediately, but was deferred to enable greater production with less effort in the future. As production becomes more efficient as a result, prices will fall, meaning that the consumption you deferred yesterday as savings will buy more goods and services tomorrow. That's your reward for having a low time preference, which is what allows capital formation and increased efficiency.
The money=wealth mentality turns that on its head. It enables the financial system to expand the money supply through credit creation, thereby corrupting the entire social technology on which civilization depends. That credit lets those who haven't been productive and deferred consumption present the illusion of having done so, deceiving producers into trading real goods and services for "money" created from nothing on a bank balance sheet, making a mockery of the entire basis for honest trade and capital formation. Then as the producers hold that "money" as savings, instead of benefiting from the increased efficiency resulting from their low time preference production, they can buy less tomorrow as the constantly increasing "money" supply is used to transfer real wealth from producers to Cantillionaires and usurers who charge interest for loaning out "money" they create with a keystroke.
Good stuff. Well-written. 👏
GM!
Good doctor!
Quite crazy they imagined this up
It means that states have a large incentive to control the production of energy as much as possible.
Nationalization or utilities, etc. make sure that off grid energy generation is a minute percentage of total energy generation
