Wendy McElroy: Crypto and the Impossibility of Knowledge in Planning
The Satoshi Revolution: A Revolution of Rising Expectations
Half three: Decentralization
Chapter eight, Half 4
Crypto and the Impossibility of Knowledge in Planning
Bitcoin…is finest understood using the conceptual lens of the Catallaxy: people in Bitcoin spontaneously sort a decentralized monetary and financial ecosystem, collectively deciding on Bitcoin as a medium of alternate and retailer of value. Bitcoin is…an irrefutable demonstration of spontaneous order in movement.
Cryptocurrency is a perfect occasion of catallaxy and of a therapy for its polar reverse: central planning. The opposites are at wrestle, of course.
The thought of “catallaxy” is rather like that of “spontaneous order,” nonetheless the latter thought will likely be broadly utilized to most areas of life. Catallaxy applies notably to how monetary order emerges in a system by manner of the uncoordinated and varied actions of individuals who pursue their very personal self-interests. The social theorist…