Bitcoin and the Tyranny of Time Scarcity (Part 10)
Economics is the art of cooperation and competition aimed at conquering scarcity.
Temporal Metaphor
Time is the ultimate experiential element we all share. It is ruthlessly egalitarian, flowing equally for all alike. Time is our objective anchor in a world of ceaselessly shifting intersubjective valuations. Abstractly, money is our metaphor for time. As a tool, it best serves mankind when its supply is as inelastic as the absolute scarcity of time. Here, gold does well; yet Bitcoin, the first money with a supply that is absolutely scarce, reflects time perfectly.
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Money is the medium through which many minds become one; it is the coordinating mechanism of human action. Money matters because only through cooperation and innovation do we mortals gain ground in our struggle against the immortal tyrant of time scarcity. Perhaps one day to be regarded as the most impactful technology ever invented, Bitcoin is simply a tool for saving time; it stores the value created from our time spent serving one another, reduces the time needed to establish trustful coordination, and it protects our mutually generated time savings from confiscation. Furthermore, Bitcoin promises to reduce the money, capital, and life wasted in warfare. Bitcoin accomplishes this by transcending laws and outcompeting money production monopolies, which use taxation via inflation to stealthily fund perpetual warfare. As Ron Paul said: “It is no coincidence that the century of total war coincided with the century of central banking.”:
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Bitcoin also promises to help generate even more time savings by deepening the division of labor, a direct result of financial disintermediation, the benefits of which flow to everyone. Finally, Bitcoin encourages us to adopt lower time preferences and think long-term. Hard money incentivizes us to save and invest, and disincentivizes excessive debt and spending, since it naturally appreciates over time as our collective productivity grows. Fiat currency is the reverse: it pushes up our time preferences and disintegrates societies. As the repeated fall of ancient civilizations shows, monetary integrity and social cohesion are inexorably linked.
In Part 11, we will discover how Bitcoin helps us break the chains of tyranny by making possible a previously unattainable level of individual self-sovereignty…
Thank you for reading Bitcoin and the Tyranny of Time Scarcity (Part 10).
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