The Bitcoin Guessing Standard
Bitcoin is a software program designed by Satoshi Nakamoto (which is believed to be a pseudonym). His objective, at least on the surface, was to create electronic cash; a new hard money. This is why it is often referred to as digital gold. Satoshi Nakamoto, in his design of Bitcoin, was influenced by the prior work of Hal Finney. Critically, with regard to creating electronic tokens, Finney took seriously the cost theory of value. In turn, when Nakamoto wrote his white paper, regarding Bitcoin, he embraced Finney’s notion that processing power and electricity expended would drive the value of an electronic coin. To date, Bitcoin has failed to become an effective electronic currency. Rather, it seems Bitcoin was designed to become an expensive electronic asset more so than becoming money. Bitcoin enthusiasts, regardless, point to its lofty valuation as evidence Bitcoin will become the world’s decentralized money. This is a mistaken view as Bitcoin ha
There may be a strong decline in employment : BIEC
The Labor Market Index (WRP) – informing in advance about future changes in the level of unemployment did not change in February this year, the Bureau of Investments and Economic Cycles (BIEC) reported. Analysts indicate that in recent months the indicator shows increased volatility, and pandemic restrictions may contribute to a significant correction in the size of employment. The Labor Market Index (WRP) informing in advance about future changes in the level of unemployment in February this year has not changed its value compared to last month. Since last autumn it has shown increased volatility in the following months. On the one hand, protective measures encourage storage workers, on the other hand, uncertainty and weaker economic activity would dictate redundancies. However, employers still have in mind the notorious problems with finding a suitable workforce. The prolonged perio
Business
February 22, 2021
The welfare index, which reflects the economic condition of Polish society, went down by 2 points month on month in February 2021, the Bureau for Investments and Economic Cycles (BIEC) said on Monday.
BIEC reports that this was the highest drop since March 2020, when the economy was hit by the first coronavirus lockdown.
The reduction in the number of employees in the enterprise sector had the greatest impact on the decline in the index, BIEC said, adding that the epidemic limiting economic activity also contributed to the decline in the number of employed people.
According to BIEC, another factor that negatively influenced the index values was a renewed increase in inflation, which significantly reduced the purchasing power of households.
This article explains why the successor money to failing fiat is gold, not cryptocurrencies. Cryptos can only act as stores of value so long as fiat exists. I describe how a world transacting with monetary gold and properly constituted gold substitutes works. It explains how and why unbacked bank credit expansion, which in natural Roman law was ruled to be fraudulent 1,800 years ago, can and should be eliminated in a post-fiat world, thereby ending destructive credit cycles. Gold exchange standards, which are comprised of gold-backed money administered by the state, worked extremely well when properly implemented, and it is … Continue reading →