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Understanding the fallacy of the labor theory of value is a first step toward respect for privately owned and controlled property, without which there can be neither voluntary exchange nor freedom.
Many people sincerely believe that the value of anything is determined by the labor used in producing it…. [but] Day-to-day experiences reveal its error … the same labor could be used to make mud pies as to make mince pies, yet the value in the marketplace would differ. A service or a product of little value at one time or in one place may [also] be highly valued at another time and place.
Individuals have varying value judgments. Value in the market sense, therefore, is a subjective rather than an objective determination. Value, as beauty, cannot be objectively determined.
“There can be no truly moral choice unless that choice is made in freedom.”
—Murray Rothbard
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The State is the organization of robbery systematized and writ large.
The paramount fight for liberty in our lifetime is scaling the sovereignty properties of Bitcoin to encompass all 8 billion people globally.
Is voluntaryism extreme?
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Although it's clear that Bitcoin isn't yet equipped to scale to the needs of 8 billion people, proposals for enhancing its scalability frequently encounter substantial resistance. This cautious approach is understandable, but it begs the question: why does Bitcoin need to be on the brink of a crisis before adopting improved scaling solutions?
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The services money renders are conditioned by the height of its purchasing power. Nobody wants to have in his cash holding a definite number of pieces of money or a definite weight of money; he wants to keep a cash holding of a definite amount of purchasing power. As the operation of the market tends to determine the final state of money's purchasing power at a height at which the supply of and the demand for money coincide, there can never be an excess or a deficiency of money.
- Mises