Summary of Erik Townsend's Beyond Blockchain

By IRB Media

Get the Summary of Erik Townsend's Beyond Blockchain: The Death of the Dollar and the Rise of Digital Currency in 20 minutes. Please note: This is a summary & not the original book.Original book introduction: The cryptocurrency trend of the past few years has continued to grow despite widespread predictions that it would just be a flash in the pan. Blockchain is suddenly everyone’s favorite buzzword. But what if there’s more to this story than meets the eye? What if Digital Currency is about to change the world in ways beyond our imagination? And what if geopolitical forces our politicians don’t even understand have already inspired China and Russia to use Digital Currency to attack the U.S. Dollar’s dominance over the global financial system?

The Dollar has served as the world’s reserve currency since 1944, and the fringe benefits have allowed the U.S. Government to borrow and spend beyond its means and run massive trade deficits for decades. Now China and Russia suddenly have a new lever to use which could upset the global balance of power. Who would have guessed that technology breakthroughs conceived by the inventors of cryptocurrency would hand China and Russia just the weapon they needed to attack the Dollar’s rule over the global economy?

• Language: English
• Publisher: IRB Media
• Release date: Nov 19, 2021
• ISBN: 9781638157168

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Erik Townsend's Beyond Blockchain

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 15

Insights from Chapter 16

Insights from Chapter 17

Insights from Chapter 18

Insights from Chapter 19

Insights from Chapter 20

Insights from Chapter 21

Insights from Chapter 22

Insights from Chapter 23

Insights from Chapter 24

Insights from Chapter 25

Insights from Chapter 26

Insights from Chapter 1

#1

Money is something that is used every day by everyone. Yet, many people still do not know what money is, and cannot answer even the most basic questions about it.

#2

Money must be able to store value and preserve its purchasing power. Inflation erodes the value of money, as measured by its ability to buy other goods and services.

#3

Throughout history, humans have used different types of money: commodity money, representative money, and fiat money. Commodity money is the most ancient form of money, representing the value of a good or service. Fiat money is currency that has no intrinsic value and is backed by the government.

#4

Gold and silver have been used as money for so long because they are durable and can be trusted as a store of value.

#5

Representative money is a form of commodity money. It was invented so that merchants could easily accept payment in the form of banknotes, which were essentially pieces of paper that represented a claim on a gold or silver bullion coin.

#6

The US dollar is a representative money system that uses a gold standard. Under a gold standard, the government can print as many paper money units as they want, but they must be backed by actual gold or silver bullion in a vault.

#7

Keynesian economists assert that the gold standard is the main cause of the Great Depression, because it renders the government helpless to increase the money supply in times of deflation.

#8

While most people