The "What is Money?" Show Bitcoin for Liberty with Robert Breedlove (WiM368)
Sep 20, 2023
Robert Breedlove discusses the nature and properties of money, people's biases toward the dollar, and how Bitcoin serves as a libertarian cheat code in the battle over state coercion. They explore the question of what is money, the properties of money, and the significance of scarcity. They also discuss the potential threat of central bank digital currencies and the importance of studying economics and understanding the principles of private property. The chapter concludes by exploring how Bitcoin can make money theft-proof, aligning with the core ethos of natural law, and its potential to enhance freedom and change the way we treat one another.
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What is Money?
- Money has been represented by various goods throughout history, each with its own strengths and weaknesses as a medium of exchange.
- The most marketable or liquid asset in a trading network effectively becomes money.
Properties of Money
- Ideal monetary technologies possess five key properties: divisibility, durability, recognizability, portability, and scarcity.
- These properties determine how effectively a good can serve as a store of value and medium of exchange.
Bitcoin: Perfected Money
- Bitcoin enhances the five key properties of money: divisibility, durability, portability, recognizability, and scarcity.
- This makes Bitcoin a superior form of money compared to traditional alternatives like gold or fiat currency.