I just ran a 3-hour workshop on business model design for a startup accelerator here in Nashville. I volunteer once or twice a year, and have for over a decade. These are earnest, devoted entrepreneurs. But it’s impossible not to see how, increasingly, their presumed paths to success hinge on government funding or related programs.

It’s yet another way in which the State intermediates itself into markets, interfering with their function and distorting their signals.

A Bitcoin standard fixes this.