The broken incentives driven by fiat money props up large corporations, keeping workers unproductive and stifling entrepreneurial innovation.
This is an opinion editorial by Jimmy Song, a Bitcoin developer, educator and entrepreneur and programmer with over 20 years of experience.
In the last essay, I covered how fiat money ruins individual incentives. The lack of savings vehicles and the availability of debt create a potent mix of terrible incentives at the individual level. Lack of savings vehicles mean that individuals have to work to keep any value they have and the availability of debt means that they can bring forward a lot of consumption.
The result is a lot of people who consume and relatively few productive people who save.
Why Companies?
One level higher from the individual level is the company level. We used to be organized into families and tribes. Nowadays, we’re organized into companies, which are very debased versions. Companies are artificial and don’t have anywhere ne
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