Hu₿ertus the Austrian

An impulse speech by Prof. Richard Werner opened yesterday's Socratic Debate at the Hayek Institute in Vienna 🇦🇹. The “interest rates drive growth” theory is empirically wrong, he showed; rates follow growth, an 'Austrians' agree. Bank credit creation and its allocation decide whether economies boom or bust. Prof. Werner warned that central banks, regulator-driven centralisation, and CBDCs will wipe out Europe’s local SME-lending banks (thousands already gone). The real path to prosperity is many small regional banks directing credit into productive investment, not speculation. Our main point for debate was that Prof. Werner thinks that this can be fixed with the right policy prescription for central banks, whereas I think that the very institution of central banks and their enormous illegitime power will invariably lead to negative economic and political outcomes in time. Central banking and CBDCs are incompatible with free markets and a free society. #Bitcoin shows that money (SoV) creation is a matter for the free market, and #Bitcredit aims to show the same for currency (MoE) creation. Read on. /1 of 2

Bitcoin will be more stable than fiat "stablecoins". This panel has more than meets the eye. Bringing the supply chains onto #Bitcoin is what will stabilise its exchange rate. Proper stable, non-inflationary.

Bitcoin won’t monetise on its own. Trade credit is key, just like during the Gold Age. nostr:note1c6gl2q2ee7y0u9afahpg8a6h5hsxfz57ez8afpw5fpwxf69v43fsfyn2p8

Thanks @The Bitcoin Conference for having me. @BitcoinMagazine nostr:note1atz5lesarnt4swx8t4yxragp4fhd8ndw6xw28uaruyc9z9hg7ypsgrvsmc

Money, Bitcoin: "stores value" by scarcity in relation to willing buyers and sellers and actual future production. Currency, Bitcredit: "mediates exchange" of goods produced, represents the value against which it is created, purchasing power depends in actual future production.

In today’s “Bitcoin Bankers” Seminar in El Zonte we will talk about historic Wildcat Banking and novel digitalised Wildcat Minting will monetise Bitcoin for trade and industry adoption. Feel free to join us at 6pm on the upper deck of Olas Permanentes. nhttps://www.satlantis.io/events/1222/Bitcoin-Bankers nostr:note1p3w7cc6hl2593ktte0a77tszvnpmh59u5tlvc26fg2s3s9zta8rsgmx0qp

Today in el Zonte, after yesterday's Socratic seminar about full reserve banking, we will delve into the electronic bill of exchange on Bitcoin rails. https://www.satlantis.io/events/1222/Bitcoin-Bankers

Hi, San Salvador, Bitcoin Country!

My talk titled "Bitcoin Education for Trade and Industry" will start at 4:00pm. See you all in San Salvador! Also check out the whole event. I find unconferences ideal for Bitcoin ethos: http://bitcoinunconference.com

Orange pilling the real economy in the face of Bitcoin volatility. Mission possible? Bitcoin Treasury Companies are the way. Fiat monopoly money must be ended.

Nostr needs a structured debating format, similar to Kialo. The “twitter” format is too redundant, wasteful, and instills madness of crowds.

1 Bitcoin bis only 25 gold coins today. nostr:note1ssxssgw7z2x7juxfq6fxeepx85wm98huhxyfhykd2s8kug9pvxeqfthgw7

"Local currency trade is picking up between BRICS countries much faster than expected, reducing dependence on the US$", says Robert Besseling of @PangeaRisk at @gtreview Egypt 🇪🇬. Interesting. But is it is a sustainable development? Money has strong network effects which ultimately must converge again. The lesson of the recent past: Global Trade needs a geopolitically neutral money which no nation state can debase or abuse. #bitcoin

At tomorrow's Commodity Trade Finance Conference in Geneva🇨🇭, Bitcredit Protocol will be right in the mouth of the dragon. Our keynote will educate global traders about how #Bitcoin helps them with all the trouble and hindrances which political fiat money causes in international trade, distorting everything. Our Bitcoin-themed booth will be right beside those of the big fiat banks captured by that miserable system. Wish us luck. We'll send photos.

Really looking forward to be a panelist at “The Future of Money: How will the world pay in the next 10 years?” hosted by the Vienna Institute for Global Studies on September 26 at WeXelerate, Vienna. Key topics on the table: - The disappearance of physical cash and its cultural impact - The dystopia of digital government money - Total surveillance & control in cashless ecosystems - The promise of Bitcoin (not "Crypto") for a future society 👉 Reserve your spot here: https://lnkd.in/de9AK8MD

Writing my keynote for next week in Istanbul.

In a realistic #bitcoin future, there exist only two kinds of money: 1. Bitcoin base money (BTC, M0) 2. Bitcoin credit money (Bitcredit, M1) Credit money may only be created if it’s backed by real goods entering the supply chain. That’s what makes it honest. Example: 1. A farmer wants new machinery. 2. He finds a bank (ultimately private savers) willing to lend Bitcoin. 3. The deal: “10 BTC now, pay back 12 BTC in 5 years.” 4. The extra 2 BTC cover costs, risk, and profit. 5. If the farmer fails → the bank takes the loss. No bailouts. No money printing. Clear enough? PS: At 12 for 10 the bank is fine if 1 in 5 loans went bad, with a total loss. Unlikely though. With sound banking practice loans are backed by real collateral. PS: And no state guarantees — those breed inflation.

The renewed investigations into organ donor abuse do not surprise. It's most important to keep your health and financial data 💯 PRIVATE. Otherwise goons will get you, government or private.

Satisfying progress and synchronisation of the four ecosystem components over the past three days: eBills v0.4, Wildcat v0.2, eCash wallet design, Clowder prototyping. nostr:note1kqe9xwcsqfm988259rrlws9tuxge03crk8shq4e45zvpwsnrnrxshkvx2r

The complete Bitcoin system will not know jurisdictions. Nation states will have no power over it. Outright bitcoin and bitcoin credits will be freely accepted in payment, for the system’s soundness and protections, not for legal tender laws.