The Bitcoin Standard: The Decentralized Alternative to Central Banking

Money is a technology, invented by humans as a tool to help us get things done. Throughout the ages, money's role has been to provide a readily accessible ("liquid") store of value that acts as a unit of account, to compare the value of different things, and as a medium of exchange between buyers and sellers. In the world today, the curre

Money is accordingly a system of mutual trust, and not just any system of mutual trust: money is the most universal and most efficient system of mutual trust ever devised.

It is worth being as clear as possible that money is not capital. Money is the right to time entirely in general. It is liquid and fungible. Capital is time that has been crystallized towards a specific end. It is illiquid and nonfungible. This should also elucidate that savings is not investment. Savings is money, and investment is capital; saving

Behind each great historical phenomenon there lies a financial secret, and this book sets out to illuminate the most important of these. For example, the Renaissance created such a boom in the market for art and architecture because Italian bankers like the Medici made fortunes by applying Oriental mathematics to money. The Dutch Republic prevailed