Bitcoin, a private rule of law to protect the freedom and property of consumers

Adriano Diaz

No 5dv9s, SocArXiv from Center for Open Science

Abstract: Deflation represents an increase in consumer wealth through postponed consumption decisions. State-imposed "monetary policies" not only expropriate this increase in wealth attributed to deflation (a fiscal motive) but also penalize consumers for postponing their consumption of goods and services (a form of social engineering). Consequently, there is a shortfall in the state's legal frameworks adequately protecting consumer freedom and property rights. In response, the Bitcoin network has emerged as a private currency governed by a distinct legal framework rooted in proof-of-work. Consumers holding Bitcoin benefit from the economic advantages of global deflation-advantages often usurped by central banks-and experience enhanced freedom to delay consumption, navigating their life paths free from the constraints of social engineering. Thus, Bitcoin contributes value by addressing the shortfall in state legal systems that safeguard consumer freedom and property rights

Date: 2024-10-30
New Economics Papers: this item is included in nep-ban, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://osf.io/download/67206f4d71e42d2264115049/

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:5dv9s

DOI: 10.31219/osf.io/5dv9s

Access Statistics for this paper

More papers in SocArXiv from Center for Open Science
Bibliographic data for series maintained by OSF ().