Why Bitcoin Infrastructure Matters A Great Deal

The Dot Com Boom of the 1990s led me out of the Royal Air Force and into software. If I was to be an engineer at a desk not on an airfield, why not be at a desk in the private sector during a boom and make some real money?

The boom promptly turned to bust during my MSc in computer science at Oxford. Friends and I discussed how such a massive misdirection of effort and misallocation of capital could have happened among so many people. One handed me Ludwig von Mises' "The Causes of the Economic Crisis and Other Essays Before and After the Great Depression": I discovered the monetary theory of the trade cycle and Austrian School economics more broadly.

Mises’ work, and Hayek’s less well-known monetary scholarship, provided a coherent and consistent explanation for the misdirection of so much entrepreneurship. Excessively cheap credit, disconnected from real savings, creates the impression that capital is more abundant than is truly the case: the resulting boom must turn to bust.

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