- Just Reflections - What is money: BK’s notes on the first half of the video.
the 5 properties of money
- Divisibility: “You wanna transact at different scales. you want to buy coffee on the same day you want to buy a house”
- Durability: “it’s not going to corrode over time.” gold for example
- Recognizability: “each trading party can verify its authenticity”
- Portability: “you wanna be able to move it across space”
- Scarcity: “when demand outstrips supply”.
- bitcoin is the first fixed supply of money there has ever been. 21 mil
inflation as theft
inflation is legalized counterfeiting, counterfeiting is criminalized inflation.
life, liberty, property
The foundation of USA, borrowed from the Magna Carter. important to keep in mind how the central bank relates, especially to the 3rd one, property. property rights of some, are arbitrarily violated, to enhance the property rights of others.
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Andrew Jackson
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Life: Our future, to lose your life is to lose your future
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Liberty: Is your freedom, to lose your liberty is to become a slave, and there’s a spectrum to it. 0% tax or theft, is a free man; 100% tax or theft is a slave - all teh fruits of your labour go to someone else.
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Property: your past, how you’ve spent your past infusing nature with your life & liberty. you’ve accumulated fruits of your labor, that becomes your property
Quotes
Another definition of money. It’s an insurance policy on uncertainty. The only reason people are holding money is for its option value