Before the White Paper, Jörg Guido Hülsmann explained why #Bitcoin — if invented — would work wonders.
"In the High Middle Ages, when large-scale commerce and the interregional division of labor started to flourish, the great merchants of northern Italy found that no government produced money that was suitable for their new needs. The traditional coin system contained only silver coins, virtually all of which were hopelessly debased and, what is more, were debased to different degrees. The merchants then set out to produce their own money, new and sound gold coins, which at first they used only within their own circles. And because the other governments tolerated this practice—because for once they did not stand in the way—by the thirteenth century the fiorino d’oro from Florence became a generally accepted medium of exchange in central and eastern Europe.
A little liberty of this sort could work wonders in our age, which from a technological point of view is so much better endowed than the medieval merchants were.“
Jörg Guido Hülsmann, The Ethics of Money Production
