The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications. While Bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the reader on an ... In the last installment of this series, part 2, we looked at the Bitcoin value theory advanced by Detlev Schlichter. His theory holds that Bitcoin, or any other modern currency, does not need to posses a direct-use value in order to become a currency. The fact that other currencies already exist absolves Bitcoin from having to undergo the full transitory process of going from being a regular ... Detlev schlichter bitcoin mining schljchter less bifcoin Detlev schlichter bitcoin mining schlicnter mininng . How did you like this article? Let us know so we can better customize your reading experience. Detlev schlichter bitcoin mining Users' ratings are only visible to themselves. bitcion. Bitcoin miner review Monday, 16 January 2012 The Bitcoin Big Bang dives headfirst into this paradigm shift, allowing readers to: Explore the origins of digital currency Learn the history and evolution of payment systems Discover how the Bitcoin network is facilitating free andinstant transfer of value Understand the mining of Bitcoin, and how to invest The digital currency revolution has implications that spread farbeyond the finance ... This thinker is Detlev Schlichter, and he uses the history of paper money to support this argument. In this article, we will explore Schlichter’s argument and determine whether or not it adequately explains the origin of Bitcoin value. The Origin of Money By World Imaging [CC BY-SA 3.0], via Wikimedia Commons For simplicity, I will refer to Bitcoin as (potential) commodity money with the justi cation that it has an inelastic supply, following Schlichter (2012b): But equally it is commodity money because it is based on a cryptographic algorithm, which requires time and considerable computing energy to create Bitcoins and which is designed so that the overall supply of Bitcoin is strictly
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