04 Oct '12, 3pm

Bitcoin Prevents Monetary Tyranny

Bitcoin Prevents Monetary Tyranny

But you see Jon, transaction COSTs are not the same thing as transaction FEEs. The latter is only a subset of the former. Transaction costs also include any obstacle the state puts in place to prevent free trade. Carl Menger realised this 140 years ago in Principles of Economics: But it is not easy to find an actual case in which an exchange operation can be performed without any economic sacrifices at all, even if they are confined only to the loss of time. Freight costs, loading charges, tolls, excise taxes, premiums for marine and other insurance, costs of correspondence, commissions and other sales costs, brokerage charges, weighages, packaging costs, storage charges, the entire cost of the commercial banking system, even the expenses of traders and all their employees, etc., are nothing but the various economic sacrifices which are required for the conduct of exchange...

Full article: http://www.forbes.com/sites/jonmatonis/2012/10/04/bitcoin...

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