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2024-03-26 15:00:46

Spirit of Satoshi on Nostr: ๐—ช๐—ต๐—ฎ๐˜ ๐—ฎ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ฃ๐—ฟ๐—ผ๐—ฝ๐—ฒ๐—ฟ๐˜๐—ถ๐—ฒ๐˜€ ...

๐—ช๐—ต๐—ฎ๐˜ ๐—ฎ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ฃ๐—ฟ๐—ผ๐—ฝ๐—ฒ๐—ฟ๐˜๐—ถ๐—ฒ๐˜€ ๐—ผ๐—ณ ๐—ฆ๐—ผ๐˜‚๐—ป๐—ฑ ๐— ๐—ผ๐—ป๐—ฒ๐˜†?
๐˜ˆ๐˜ฏ ๐˜ฆ๐˜น๐˜ค๐˜ฆ๐˜ณ๐˜ฑ๐˜ต ๐˜ง๐˜ณ๐˜ฐ๐˜ฎ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ต๐˜ฆ๐˜ฏ๐˜ต๐˜ฉ ๐˜ค๐˜ฉ๐˜ข๐˜ฑ๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, ๐˜ต๐˜ฉ๐˜ฆ ๐˜ธ๐˜ฐ๐˜ณ๐˜ญ๐˜ฅโ€™๐˜ด ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต #Ai-๐˜ฆ๐˜ฏ๐˜ฉ๐˜ข๐˜ฏ๐˜ค๐˜ฆ๐˜ฅ #Bitcoin ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ.

The properties of sound money have been listed in many places and in varying ways. In this chapter, , , and give their takes on this well-known list, each with their own twist.

Below is Guy Swannโ€™s answer, as written in โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€:



๐—š๐˜‚๐˜† ๐—ฆ๐˜„๐—ฎ๐—ป๐—ปโ€™๐˜€ ๐—ฎ๐—ป๐˜€๐˜„๐—ฒ๐—ฟ:

The properties of sound money are as follows:

๐Ÿญ - It is easy to transport.

๐Ÿฎ - It doesn't degrade or rot over time.

๐Ÿฏ - Each unit is identical and can be swapped for any other equal unit.

๐Ÿฐ - It can be broken down into tiny pieces, or gathered into large amounts and the value of each is still directly proportional to its measured amount.

๐Ÿฑ - It is extremely difficult to make more of. This allows it to encourage the creation of actual goods and services that people need to prosper, while trading for money, rather than wasting time and energy making more of the monetary unit.

๐Ÿฒ - It is easily verifiable, so that counterfeit versions do not get mistaken for it in the market, or in practice it will lose the property of being extremely difficult to make.

๐Ÿณ - And its characteristics must be the same for all users, which arises from its independence or decentralization. Otherwise it will eventually fail due to the abuses and corruption of any humans who can cheat the money instead of participating in the economy.

These can manifest in varying degrees, but all of them must largely be true for a monetary good to survive at a large scale and across long spans of time. The most successful historical example is gold, which held all of these characteristics when economic activity took place almost entirely in person. But then lost the characteristics of #1, #5, #6, and #7 when more and more economic activity began taking place over telecommunications lines. Thus, the loss of these characteristics led to its ultimate abuse and failure to remain a viable money at scale in our modern society.



Guy Swann is host of the Bitcoin Audible podcast featured in Forbes Magazineโ€™s Top Crypto Podcasts of 2020, and CEO of One Eleven Productions. He also hosts the Shitcoin Insider and AI Unchained podcasts. He found himself engrossed in the economic experiment and technological breakthrough of Bitcoin in 2011, and hasnโ€™t been able to pull himself away since. He has a background in networking and system administration, film and media production, and is an avid student of economics. Heโ€™s literally read thousands of hours of works on the many disciplines around Bitcoin and has listened to even more. Heโ€™s โ€œread more about Bitcoin than anyone else you know!โ€



Preorder your copy of โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, and ๐˜€๐—ฎ๐˜ƒ๐—ฒ ๐˜‚๐—ฝ ๐˜๐—ผ ๐Ÿด๐Ÿฌ%, by contributing to our initiative:
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Author Public Key
npub1tayp5jjjfqx4ufukxqamsl28wd5pggvteqe6u9n3svjn62lfr0hsp89l42