For those of you who are not familiar with Friedrich Hayek we think this is a great video to introduce you to him. FA Hayek was an economist and philosopher who had the honor of sharing the 1974 Nobel Prize in Economics with Gunnar Myrdal. The duo were awarded the Nobel Prize for their work in the theory of money. Hayek had some truly ground breaking ideas that set the stage for our current day digital asset ecosystem.
In this video FA Hayek discusses that law, language and money, the three paradigms of spontaneous government institutions have had very different life cycles. While law and language were allowed to develop from their initial forms into their current states, money was halted and frozen in its most primitive, original form. Money was initially formed as physical coins, a form of money that we still use today. At the time of this recording, Bitcoin and cryptocurrencies did not exist. Hayek goes on to predict the way in which he felt money would need to be experimented with in order to develop. That prediction turned out to be incredibly accurate, from the idea of creating and "opening accounts in something" to the "sly, roundabout way" Bitcoin was able to be introduced to the world in a way that can not be stopped.
Great economists like FA Hayek provided the time tested concepts that underpin the work we're doing at Ampleforth. To dig deeper into our protocol please consider checking out our website and whitepaper. Stay up to date by following our Twitter or joining our Telegram!