Translated by SB3

يصلح البتكوين هذا، أعظم وأصدق ميم جاء به مجتمع البتكوين. لم يكن ظهور البتكوين مستقلًّا عن بقية أركان المجتمع، لأن أعمدة المجتمع وعوامل الاقتصاد مترابطة. تقترح نظريتي أن المال أو *الشبكات المالية* ليست نظام تشغيل لمستويات الاقتصاد الكلية والجزئية فقط، بل وهي نظام تشغيل الحضارة كلها. المال وحدة حساب، ومقياس للقيمة التي نقدمها لإخوتنا وأخواتنا في مجتمعنا، وهو أداة الحساب الاقتصادي، التي تتيح لمستعملي الشبكة المالية المذكورة أن يخططوا مواردهم المالية ومن ثم حيواتهم الاقتصادية والاجتماعية، وهو بعد ذلك كله، مخزن للقيمة، وبهذا المعنى فهو واحد من «حقوق الإنسان الأساسية» القليلة جدًّا. يعمل الأفراد المنتجون ساعات لينتجوا…


“Bitcoin fixes this” is the greatest and most truthful meme to come out of the Bitcoin community. The emergence of Bitcoin does not exist in isolation. All the pillars of society and all the factors of the economy are interconnected. My very own thesis suggests that money or *monetary networks* can serve as the operating system of not only the micro and macro levels of the economy but the civilization as a whole. Money is a unit of account; it is the measurement of the value we provide to our brothers and sisters in our community (economy). Money serves as…


While discussing the ruling System of the Monarchy on Al3a podcast, we briefly talk about the idea of class consciousness under the Royalist rule. The obvious two classes back in the day of the Monarchy everywhere in the world and throughout history, were the peasants and the aristocrats. It had always been the case of people against rulers, and somehow, the class consciousness was understood by both parties similarly and this kept the rulers in check, rather than being completely off the hook, which is almost always the case in the current form of government based on republicanism. In a…


Government subsidies, which are highly supported by the fiat monetary system, play a not so apparent but nonetheless significant role in increasing society’s time preference and in de-civilizing it by shifting its voluntary decision making.

Government Subsidies

Subsidies play a huge role in shifting society’s time preference but also its consumption preference as a whole. Whenever people make a consumption decision, this decision is always based on quality in comparison to price. It is a value for cost type of calculation. Consumption is always based on subjective needs. A specific product could serve you now at this right moment more…


From Late 2019 until 2020 was probably the worst period for the Lebanese banking sector since the 90s, after the end of the 15 years long civil war. What led us to this grand collapse, that almost every Lebanese person, local or diaspora, is suffering from? It was actually the result of multiple events and the accumulation of many bad policies from the 2000s up until today. The Lebanese pound is a dollar pegged currency; this peg survived based on the existing dollar reserves in the economy. However, the reserve was not a 1:1 ratio but rather a fractional based…


NgU or “Number Go Up” is a catch phrase, which I believe was coined by Pierre Rochard, and the Bitcoin community on Social media has been using it for all sorts of purposes. “Bitcoin is the world’s most advanced NgU technology.” Tweeted Pierre Rochard on May 7, 2020. This is to say that not only that newcomers drive the number to go up, but also the number going up attracts newcomers. In simple terms NgU leads to Fomo (fear of missing out). And NgU is a constant feature of Bitcoin.

What is the “Number” in Lebanon

Number go Up in…


Interventionist policies, which are highly supported by the fiat monetary system, play a not so apparent but nonetheless significant role in increasing society’s time preference and in de-civilizing it by shifting its voluntary decision making.

Interest Rates Manipulation

One of the biggest government market intervention tools is interest rate manipulation, which is also an inflationary/deflationary tool. To understand how government using artificial interest rates to alter with the natural time preference of society, one must first understand the relationship between the two, time preference and interest rates. Time preference is simply the valuation put on receiving a specific good at…


Cattle used as money by the Egyptians

“Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence” — Carl Menger, Principles of Economics.

The Theory of The Goods

In his book “Principles of Economics”, Carl Menger explains different economic theories that serve as a base in understanding the key factors that go into every economic act. Before we dig deep into the Theory of Money, it is important to understand Carl Menger’s Theory of The Goods. Carl Menger talks about the cause of the progress of Human welfare…


Introduction

In my previous article titled “Bitcoin Adoption In Lebanon”, I briefly go through all the factors that could enable the mass Lebanese adoption of Bitcoin, starting with how people in a country like Lebanon perceive Bitcoin, what are the common questions that people ask and what are the problems people are solving with this cryptocurrency. In Lebanon, the idea of Bitcoin makes sense now more than ever, many have recently got into it, it is still far from going through a population wide type of adoption but the problems are there and they are being solved using Bitcoin. …


Cedar wood is the oldest medium of exchange in Lebanon (The Cannaanite Era)

Introduction

When we look at how Bitcoin emerged in all different countries of the world, we realize that this emergence was always based on different unique needs. Even within one country people became interested in bitcoin for different reasons. As well as, our perception of why Bitcoin is important changed with time. PlanB in his S2FX article talks about all the different phases Bitcoin went through since its inception. In the early days of Bitcoin, Tech savvy professionals valued bitcoin as an E-Cash proof of concept, later on people started looking at it as a cheap payment network and it…

Thomas Semaan

Hard Money, Bitcoin, Lebanon, Austrian Econ, History, Hodler

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store