Friedrich Hayek predicts Bitcoin in 1984: I don’t believe we should ever have a good money again before we take the thing out of the hands of government. We can’t take it violently, all we can do is by some sly roundabout way introduce something they can’t stop

Friedrich Hayek predicts Bitcoin in 1984: I don’t believe we should ever have a good money again before we take the thing out of the hands of government. We can’t take it violently, all we can do is by some sly roundabout way introduce something they can’t stop



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14 thoughts on “Friedrich Hayek predicts Bitcoin in 1984: I don’t believe we should ever have a good money again before we take the thing out of the hands of government. We can’t take it violently, all we can do is by some sly roundabout way introduce something they can’t stop”

  1. If you don’t know of Friedrich Hayek (and you probably don’t unless you’re interested in economic theory and history), his ideas are quite fascinating. The fact that he met Aleksandr Solzhenitsyn (a Russian novelist and major critic of policy – including monetary policy in the USSR) no doubt played a role in the development of his ideas.

    As with most things though, the answer usually lies somewhere in the middle.

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  2. We never had sound money in the existence of human kind, it is probably impossible.

    We have used gold for thousands of years but it never really worked. Gold coins for example were minted with ever decreasing amount of gold in them to adjust for inflation and war had to be waged regularly to try and conquer it back.

    The root cause is always the same, someone will save coins and thus take them out of circulation, this results in less and less coins in circulation over time which increases the demand of precious metals they are made of.

    Back in the days gold kinda worked because the world economy was much smaller and we mostly had repressive regimes that could control price amongst their empires. This is also why gold is worth so much, it has been money for thousands of years and people deemed is valuable for this reason. Today however gold would work far worse than it used to, the world economy is much much bigger and it’s value would inflate in no time.

    Many argue BTC is the new gold and in many ways it is kind of true with the obvious advantage it can be transferred over the internet. However just like gold can’t be used as money, BTC can’t be used either.

    If we want a free economy we will have to come up with something much better, something that can’t be controlled or manipulated and will self regulate.

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  3. Redundant post. He didn’t predict it. Predicting something *like* Bitcoin is not actually predicting Bitcoin itself.

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