People almost always say that they would like to have as much money as possible. But what they really want is more than just more monetary units—ounces of gold or “dollars.” People strive to have more efficient units, that is, they would like to be able to purchase more goods and services with money. We have seen that society cannot satisfy its demand for more money by increasing its supply, since the increased supply will simply dilute the effectiveness of each ounce, and the "abundance of money" will be no greater than before. The standard of living cannot be increased by increasing gold mining (we do not now take into account the non-monetary use of gold). If people want more efficient ounces of gold in their cash balances, they can only do so by lowering prices and making each ounce more efficient.

#bitcoin
#money