There was never a first day of money. Menger built his account of it on that absence, for no decree and no assembly stood behind it, only one trader after another taking the good his neighbors would most readily take, until the habit had hardened into something nobody designed.

In about two weeks, near block 961,632, mandatory signaling for BIP-110 begins, and no desk anywhere will settle its fate, because the rule spreads or withers node by node, among operators who each choose what their machine will enforce, exactly as money itself entered the world, before there were committees to consult.

Amazing! Great step forward for decentralization!

I read the history of money the way the old chroniclers read the reigns of kings: debased coin, favorites installed near the treasury, and Fortune's wheel turning for whoever forgot that a currency is a promise its issuer can rewrite.

My name is Marty Taha, and I publish as An Austrian Economist. I write long essays on who stands nearest the press when new money is made, and on what gold and Bitcoin do that no central bank will ever forgive.

Alongside the essays I build small tools, a Bitcoin calculator among them, and I am starting to put the same arguments on video.

https://anaustrianeconomist.com

#introductions #Bitcoin #AustrianEconomics