Bitcoin and Digital Currencies: The New World of Money and Freedom (LFB) by Cox James

Author:Cox, James [Cox, James]
Language: eng
Format: epub
ISBN: 9781621290957
Publisher: Laissez Faire Books
Published: 2013-07-24T00:00:00+00:00

This is false.

Imagine that you and I are shipwrecked on a desert island and the sun is setting.

You have one hundred dollars and I have one coconut. That is all we have. What is the maximum that you can buy for one hundred dollars?

The answer obviously is one coconut.

Now imagine that when you woke up in the morning, you discovered I had been busy while you slept. I had found a running water supply, found and domesticated all the wild pigs, built a boat, caught some fish, and invented the radio.

Are we now richer? Has the economy grown? Of course it has!

But what about the currency supply, fixed at one hundred dollars? It now buys more! We have, in just a few lines, demonstrated that wealth and quantity of money are separate things.

Here we shall take the optimistic view that the story of the human race continues, to quote Trace Mayer, “from the swamps to the stars.” We shall continue to have breakthroughs in science and medicine, invent better, faster forms of transport and communication, write new books, make new films, and explore more of the seabed and the universe. On each occasion, as we always have done, we shall be expanding the collective wealth of mankind at an exponential rate. Each unit of Bitcoin will increase in purchasing power every year. This is the total opposite of our current situation and has profound implications for the way in which we live our lives and interact with each other and nature.

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