1/ Property rights as they are commonly understood were necessary to provide an expectation of exclusive control for rivalrous resources. They require an apparatus of coercion to exist - typically, but not necessarily, the state.
-
Show this thread
-
2/ Without the expectation of exclusive control there can be no capital formation and therefore no civilization. That's why the institution of property rights developed.
1 reply 5 retweets 26 likesShow this thread -
3/ Bitcoin provides, for the first time in history, the expectation of exclusive control WITHOUT requiring an apparatus of coercion. In a way, it provides a sort of "super property right".
5 replies 19 retweets 83 likesShow this thread -
4/ Imagine a physical good that had a force-shield around it so only the person who owned it could control it. That's what Bitcoin provides in the realm of money.
5 replies 11 retweets 53 likesShow this thread
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.