Newtonian Money in the Ergosphere

This essay talks about Bitcoin a lot, but it is not about Bitcoin per se, that is merely the technology that first illuminated the problem I’m addressing. Bitcoin could crash and burn tomorrow and it would not change the analysis here: it is a placeholder for any decentralized “virtual” currency. Similarly I will be using Gold as a placeholder for all non-fiat currencies that might be proposed: after all, many people propose switching to a gold standard, no one proposes switching to an iron or coca bean standard despite those having been mediums of exchange at one time or another.
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