Quotes The Bitcoin Standard - Gathered by Yorick de Mombynes @ydemombynes twitter :-)

in #bitcoin3 years ago (edited)

"The Bitcoin Standard: The Decentralized Alternative to Central Banking" by Saifedean Ammous

  1. "Bitcoin can be best understood as distributed software that allows for transfer of value using a currency protected from unexpected inflation without relying on trusted third parties"

  2. "While Bitcoin is a new invention of the digital age, the problems it purports to solve - namely, providing a form of money that is under the full command of its owner and likely to hold its value in the long run - are as old as human society itself"

  3. "People’s choices are subjective, and so there is no “right” and “wrong” choice of money. There are, however, consequences to choices"

  4. "I like to call this the easy money trap: anything used as a store of value will have its supply increased, and anything whose supply can be easily increased will destroy the wealth of those who used it as a store of value"

  5. "For something to assume a monetary role, it has to be costly to produce, otherwise the temptation to make money on the cheap will destroy the wealth of the savers, and destroy the incentive anyone has to save in this medium"

  6. "The monetary media that survived for longest are the ones that had very reliable mechanisms for restricting their supply growth - in other words, hard money"