Commerce increased and the medieval seasonal fairs were replaced by permanent centers of exchange.
This required an increase in the velocity of money that #gold and #silver simply couldn't provide.
A problem solved by bills of exchange and notes of credit.
Medieval Europe had lords that would plunder merchants. But others wouldn't
Trade always found a way & localities that were too restrictive would lose their income
De-centralisation kept gov's bad behaviour in check & would eventually unleash Europe
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If geography is the most important factor determining a nation's success, #Bitcoin is the most important factor unleashing human creativity to overcome geography.
The 🇳🇱Netherlands in the 17th century performed better than other banking centers as Venice & Genoa b/c it was religiously focused on the principles of:
- Sound money
- Secure credit
- Regular repayment of debt
The exact things we lost in our current fiat system
Prolonged war between nations in is only possible with:
1- Extensive borrowing
2- Currency debasement
#1 can't be sustained very long, leaving #2 'debasement' as the only viable option for prolonged war.
#Bitcoin will prevent the prolonged wars of the 20th century.
The Ottoman Empire forbade the printing press to combat "dangerous ideas" and to protect society. The rest is history...
Interfere with technological change at your own peril...
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Europe's development shows the benefits of having no central authority
It was decentralised so no central authority could promote/discourage certain industries
No systemic plundering of businessmen & entrepreneurs
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"#Bitcoin makes finite use of infinite media."
-Wilhelm von Humboldt
#Bitcoin art:
Apollo and Daphne (1800) - Andrea Appiani
In a decentralised system you still have bad actors who kill the goose with the golden eggs (govs, CEOs, socialists].
But the resulting decline in wealth and standard of living will be obvious to the others, who will act on it.
#Bitcoin
"May #Bitcoin bloom in love for all existence."
-Rudolf Steiner
#Bitcoin art:
Odalisque (1867) - Francesco Hayez
Rome's decline started in 14BC.
Power was centralised when Augustus Ceasar converted the Roman Republic into an Empire.
Centralisation never lasts...
#Bitcoin
1602:
Opening the world's first stock market started the Golden Age of the 🇳🇱Netherlands.
2021:
Adopting #Bitcoin as the first nation-state in the world started 🇸🇻El Salvador's Golden Age.
Debasement in ancient Rome really accelerated.
1 pound of #gold in denarii:
301AD: 50,000
311AD: 120,000
324AD: 300,000
377AD: 20,000,000 (!!!!)
Like the ancient Chinese, Ottomans & Indian Moguls, medieval European rulers also tried to manage & supervise trade & commerce
But Europe was de-centralised & commerce was able to grow despite
The result was the blossoming of a civilisation that would create the modern world
Tokugawa Japan choose to cut itself off from the rest of the world.
So when Commodore Perry arrived in 1853 with superior technology there was little they could do but to concede to his demands.
The Ottomans had a great civilisation that turned inwards & missed the important technological changes of its time.
#Bitcoin is the antidote to civilisations turning inwards.
If only there is a country doing exactly the same... 🤔
🇸🇻
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Chinese civilisation had this funny attribute that it always changed its conquerors instead of the other way around.
#Bitcoin is the same, it always changes the people it comes in contact with instead of the other way around.