The Story of Bitcoin

"At first, prices rise and people realise the abnormality and postpone purchases. The demand for money increases but inflation continues to rise. People start buying now with the realisation that their purchasing power is likely to continue depreciating. As a result, the demand for money falls and prices yet continue to rise. The government steps in to relieve the money shortage caused by the accelerated price rises, inflating even further. Soon, people stop saving and start buying more since money continues to depreciate - the supply of money skyrockets and demand plummets. Production falls sharply. The monetary system has, in effect, broken down completely, and the economy reverts to other moneys" (Rothbard, 1963) - Bitcoin.

註釋

Rothbard, M., 1963. What has the government done to our money?. Auburn, AL: LvMI.