Bitcoin Book Monetary Revolution – Bitcoin Magazine: Bitcoin News, Articles, Charts and Guides
With an ever-increasing number of Bitcoin books being published, choosing which book to read next can be difficult. âThe 7th Property: Bitcoin and the Monetary Revolutionâ by Eric Yakes guides readers through a wide range of Bitcoin-related topics, turning seemingly complex topics such as Merkle’s roots and the mining algorithm into topics very accessible using efficient graphics and analogies. Whether you are looking to learn more about the history of money, the centralization of money and banking, or how Bitcoin actually works on a deeper level, “The 7th Property” has something for everyone. .
Yakes begins by traversing monetary history, using recent historical examples to describe commonly cited properties of money. He then plunges into the historical tendency to centralize money. Over the centuries, society has continually traded trust for efficiency in money. Ultimately, these compromises led humanity to the central bank, which Yakes says is the mother of all moral hazard. While the traditionally cited properties of money – scarcity, durability, acceptability, portability, fungibility, divisibility – were effective for most of monetary history, Yakes introduced a seventh vital property: immutability. It defines immutability as the decentralized production and storage of money and shows how this seventh property has been eroded time and time again. In Yakes’ own words: âIf the company can reclaim this property without sacrificing efficiency, this will be the next key step in the evolution of silver development.
As it progresses into the modern form of money (i.e. fiat money), the book delves into all aspects of central banking. Yakes explains how and why central banks were created, their tendency towards increasing centralization, and the cycles created by central banks. He then goes into detail about the biggest central bank of all: the Federal Reserve. Rather than a high-level snapshot that seasoned Bitcoiners have repeatedly seen, âThe 7th Propertyâ takes a more granular approach by digging deeper into the Federal Reserve’s governance, structure, profit model, and incentives. Filled with various golden nuggets of information, one of the most mind-boggling facts about the book is that the Federal Reserve is both the world’s most profitable âcompanyâ and the largest asset manager. Whether you subscribe to a more inflationary or deflationary worldview, the very level of bad investment and moral hazard created by the Federal Reserve system is clear after reading this book.
The first seven chapters set the scene for the need for a monetary revolution. Centuries of increasing centralization of money at the expense of immutability have finally led to the monster of global manipulation and bad investment that is the Federal Reserve. The rest of âThe 7th Propertyâ is an in-depth discussion of Bitcoin: where it came from, how it works, and, of course, its monetary properties. Yakes does a masterful job of putting complex topics in layman’s terms. While many Bitcoin books provide a high-level overview of Bitcoin, Yakes goes much further, discussing how hashing, Merkle roots, and elliptical curves work while providing a high-level summary of the most important Bitcoin concepts. As such, âThe 7th Propertyâ is a fantastic book for newbie and veteran Bitcoiners. As someone who had read many Bitcoin books before this one, âThe 7th Propertyâ gave me a better understanding and appreciation of the technical details of Satoshi’s design and the problems it solves.
âThe 7th Property: Bitcoin and the Monetary Revolutionâ is a very well-researched book encompassing monetary history, the Austrian economy, the central bank, modern monetary policy, Bitcoin, the Lightning Network and much more. If you enjoy learning more about any of these topics, you can rest assured that Yakes will bring new knowledge and ideas with this book. Filled with useful graphics, powerful analogies, and more quotes from Mike Tyson than you might think, âThe 7th Propertyâ is a must read for Bitcoiners of all skill levels.
This is a guest article by Mitch Klee. The opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.