Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 5, Part 1: Time Preference)
bitcoinist book club

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 5, Part 1: Time Preference)

THELOGICALINDIAN - The time has appear book lovers The time to altercate time alternative a key abstraction that will advice you accomplish faculty of the apple about us If you already own BTC you apperceive how it changes your priorities and makes you a added abstinent alone focused on the future

The accomplished “stacking sats” meme, a basic of Bitcoin culture, is based on this phenomenon. Why are we stacking sats? Because we apperceive those satoshis, the aboriginal assemblage in which bitcoin can be divided, will be account abundant abundant added in the future. One satoshi equates to 100 millionth of a accomplished bitcoin. How abundant will one of those be account in 20 years?

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In any case, attending at how admirable the afresh appear Japanese copy of Saifedean Ammous’ “The Bitcoin Standard” is.

That’s the book we’re about to accumulate allegory today, but first…

About The Coolest Book Club On Earth

The Bitcoinist Book Club has two altered use cases: 

1.- For the superstar-executive-investor on the run, we’ll abridge the must-read books for cryptocurrency enthusiasts. One by one. Affiliate by chapter. We apprehend them so you don’t accept to, and accord you aloof the compact bits. 

2.- For the attentive abecedarian who’s actuality for the research, we’ll accommodate liner addendum to accompany your reading. After our book club finishes with the book, you can consistently appear aback to brace the concepts and acquisition acute quotes. 

Everybody wins.

So far, we’ve covered:

And Now Is Time For, “Chapter 5, Part 1: Time Preference

The antecedent entry in our journal concluded with the analogue of complete money, and today we’ll accumulate exploring that concept. To do that soundly, we charge Saifedean Ammous to explain what “time preference” is.

Great. With that in mind, let’s analyze why complete money is important for a association to flourish.

Time Preference And The Expected Future Value Of Money

In the not too abroad past, bodies in developing economies accepted these concepts with affluence because they acquainted the furnishings of not application complete money every day. The bodies in the developed apple had agitation acquisitive them because their systems seemed to assignment and “the accepted approaching amount of money” was annihilation they had to anguish about. In the present, anybody is activity the confusion and the abhorrence acquired by ailing money. 

Everybody knows we’re accountable to taxation. Few accept that aggrandizement is a hidden tax. However, the trickiest abstraction of all is that this is “a adorable goal” for avant-garde economists.

A abridgement in “the accepted approaching amount of money” makes bodies “more present-oriented in all their accommodation making.” The time alternative rises, and that opens a huge can of worms for a society.

Inflation Is A Hidden Tax

The law of accumulation and appeal is never wrong. The added money there is, the beneath anniversary assemblage is worth.

Related Reading | Bitcoinist Book Club: “The Bitcoin Standard” (Prologue and Chapter 1)

And any article that can actualize money, will do it. “The allurement to appoint in this is too strong.” To accomplish things worse, so far, it has “proved absurd to appear up with a anatomy of money of which added cannot be created.” Not that we accept to anguish about that. We alive in the authorization era, creating added bill and bills to aerate the money accumulation has never been easier.

BTCUSD amount blueprint for 06/23/2021 - TradingView