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Fiat Money Is Babel, Bitcoin Is Clarity
A price system is an information exchange network. It works best when built on top of a globally-shared neutral monetary medium. The more complex society becomes, the more pressing the need for a neutral monetary standard that doesn’t introduce noise into economic signals. One of the most profound insights in economics is Hayek’s take on the nature of prices. In a short and readable article called “The Use of Knowledge in Society,” Hayek explains why there wouldn’t be any exchange — nor any complex society — without the existence of prices. Prices Are Data Reflecting The Economic RealityA modern economy ... (full story)
