$19,360.27 1.54%
BTC · 5w

Revenge of the Austrians

People often speak of Bitcoin having its roots in the cypher punk community, but I view Bitcoin has having multiple roots that only became a viable currency when these roots merged. The technical contributions of the cypher punks are tremendous, but perhaps even more significant is Bitcoin's roots in Austrian monetary economics. Throughout the history of humanity, there has been tremendous struggle over money with government consistently growing to take control of the money supply--and it's creation. This happens today in the form of Keynesian central banks expanding the money supply to finance the endless desire of government to spend and consume beyond what it would be able to without the ability to create new currency units at negligible cost. But this Keynesian practice was common throughout history as well, of course it was known by a [different names then](, but it was Keynesianism all the same. Wherever productive and free people managed to save any significant wealth for the future, government would soon show up to start eating it away with Keynesian debasement, like rats showing up to help themselves to some cheese someone else labored to create. There was of course people who rejected the Keynesian theft-apologist ideology. The Austrians called out the Keynesian governmental theft and exposed the harm a society suffers from allowing these intrusive government rats to consume whatever stored wealth they please, but things did not play out well for the Austrians. Any time there was an attempt by the Austrians to create a money that was immune from Keynesian appropriation government would [promptly stamp out]( this monetary competitor and [often the lives of whatever Austrians were associated with it's enterprise]( Keynesian money does not fair well in the marketplace with compet...
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