๐๐ฏ ๐ฆ๐น๐ค๐ฆ๐ณ๐ฑ๐ต ๐ง๐ณ๐ฐ๐ฎ ๐ต๐ฉ๐ฆ ๐ฆ๐ช๐จ๐ฉ๐ต๐ฉ ๐ค๐ฉ๐ข๐ฑ๐ต๐ฆ๐ณ ๐ฐ๐ง โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, ๐ต๐ฉ๐ฆ ๐ธ๐ฐ๐ณ๐ญ๐ฅโ๐ด ๐ง๐ช๐ณ๐ด๐ต #Ai-๐ฆ๐ฏ๐ฉ๐ข๐ฏ๐ค๐ฆ๐ฅ #Bitcoin ๐ฃ๐ฐ๐ฐ๐ฌ.
This is a deceptively-simple question with many complex answers, which must be asked by everyone at some point while they fall down the Bitcoin rabbit hole. TheGuySwann (npub1h8nโฆrpev), Princey (npub1hghโฆfyz2), and Max Hillebrand (npub1klkโฆx3vt) explore this question, and offer their answers for those taking the orange pill.
Below is Daniel Princeโs answer, as written in โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ:
๐๐ฎ๐ป๐ถ๐ฒ๐น ๐ฃ๐ฟ๐ถ๐ป๐ฐ๐ฒโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
In Austrian economics, money is viewed as a commodity that has evolved naturally in the market to facilitate exchange. Austrian economists, including figures like Ludwig von Mises and Friedrich Hayek, emphasize the decentralized and spontaneous nature of the emergence of money. In layman's terms, money is an agreed-upon medium of exchange used between two parties to execute a mutually beneficial transaction.
Over time, a commodity with specific desirable characteristics, such as durability, divisibility, portability, and recognizability, comes to be widely accepted in transactions. Without the emergence of a medium of exchange, humans would have been confined to using a barter system and would have not evolved to form complex societies and civilizations. The problem with a barter system is that it doesn't solve the economic phenomenon of โThe Coincidence of Wantsโ, whereby one party does not value or desire another party's goods or services. โMoneyโ solves this problem when both parties agree on a medium of exchange to use to transact peacefully and prosperously with each other.
Furthermore, Austrian economists argue against the notion of a central authority (like a government or central bank) having a monopoly on the issuance and control of money. They contend that a competitive and decentralized market for money is more likely to produce a stable and efficient monetary system and a more productive and peaceful society.
Daniel Prince is the host of the Once Bitten Podcast, with a mission to help educate as many people about Bitcoin as possible so that they can gain financial freedom, and the InspirEd Podcast, showcasing world thought leaders in the 'alternative' education space. He is also the author of "๐๐ฉ๐ฐ๐ฐ๐ด๐ฆ ๐๐ช๐ง๐ฆ: ๐๐ฉ๐ฆ ๐๐ฐ๐ฐ๐ญ๐ด, ๐๐ณ๐ช๐ค๐ฌ๐ด, ๐ข๐ฏ๐ฅ ๐๐ข๐ค๐ฌ๐ด ๐ฐ๐ง ๐๐ฐ๐ฏ๐จ-๐๐ฆ๐ณ๐ฎ ๐๐ข๐ฎ๐ช๐ญ๐บ ๐๐ณ๐ข๐ท๐ฆ๐ญ๐ญ๐ฆ๐ณ๐ด, ๐๐ฐ๐ณ๐ญ๐ฅ๐ด๐ค๐ฉ๐ฐ๐ฐ๐ญ๐ฆ๐ณ๐ด, ๐ข๐ฏ๐ฅ ๐๐ช๐จ๐ช๐ต๐ข๐ญ ๐๐ฐ๐ฎ๐ข๐ฅ๐ด". He hosted the Homeschool Global Summits 2019 and 2020.
Preorder your copy of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, and ๐๐ฎ๐๐ฒ ๐๐ฝ ๐๐ผ ๐ด๐ฌ%, by contributing to our geyser (npub1kmwโฆxqk9) initiative:
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