As it progresses in direction of the trendy type of cash (i.e., fiat cash), the e-book dives into all elements of central banking. Yakes covers how and why central banks had been established, their development in direction of rising centralization, and the cycles created by central banking. He then goes into nice element concerning the largest central financial institution of all of them: the Federal Reserve. Rather than a excessive-degree overview that seasoned Bitcoiners have seen many instances, “The 7th Property” takes a extra granular strategy by going deep into the Federal Reserve’s governance, construction, revenue mannequin, and incentives. Filled with numerous gold nuggets of knowledge, probably the most thoughts-blowing info from the e-book is that the Federal Reserve is each the world’s most worthwhile “company” and largest asset supervisor. Regardless of whether or not you subscribe to a extra inflationary or deflationary worldview, the sheer degree of malinvestment and ethical hazard created by the Federal Reserve system is crystal clear after studying this e-book.
The first seven chapters set the scene of the necessity for a financial revolution. Centuries of accelerating centralization of cash on the expense of immutability in the end led to the behemoth of world manipulation and malinvestment that is the Federal Reserve. The the rest of “The 7th Property” is a radical dialogue of Bitcoin: the place it got here from, the way it works, and, after all, its financial properties. Yakes does a masterful job of placing advanced matters into layman’s phrases. While many Bitcoin books present a excessive degree overview of Bitcoin, Yakes goes far deeper, moving into how hashing, Merkle roots, and elliptic curves work whereas nonetheless offering a excessive-degree abstract of an important Bitcoin ideas. As such, “The 7th Property” is a improbable e-book for each entry-degree and veteran Bitcoiners alike. As somebody who had learn many Bitcoin books earlier than this one, “The 7th Property” offered me with a a lot deeper understanding of and appreciation for the technical particulars of Satoshi’s design and the issues it solves.
“The 7th Property: Bitcoin and the Monetary Revolution” is a totally-researched e-book encompassing financial historical past, Austrian economics, central banking, fashionable financial coverage, Bitcoin, the Lightning Network and rather more. If you take pleasure in studying about any of those matters, you may relaxation assured Yakes will ship new data and insights with this e-book. Filled with useful graphics, potent analogies, and extra Mike Tyson quotes than you knew existed, “The 7th Property” is a should-learn for Bitcoiners of all ranges.
This is a visitor publish by Mitch Klee. Opinions expressed are completely their personal and don’t essentially mirror these of BTC, Inc. or Bitcoin Magazine.
