Holding a workshop at MAD Bitcoin Summit tomorrow. Join me for a very different understanding #Bitcoin. Includes a short Deep Dive into real #AustrianEconomics.

Madrid 🇪🇸 is quite odd, when it comes to #Bitcoin. When one asks in Austria: “Can I pay in Bitcoin?” one gets just a simple “No.” a blank glance. In Madrid it’s: “Noo” *giggle* Had this four time yesterday. I think this can change, but we must get some global supply chains on #Bitcoin. Real economy.

Visit www.bitcr.org and you find will a very different Bitcoin world: Bitcoin is infrastructure, not asset speculation: Today most hear “Bitcoin” and think: - volatility, - treasuries, - speculation, - collateral lending, - mining, - ETFs. Instead, in Bitcredit thinking, Bitcoin is the neutral settlement layer and finality anchor for international trade. The credit is created by real supply chains moving goods, not by abusing Bitcoin abusing as collateral and hoping for appreciation. Bitcoin will appreciate BECAUSE and WHEN used in international trade. It will be the world's geopolitically neutral money. View quoted note →

Here is an interesting project to review, now that @Bitcredit Protocol moves supply chains onto Bitcoin rails.

GitHub

GitHub - cbonoz/consensus-grow-18: Consensus 2018 Challenge - GrowNYC and Tierion

Consensus 2018 Challenge - GrowNYC and Tierion. Contribute to cbonoz/consensus-grow-18 development by creating an account on GitHub.

I will be there, too! Doing a workshop on Bitcoin-native Trade Credit. View quoted note →

Buckminster Fuller is unsound economics, his energy theory has a similar mistake as Marx’s labour theory of value. Labour input does not determine value. You can dig a pit for hours, and it may not have value. Spend more work on closing it again. Less value if there ever was. Energy input does not determine value. You can spend 1 or 100 kWh in electricity on a room where nobody lives, and there is no value. Fuller conflated cause and effect. If people economise on energy because it comes with a price then a richer economy will likely use more of it. Not the other way round. It’s not a driver but an indicator to be used with caution.

On the Misconceptions of Deflation in Bitcoin ================================== Bitcoin is NOT ‘deflationary’, my Bitcoiner brothers. That’s utterly, totally wrong. Let’s get our economics straight. Deflation is when the money supply does not keep up with the money demand. That’s the definition. No more, no less. 1. There is constantly supply added to the stock of Bitcoin. That’s not deflation, clearly. . 2. Prices falling because of technical progress? That’s not deflation, that’s productivity growth. 3. Exchange rate of Bitcoin rising? Not deflation. It’s the fiat currency’s inflation due to oversupply. 4. Obviously the exchange rate of Bitcoin can be falling at times. Clearly not deflation anyway but neither inflation. Deflation is an undersupply of the economy with money. It’s the supply chains grinding to a hold because something or someone strangulates the money supply. Goods don’t move, lose value, spoil. Deflation can have all kinds of price effects at different stages from when the disequilibrium started. It is however, always a most destructive force in the real economy causing unemployment and poverty. Don’t desire to live to see it at work.

Bank’s demand deposits, gold custodied for convenience, enabled re-hypothecation. I think it was foolishness, laziness, the first step to the fraud which brought us the corrupt fiat money.

In our geopolitically tumultuous times, even governments now see the wisdom in using Bitcoin instead of some hostile fiat money. Note that Bitcoin is already showing its mettle as the ideal money for international trade. The newsletter of @BTCprague reports: “Iran would impose a $1-per-barrel transit toll on oil tankers passing through the Strait of Hormuz, only payable in Bitcoin. so funds can't be confiscated."

Prove Mises wrong.

Trade runs on credit. The superstition against all forms of credit in #Bitcoin stems from the almost complete absence of businessmen in Bitcoin. Far too few of us know about the production and supply chains of real goods. Yet, it will be always held against Bitcoin if, unlike fiat, it cannot do its work in the real economy: money for the redemption of current trade credit, also called "currency." Bitcredit Protocol now adds the currency layer which will make Bitcoin usable in world trade: - geopolitically neutral - unbureaucratic and fast - efficient and cheap

I wonder if (m)any Bitcoin maxis really understand Bitcoin? Or are they just chasing the dream, without knowing what it takes to bring the dream about. That’s naive. Or do they only plot on NGU, when more and more capital flows in. That’s greed. How many know the real workings of a monetary system? Consider the “Folly of the World”.

It doesn't surprise me that the politicking for the foundation of the Bank of England in 1694, was to be kept from the public eye. To my knowledge, this pamphlet from 1665 A.D. is the first proposal ever for currency out of the thin air of budget deficits. Then they waited for a war ... 306 years later, Nixon finally ended the international gold standard. Gold specie disappears.

Join me on 27 March for our next Austrian Economics Salon CVI at the Hayek Institute in Vienna. Topic: Does AI mean the end of work? RSVP

Meetup

Austrian School of Economics Salon CVI, Fri, Mar 27, 2026, 7:00 PM | Meetup

Dear Austrians, **AI: The End of Work?** Join us for an engaging evening exploring the intersection of Austrian Economics, technological innovati...

What a letdown! In “Confessions of an Economic Hit Man”, John Perkins @JPerkinsAuthor initially recognises the huge geopolitical problems caused by fiat currency printing correctly. He also describes how some crony corporations have grown to abuse the fiat system. Unfortunately, his analysis is misled by his anti-corporatism ideology. He fails to see the root cause, thinks it’s “the dollar”. Not so: Cronyism is a consequence of bad political system, a symptom of its construction mistakes. Then he presents his solution: the next fiat currency. 🤦‍♂️ “In fact, today the existence of such a currency is no longer hypothetical; the euro entered the international financial scene on January 1, 2002 and is growing in prestige and power with every passing month.” Anti-climax! A currency must be honest and then will not trigger Perkins’s “corporatocracy”. But it must be sound, redeemable in a hard commodity, untouchable by politicians. The Euro is worse than the dollar ever was. The EU is a troubled, failed political system, visible after its short existence. It kills honest businesses and creates poverty, regulation by regulation. Gold failed. Bitcoin could restore honest currency and honest debt redemption. Politicians have no power over Bitcoin, not even its internal politician types. Only when Bitcoin touches fiat politicians can abuse their legal power, which is not possible in a circular Bitcoin System. That’s the one I am trying for. The dollar and any currency can be honest, will return to honesty, once it is redeemable in Bitcoin. And now we can even have a native Bitcoin currency, no politicians at all.