yep, found it!
Now if we turn to the empirical record, we confront the stark fact that, in no period of human history, has paper money spontaneously emerged on the free market.”
[Footnote: “Paper money must not be confused with credit money made out of paper, or with money certificates made out of paper. The latter can be redeemed into commodity money; the former cannot.”]
Excerpt From
The Ethics of Money Production
Jörg Guido Hülsmann
I looked at some well-known profiles, and copied relays from their lists.
My Little Global Banking System™️:
2014 MacMini running Umbrel on Ubuntu; Sparrow Desktop Wallet mixing to Coldcard
Imagine a US citizen desires to fully comply with US Tax Law, which includes paying long or short term capital gains tax on BTC transactions based on the profit or loss differential between buy price and sell price.
How would that US citizen go about accurately documenting and paying tax on thousands of tiny Lightning transactions?
Last block I remember seeing before falling asleep was 777,770. So close…
What a time to be alive.
Consider: a combination of No Man’s Sky + Deepfakes + ChatGPT. What would an exponential rate of capability growth in these areas bring?
It’s conceivable that soon AI + GPUs + VR will be procedurally generating entire worlds and narratives for us to explore…and become lost in.
For those of you who have played World of Warcraft… Did you ever find yourself thinking that you’d rather stay in that world forever and never have to come back to real life?
I had to stop playing when I realized I loved it so much it was starting to ruin me. In game seemed > IRL.
We may soon need a tether to prevent us from drifting off into the infinite emptiness of an enthralling yet void digital spacewalk.
Perhaps Bitcoin is that tether. By linking digital to physical it may prevent reality from becoming merely virtual and thus nonsensical.
Bitcoin is the truth layer. An actual factual foundation for an age where we’ll be able to make up anything we want.
But we can’t make up Bitcoin.
Can someone help me become wiser:
_________
1) When (historically) did surveillance of its citizens (movement, financial transactions, communications) become a perceived legitimate right of the American government?
2) Why is it assumed this is a legitimate right? (I.e., that a "good citizen" should be okay with their daily financial activity, for example, being monitored by the government?)
_________
I assume these questions are almost always related to claims about effective taxation and national security?
Any insights / perspectives are appreciated....
Thanks!
“Before Bitcoin, all digital scarcity was scarcity by authority—authority that can be circumvented or exploited. It was always simulated scarcity. Virtual, not real. “
I’m fascinated by Bitcoin
Which aspect of fiat is worse:
a) the deception?
b) the theft?
———
(Pro tip: Bitcoin mitigates both)
Money & Property Rights:
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“We may call any kind of money that comes into use by the voluntary cooperation of acting persons 'natural money.'
To cooperate voluntarily in our definition means to provide mutual support without any violation of other people’s property, and to enjoy the inviolability of one’s own property.”
------------
Excerpt from
The Ethics of Money Production
Jörg Guido Hülsmann
Looks like you’re all setup to zap ⚡️ (sent 777 sats)
Welcome to Nostr; I’m glad I’ll be able to follow you on here
“Natural” money is opt-in money.
Bitcoin is opt-in money…
———
“When a medium of exchange is generally accepted in society, it is called “money.” How does a commodity such as gold or silver turn into money? This happens through a gradual process, in the course of which more and more market participants, each for himself, decide to use gold and silver rather than other commodities in their indirect exchanges. Thus the historical selection of gold, silver, and copper was not made through some sort of a social contract or convention. Rather, it resulted from the spontaneous convergence of many individual choices, a convergence that was prompted through the objective physical characteristics of the precious metals.”
Excerpt From
The Ethics of Money Production
Jörg Guido Hülsmann
“Natural money production can work; it has worked wherever it has been tried; and there are no tenable technical, economic, legal, moral, or spiritual reasons to suppress its operation.
By contrast, there are a great number of considerations that prove conclusively the harmful and evil character of inflation. And in our time inflation has become persistent and aggravated because various legal provisions actually protect the monetary institutions that produce this inflation.
Money production is therefore a problem of justice in a double sense:
On the one hand, the modern institutions of money production depend on the prevailing legal order and thus fall within one of the innermost provinces of what has been called social justice.
On the other hand, the prevailing legal order is itself the very problem that causes perennial inflation. ”
Excerpt from
The Ethics of Money Production
Jörg Guido Hülsmann
A helpful, free, and easy-to-share orange pill resource: