Yorick de Mombynes
@ydemombynes
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🇫🇷 Senior Public Auditor @Courdescomptes (conseiller référendaire) - Ex-advisor to French PM @FrancoisFillon - Austrian Economics - #Bitcoin
Paris, France
Joined June 2009
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L'école autrichienne aide à comprendre les qualités de potentielle "sound money" du
#bitcoin
mais aussi les défis qu’il lui reste à surmonter pour devenir concrètement une véritable monnaie
Mon article dans la revue des anciens de
@Polytechnique
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27
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"Saving is essential for us as a civilization. And what fiat did is it took that away from us. And then it forced everybody to become an investor or, more accurately, a gambler".
@saifedean
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To Borrow Never Dies
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#Bitcoin
= 2 éléments révolutionnaires:
- un réseau de paiement pour stocker et échanger de la valeur sans tiers de confiance, de manière sécurisée, incensurable et programmable
- un système monétaire au régime d'émission prévisible et désinflationniste
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1. "Bitcoin can be best understood as distributed software that allows for transfer of value using a currency protected from unexpected inflation without relying on trusted third parties"
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Une pensée pour les détracteurs de
#Bitcoin
qui, après avoir passé une bien triste année à se tromper sur toute la ligne, se font maintenant éparpiller façon puzzle par un
@StachAlex
déchaîné
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Le
#bitcoin
est la monnaie de la "société ouverte" au sens de Karl Popper. Il dérange parce qu'il est une monnaie libre. Il est intolérable pour les sceptiques de la liberté
Mon analyse pour
@LaTribune
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4. "I like to call this the easy money trap: anything used as a store of value will have its supply increased, and anything whose supply can be easily increased will destroy the wealth of those who used it as a store of value"
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Et si on encadrait les influenceurs anti-cryptos ?
Depuis des années, des personnalités affirment sur les réseaux sociaux que Bitcoin est un Ponzi, ce qui est factuellement faux.
Combien ces influenceurs irresponsables ont-ils fait perdre à ceux qui croient leurs mensonges ?
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I have changed my mind after reading the book
It is mainly pompous, narcissistic and superficial verbiage
Complex emergent bullshit, abstract platitudes projection😜
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5. "For something to assume a monetary role, it has to be costly to produce, otherwise the temptation to make money on the cheap will destroy the wealth of the savers, and destroy the incentive anyone has to save in this medium"
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My 140 favorite quotes from The Ethics of Money Production (2008), by Jörg Guido Hülsmann
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2. "While Bitcoin is a new invention of the digital age, the problems it purports to solve - namely, providing a form of money that is under the full command of its owner and likely to hold its value in the long run - are as old as human society itself"
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3. "People’s choices are subjective, and so there is no “right” and “wrong” choice of money. There are, however, consequences to choices"
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Rappel : un Ponzi ne peut fonctionner que si son mécanisme interne est secret
Dans Bitcoin :
- le logiciel est open source
- les transactions sont publiques
- le registre est public
- le régime d'émission est auditable sans coût et instantanément
Bitcoin n'est pas un Ponzi
Et si on encadrait les influenceurs anti-cryptos ?
Depuis des années, des personnalités affirment sur les réseaux sociaux que Bitcoin est un Ponzi, ce qui est factuellement faux.
Combien ces influenceurs irresponsables ont-ils fait perdre à ceux qui croient leurs mensonges ?
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8. "Human civilization flourished in times and places where sound money was widely adopted, while unsound money all too frequently coincided with civilizational decline and societal collapse"
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10. "History shows it is not possible to insulate yourself from the consequences of others holding money that is harder than yours"
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IMO The Fiat Standard is an even more astonishing book than The Bitcoin Standard. It unveils economic, social and cultural phenomena that we have had right under our noses for decades but have never bothered to question
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Les "cryptos" sont des projets financiers.
#Bitcoin
est un projet de société. Ne les confondons pas !
Le problème n'est pas de savoir si Bitcoin a échoué mais de comprendre pourquoi il est toujours en vie malgré l'hostilité générale qu'il subit
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14. "With the simple suspension of gold redeemability, governments’ war efforts were no longer limited to the money that they had in their own treasuries, but extended virtually to the entire wealth of the population"
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19. "Hyperinflation is a form of economic disaster unique to government money. There was never an example of hyperinflation with economies that operated a gold or silver standard"
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39. “The fact that central banks continue to hold onto their gold, and have even started increasing their reserves, testifies to the confidence they have in their own currencies in the long term”
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6. "The monetary media that survived for longest are the ones that had very reliable mechanisms for restricting their supply growth - in other words, hard money"
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Claire a fait preuve de rationalité, de dignité, de sang-froid et d'honnêteté,... qualités qui n'étaient pas les plus répandues sur ce plateau ce matin
via
@bitcoinpointfr
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13. "Government money is similar to primitive forms of money and commodities other than gold: it is liable to having its supply increased quickly compared to its stock, leading to a quick loss of salability, destruction of purchasing power, and impoverishment of its holders"
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26. “It is ironic, and very telling, that in the era of government money, governments themselves own far more gold in their official reserves than they did under the international gold standard of 1871–1914”
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#Bitcoin
is the currency of the "open society" in the sense of the philosopher Karl Popper. It disturbs because it is a free currency. It is intolerable for skeptics of freedom
Thanks to
@BitcoinMagazine
for publishing my article
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9. "Whether in Rome, Constantinople, Florence, or Venice, history shows that a sound monetary standard is a necessary prerequisite for human flourishing, without which society stands on the precipice of barbarism and destruction"
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24. “The constantly increasing supply means a continuous devaluation of the
currency, expropriating the wealth of the holders to benefit those who print
the currency, and those who receive it earliest. This is termed the Cantillon
Effect”
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17. "All spending is spending, in the naive economics of Keynesians, and so it matters not if that spending comes from individuals feeding their families or governments murdering foreigners: it all counts in aggregate demand and it all reduces unemployment!"
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11. "Some of the most important technological, medical, economic, and artistic human achievements were invented during the era of the gold standard, which partly explains why it was known as la Belle Epoque, or the beautiful era, across Europe"
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20. "With government money, whose cost of production tends to zero, it has become quite possible for an entire society to witness all of its savings in the form of money disappear in the space of a few months or even weeks"
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48. “Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt-fueled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration”
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#Bitcoin
is for criminals ? True
Everything we do is or has been considered as a crime in some jurisdiction of the world
@giacomozucco
, excellent, as always
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29. “Sound money is an essential requirement for individual freedom from despotism and repression, as the ability of a coercive state to create money can give it undue power over its subjects, power which by its very nature will attract the least worthy, and most immoral”
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Si seulement il existait un système de cash numérique pair-à-pair pour remplacer le cash physique dont la disparition est inéluctable
Il faut défendre le cash : c’est le dernier espace de liberté qui reste. Et le programme est clairement de l’éradiquer.
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25. “Whether it’s because of downright graft, “national emergency,” or an infestation of inflationist schools of economics, government will always find a reason and a way to print more money, expanding government power while reducing the wealth of the currency holders”
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30. “Sound money is a prime factor in determining individual time preference, an enormously important and widely neglected aspect of individual decision making. Time preference refers to the ratio at which individuals value the
present compared to the future”
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Est-ce un hasard si l'Etat en pointe en matière de monnaie numérique de banque centrale est un Etat totalitaire ?...
J'ai soulevé cette question lors du
@CryptoFinForum
de l'
@adan_asso
#MNBC
#MDBC
#Bitcoin
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Nothing to see here…
Just a pro-Bitcoin African president (PhD in mathematics) quoting a paper by two French mathematicians,
@rperezmarco
&
@CGrunspan
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22. "Even if the textbooks were correct about the benefits of government management of the money supply, the damage from one episode of hyperinflation anywhere in the world far outweighs them"
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12. "World War I saw the end of the era of monetary media being the choice decided by the free market, and the beginning of the era of government money"
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21. "Hyperinflation is a far more pernicious phenomenon than just the loss of a lot of economic value by a lot of people; it constitutes a complete breakdown of the structure of economic production of a society built up over centuries and millennia"
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18. "In essence, Bretton Woods attempted to achieve through central planning what the international gold standard of the nineteenth century had achieved spontaneously"
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16. "The cause of the Great Crash of 1929 was the diversion away from the gold standard in the post-WWI years, and the deepening of the Depression was caused by government control and socialization of the economy in the Hoover and FDR years"
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15. "Had European nations remained on the gold standard, or had the people of Europe held their own gold in their own hands […], history might have been different. It is likely that WorldWar I would have been settled militarily within a few months of conflict"
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7. "The choice of what makes the best money has always been determined by the technological realities of societies shaping the salability of different goods"
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27. “A sound money makes service valuable to others the only avenue open for prosperity to anyone, thus concentrating society’s efforts on production, cooperation, capital accumulation, and trade”
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Seule fois de ma vie où j’ai acheté cette publication
Next time: 100K
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Du véritable journalisme:
- compétent
- sans biais idéologique
- sans conflit d’intérêt
Chapeau,
@cfievet
@Clubic
#PreuveDeTravail
#Bitcoin
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33. “The better the money is at holding its value, the more it incentivizes people to delay consumption and instead dedicate resources for production in the future, leading to capital accumulation and improvement of living standards”
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23. "Hanke and Bushnell have been able to verify 57 episodes of hyperinflation in history, only one of which occurred before the era of monetary nationalism, and that was the inflation in France in 1795, in the wake of the Mississippi Bubble"
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Si
#Bitcoin
était explicable et compréhensible en 5mn, il vaudrait zéro euro ou un million d'euros : chacun aurait compris qu'il est une illusion... ou chacun aurait compris qu'il est une invention prodigieuse que rien ne pourra arrêter
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32. “Microeconomics has focused on transactions between individuals, and macroeconomics on the role of government in the economy ; [...] the most important economic decisions to any individual’s well-being are the ones they conduct in their trade-offs with their future self”
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28. “The twentieth century was the century of unsound money and the omnipotent state, as a market choice in money was denied by government diktat, and government-issued paper money was forced on people with the threat of violence”
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Les auteurs se ridiculisent quand ils parlent de technique (par exemple en affirmant que Bitcoin ne peut passer à l’échelle; quid du Lightning Network?) mais ils ont compris l’essentiel: Bitcoin signifie la fin de la politique monétaire. Libre à eux de s’en lamenter…
Bravo au Monde d'avoir ouvert ses colonnes au texte le plus stupide jamais publié sur le
#Bitcoin
, entre contresens, mauvaise foi et ignorance crasse, tout y est ! À lire juste pour pouffer de rire.
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735
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J’ai tellement apprécié cette série documentaire sur
#Bitcoin
que je me suis glissé dans quelques-uns de ses épisodes, pour y rejoindre notamment les amis
@ClaireBalva
,
@sajidazouarhi
et
@jfavier92300
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La fonction publique représente 20 % de l’emploi total en France. Ses effectifs ont augmenté de 23% depuis 1996.
Horrible dérive néolibérale…
Les effectifs de la fonction publique ont augmenté de 0,2 % en 2021 (+ 14 000) hors emplois aidés selon l'Insee ; lisez la fiche de FIPECO pour savoir l'essentiel sur l'emploi public
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I just published Pourquoi Bitcoin ? Qu’est-ce que Bitcoin ?
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But Bitcoin wastes energy 😁
A million LEDs spent to add a starry sky and a canoe to an ATM.
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La monnaie est, par essence, non politique. Sa politisation rapide au cours de l'histoire a eu des conséquences désastreuses pour la civilisation.
#Bitcoin
offre une occasion historique de la dépolitiser.
Texte de mon talk à
@SurfinBitcoin
2022.
@kesselfr
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51. “As H. L. Mencken put it: “Every election is an advanced auction on stolen goods””
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Les libéraux qui snobent
#Bitcoin
prennent le risque de passer à côté de la principale avancée en faveur de la liberté depuis la chute de l'URSS.
J'explique pourquoi dans cette conférence au 11ème Weekend de la Liberté du
@CercleBastiat
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Pédagogie
#Bitcoin
idéale pour :
- enfants de 3 à 10 ans
- banquiers
- journalistes
- politiciens
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36. “What matters in money is its purchasing power, not its quantity, and as such, any quantity of money is enough to fulfil the monetary functions, as long as it is divisible and groupable enough to satisfy holders’ transaction and storage needs”
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Thanks to the most uncompromising, structured and eloquent
#Bitcoin
toxic maximalist :
@saifedean
#ThankAMaxi
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47. “It is an ironic sign of the depth of modern-day economic ignorance fomented by Keynesian economics that capitalism - an economic system based on capital accumulation from saving - is blamed for unleashing conspicuous consumption - the
exact opposite of capital accumulation”
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Incroyable projet :
@DecouvreBitcoin
accompagne le gouvernement salvadorien à installer un noeud Bitcoin/Lightning, un ATM et des outils pédagogiques dans chacune des 6 000 écoles du pays
Bravo
@Rogzy_DB
!
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The debate on
#Bitcoin
is not fair. Those who are not in favor of the separation of money and State have unlimited power of influence and disinformation, and there is no reason why they should refrain from using it, as I mentioned at
#PBWS22
@PBWSummit
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Quel feu d’artifice!
@StachAlex
, l’Attila des poncifs. Là où il passe, ils ne repoussent pas
Bitcoin : quelle est son utilité sociale ?
👉 A quoi sert le Bitcoin ? D'après Alexandre Stachtchenko, il ne sert à rien... enfin presque 😉
💬
@StachAlex
279
1K
3K
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49. “The only cause of economic growth in the first place is delayed gratification, saving, and investment, which extend the length of the production cycle and increase the productivity of the methods of production, leading to better standards of living”
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Les
#MNBC
constituent de potentiels instruments totalitaires
Elles vont vont considérablement renforcer le pouvoir de la puissance publique sur les individus et l'économie
L'absence complète de débat démocratique sur ce sujet est anormale
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35. “Civilizations prosper under a sound monetary system, but disintegrate when their monetary systems are debased, as was the case with the Romans, the Byzantines, and modern European societies”
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Magnifique texte de
@StachAlex
à transférer à tous ceux qui sont attachés à la fois à l'environnement et à la rationalité
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How charlatan academics publish fabricated nonsense that influence dumb journalists and provide justification for cynical and punitive anti-crypto policymaking
Great piece by
@nic__carter
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#Bitcoin
est la principale avancée en faveur de la liberté depuis la chute de l'URSS.
La monnaie est devenue un instrument d'asservissement. Bitcoin est un outil de libération.
Mon intervention au Free Market Road Show organisé à Paris par
@irefeurope
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Présentation non technique du
#LightningNetwork
Ma contribution pour
@Instit_Sapiens
#Bitcoin
⚡️⚡️⚡️
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Before a new crypto-epic year, good to reread
@NickSzabo4
: «
#Bitcoin
is not a list of cryptographic features, it's a very complex system of interacting mathematics and protocols in pursuit of what was a very unpopular goal »
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45. “Only a high-time-preference disciple of Keynes could fail to understand that this “ourselves” is not one homogeneous blob but is differentiated into several generations -namely, the current ones which consume recklessly at the expense of future ones”
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38. “Had government money been a superior unit of account and store of value, it would not need government legal tender laws to enforce it, nor would governments worldwide have had to confiscate large quantities of gold and continue to hold them in their central bank reserves”
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Les élites, souvent prisonnières de modèles mentaux périmés en matière de monnaie et de technologie, ne comprennent toujours rien aux cryptos et à
#Bitcoin
. Elles accumulent contresens et fausses priorités
Emission complète :
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