Bitcoin is the trustless, monetary foundation of human civilization. However, scaling human co-operation rests upon trustful, UNENFORCEABLE covenants known as *contracts*.
A *company* is a nexus of certain contracts.
Thread of interesting papers on contracts and the firm. ๐งต๐
Why does Caliber matter?
Do you understand why the foundations of civilization and economic productivity are built upon both capital AND contracts (the latter often needing to be the real world type that cannot be cryptographically enforced), not simply capital alone?
Allowing Government Contractors to enter into long term agreements stipulating value of payment partially denominated in bitcoin would require US Gov to buy bitcoin ahead of time in the exact amount needed to fulfill the contract to be perfectly budget neutral. Cost-plus can end.
"The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers. ย However, the United States Government shall not acquire additional Stockpile Assets other than in connection with criminal or civil asset forfeiture proceedings or in satisfaction of any civil money penalty imposed by any agency without further executive or legislative action." https://t.co/yy7JDYGiLA
Bitcoin is the trustless, monetary foundation of human civilization. However, scaling human co-operation rests upon trustful, UNENFORCEABLE covenants known as *contracts*.
A *company* is a nexus of certain contracts.
Thread of interesting papers on contracts and the firm. ๐งต๐