Expert: With Bitcoin, Hayek’s Dream of Complete Private Money Comes Ever Closer
Bitcoin is providing the world with the opportunity to use private money that is capable of competing with government-backed fiat. The point was taken forward by Prof. Ferdinando Ametrano, who currently teaches Bitcoin and Blockchain technology at the Politecnico di Milano. Speaking to ether.camp at the Blockchain: Money conference in London, Ametrano likened the impact that Bitcoin may have on the future of civilization with that of gold. That’s why he called the cryptocurrency “digital gold.” Distinguishing between Bitcoin and Ethereum. When asked if he distinguishes between Ethereum and....
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“When one studies the history of money one cannot help wondering why people should have put up for so long with governments exercising an exclusive power over 2,000 years that was regularly used to exploit and defraud them. This can be explained only by the myth (that the government prerogative was necessary) becoming so firmly established that it did not occur even to the professional students of these matters (for a long time including the present writer!) ever to question it. But once the validity of the established doctrine is doubted its foundation is rapidly seen to be fragile.” –....