Milton Friedman predicts the inception of Bitcoin

[Majestic-milf]

 You might wanna say "Satoshi nakamoto got his inspo on how to create Bitcoin from this man" and trust me, I won't agree less. this video throws more light on how vocal Milton Friedman was in his pursuit of a free market void of government interference.
It's not like the economy back then was shaky that he(Milton) would make such a declaration but it's as if he foresaw that eventually, the government won't have to monopolize the economy and will rather have a strong competition.
 Milton Friedman was an economist who strongly advocated for free market capitalism. Known also as the founder of monetarism; a policy where the government controls the amount of money in circulation.
He played a great role in the economy of the US in his days and is honored for many achievements. More information about his life's achievements can be gotten
here.
 Could there be a possibility that Satoshi was inspired to create Bitcoin from the sayings of this man or was the invention borne out of a need to create a decentralized digital currency free of the control of government and central banks?


Ps; dunno if this is the right board to post this, of not I'd be glad to move it to the right board.

[Darker45]

I'm pretty sure Satoshi Nakamoto had read the works of Milton Friedman. Satoshi seems to be a well-read, well-informed, person. And, of course, Friedman isn't just another economist. We all know the caliber of this economist. He wouldn't have won a Nobel in economics if he were just one of the boys.

But I don't think Satoshi was primarily inspired by Friedman in creating Bitcoin. If at all, he/she/they reacted against the rotten monetary system to which Friedman contributed a lot with this monetary theories.

If we look for Satoshi's inspirations, it is already clear in Bitcoin's whitepaper. And then there are also those works which Satoshi mentioned in his/her/their early correspondence with certain persons. Also, Bitcoin is generally a modern monetary technology. It isn't just another design of fiat money, so I guess the inspiration is generally taken from the early attempts to create an electronic money rather than those fiat theories.

Below is probably where Satoshi took a lot of inspiration from.


https://www.reddit.com/r/Bitcoin/comments/sm5a3k/bitcoin_took_over_40_years_of_development_and/#lightbox

[Davidvictorson]

Yes. I watched the video and he said it. He said, "one thing that's missing but that will soon be developed is a reliable e-cash the method whereby on the internet you can transfer funds from A to B without a knowing B or B knowing A. The way in which I can take a $20 bill and hand it over to you then there's no record of where it came from and you may get that without knowing who I am. And that kind of thing will develop on the internet and that will make it even easier for people to use the internet. Of course it has its negative side it means that the gangsters the people who are engaged in that illegal transactions will also have a easier way to carry on their business but I think that the tendency to make it harder to collect taxes will be a very important positive effect of the Internet."

It is likely that Satoshi got his idea here or not. This idea may not have even been that of Milton Friedman. He may also have gotten it from reading wide, pondering over the nature of the economy, the government or whathaveyou. Anyways, whichever the case may be, we are seeing its manifestation today. And the government will not rest until they find a way to collect taxes from the "e-cash method" which is now a reality.

[highalch]

Before we'd nominate Friedman as some kind of bitcoin hero, let's think for a moment what evil monetarism has set loose, and how exact opposite it is to bitcoin's ideology.

[davis196]

Maybe Satoshi got his inspiration from economists like Milton Friedman and Friedrich Hayek, but I definitely don't believe that Friedman had predicted the creation of digital currencies and Bitcoin in particular. Hayek also had an idea about "competing money", that are free from government monopoly and the most stable currencies become the most widely used by the power of a free market competition, not by the will of the government. However, this idea always seemed a bit unrealistic and utopian. It sounds good on theory, but is it going to work in reality?
Bitcoin and the altcoins seem to be a good example of this theory, but they aren't getting any big mainstream adoption as actual money for everyday use.

[Catenaccio]

I'm pretty sure Satoshi Nakamoto had read the works of Milton Friedman. Satoshi seems to be a well-read, well-informed, person. And, of course, Friedman isn't just another economist. We all know the caliber of this economist. He wouldn't have won a Nobel in economics if he were just one of the boys.

But I don't think Satoshi was primarily inspired by Friedman in creating Bitcoin. If at all, he/she/they reacted against the rotten monetary system to which Friedman contributed a lot with this monetary theories.

Satoshi Nakamoto is well-minded and he surely did a lot of works, read a lot of resources and worked hard to create Bitcoin for everyone on Earth to access financial freedom.

if Friedman's work/ idea is interesting, it would not hardly be missing by Satoshi Nakamoto.

https://www.reddit.com/r/Bitcoin/comments/sm5a3k/bitcoin_took_over_40_years_of_development_and/#lightbox

The Bitcoin prehistory shows that fact and there are some links that can add extra information about it.

Bitcoin Prehistory (Saylor academy)
Bitcoin Prehistory
Bitcoin Prehistory Tree
Bitcoin history
Bitcoin and the rise of the Cypherpunks

[Majestic-milf]

Before we'd nominate Friedman as some kind of bitcoin hero, let's think for a moment what evil monetarism has set loose, and how exact opposite it is to bitcoin's ideology.

Give credit to whom it is deserving. Milton Friedman was a legend in the world of economics and his theories helped to shed more insights on how a perfect economy should look like. You seeing his works as evil may be stemming from sentimental reasons and you are entitled to your opinions but I don't think is be out of place if I call him a hero.
The theory of monetarism asserts that the supply of money is the primary key in determining inflation or deflation in an economy.
 We know Bitcoin acts or can be used as a hedge against inflation and all that and Milton, by introducing the theory of monetarism is trying to say that when you control the supply of money channeled into an economy, you tend to curb inflation, it seems like the same thing Bitcoin does, in my opinion.
 A typical example of monetarism can be seen in monetary policy. Take for instance a situation where the Central Bank raises it's interest rates to make it expensive and in turn dissuade people from taking loans, that way it has lowered the risk of inflation.

[Psalms23]

Yes, Milton Friedman was indeed a significant figure in the world of economics, advocating for free-market capitalism and minimal government interference. He predicted the rise of digital currencies back in the 1990s, saying, "The one thing that's missing, but that will soon be developed, is a reliable e-cash, a method whereby on the internet you can transfer funds from A to B without A knowing B or B knowing A".

Just my opinion, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, might have been inspired by Friedman's ideas. Bitcoin was designed as a decentralized digital currency to operate outside the control of governments and central banks, aligning with Friedman's vision of a free market. Friedman's thoughts on e-cash and his advocacy for a competitive, decentralized financial system likely influenced the creation of Bitcoin. Just my opinioin though.

[Dunamisx]

You might wanna say "Satoshi nakamoto got his inspo on how to create Bitcoin from this man" and trust me, I won't agree less. this video throws more light on how vocal Milton Friedman was in his pursuit of a free market void of government interference.

You could be right because there have been several attempts on the creation of a digital currency before Satoshi happens to be the one that was successful on it, others have tried in a long way and all efforts seems abortive as they couldn't realized the pinnacle of the success in what they are introducing, so if i may express my own feelings as well along with yours, there is a probability being high that Satoshi Nakamoto had some taught from what people like Milton Friedman have started.

[Kelward]

 Could there be a possibility that Satoshi was inspired to create Bitcoin from the sayings of this man or was the invention borne out of a need to create a decentralized digital currency free of the control of government and central banks?

Inasmuch as Satoshi Nakamoto, is not here now to clear the air whether this great economist Milton Friedman, actually inspired him to create Bitcoin, I can bet that Satoshi, must've heard of him. Who knows maybe Satoshi, knew the economist personally or he was a role mode of his because Friedman, literally defined what Bitcoin is today. Although great minds can reason alike and foresee what the future is supposed to be like, so both Friedman and Satoshi, might have both shared the same dreams of a decentralized digital cash for the future.