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Beliathon
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July 08, 2014, 01:02:52 PM |
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An excellent read, thank you for sharing.
Excerpt:
"an economy is a system of how we define ourselves in relation to time. In a June 2014 interview, he noted Mike Maloney's remark that the ultimate form of money is time, the ultimate irreversible transaction.
Bitcoin is above all a technology of its blockchain, a time-stamped ledger either of economic transactions, or of interactions in Bitcoin's non-currency applications. According to Ellis, Bitcoin is really "a great big unstoppable clock." And that means that Bitcoin represents a watershed moment, the start of a change in how we understand time technologically, economically, socially and culturally.
Debt and inflation are the prices we pay to live on borrowed time. The economy that currently exists is an economy that borrows against the future. It depends on an idea of conspicuous consumption running back to Thorstein Veblen. This model involves believing in a collective dream, signified by spending borrowed money to fulfill a social expectation of a future life we are schooled to want and achieve."
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