The Bitcoin Standard – The Decentralized Alternative to Central Banking : [PDF Download]

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“Government control of money has turned money from being the reward for producing value to the reward for obedience to government officials. It is impractical for anyone to develop wealth in government money without government acceptance.

Government can confiscate money from the banking monopolies it controls, inflate the currency to devalue holders’ wealth and reward it to the most loyal of its subjects, impose draconian taxes and punish those who avoid them, and even confiscate bills.

Whereas in Austrian economist Menger’s time the criteria for determining what is the best money revolved around understanding salability and what the market would choose as money, in the twentieth century, government control of money has meant a new and very important criterion being added to salability, and that is the salability of money according to the will of its holder and not some other party.

Combining these criteria together formulates a complete understanding of the term sound money as the money that is chosen by the market freely and the money completely under the control of the person who earned it legitimately on the free market and not any other third party.”

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