According to Hayek: "The only way to return to sound money is to take it out of the hands of the government. This money would not require any permission and no central "authority." Further, it would increase the opportunity for any bank located in these countries to open branches in any other on the same terms as established banks." There is no way Hayek could have foreseen Bitcoin's arrival when he gave his statements. Nor did he consider the threat this international currency movement would bring if it is not carried out by law but by network design. He did not predict that distributed-ledger accounting would be transparent and automatic to everyone worldwide. The possibilities are endless when Bitcoins were first introduced in the world. However, the currency we use today is just the latest version of currency that had been imagined by our predecessors. Who knows what kind of currency we will use in the future? Hopefully, whatever currency we employ in the future will defeat the inflation faced by the global economy. (Picture in previous post is of kids playing with Hyper-Inflated pieces of paper that was used for cash) - The Venturistic Aussie
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