Hold on! And note that Hayek's ‘Denationalisation of Money’ was an idea that private money is better than public money because private issuers:
1) will compete with each other on the open market; and
2) will be incentivised to maintain and protect the value of their private money.
It is sort of funny because it looks like Hayek in fact proposed something that we now call crypto shitcoins.
I tend to forgive him since he could not assume that it would possible to invent (or discover if you like) money which is absolutely scarce.
GracjanPietras / Gracjan Pietras
npub1trk…tss5
2023-04-05 13:13:21
in reply to nevent1q…62am
Author Public Key
npub1trkudtnp7jg3tmy4sz8mepmgs5wdxk9x2esgts25mgkyecrse7js6ptss5Published at
2023-04-05 13:13:21Event JSON
{
"id": "6e0f19fcfc834462a597846af2f564a0d120c24f693f0b15a55618fae85a8e2f",
"pubkey": "58edc6ae61f49115ec95808fbc8768851cd358a6566085c154da2c4ce070cfa5",
"created_at": 1680693201,
"kind": 1,
"tags": [
[
"e",
"542d7eb295c43f7557e5cb8dda9f7eb1ec4225d1d171792f5b1d52a7580161e9",
"wss://relay.nostrich.de",
"root"
],
[
"p",
"ba2f394833658475e91680b898f9be0f1d850166c6a839dbe084d0266ad6e20a"
]
],
"content": "Hold on! And note that Hayek's ‘Denationalisation of Money’ was an idea that private money is better than public money because private issuers:\n\n1) will compete with each other on the open market; and\n2) will be incentivised to maintain and protect the value of their private money. \n\nIt is sort of funny because it looks like Hayek in fact proposed something that we now call crypto shitcoins.\n\nI tend to forgive him since he could not assume that it would possible to invent (or discover if you like) money which is absolutely scarce.",
"sig": "cd6427c1af89ad72ef61f1bff4f2006e1c56949f92ac25a3054d14e13490ffcf45af0f8b247d31936ee507c4790fa85054556783c202b3a579c120e459896cb1"
}