The only definition of rationality that I found that is practically, empirically, and mathematically rigorous is that of survival –and indeed, unlike the modern theories by psychosophasters, it maps to the classics. Anything that hinders one’s survival at an individual, collective, tribal, or general level is deemed irrational.
My strategy in the post is to build Bitcoin up in stages. I’ll begin by explaining a very simple digital currency, based on ideas that are almost obvious. We’ll call that currency Infocoin, to distinguish it from Bitcoin. Of course, our first version of Infocoin will have many deficiencies, and so we’ll go through several iterations of Infocoin, with each iteration introducing just one or two simple new ideas. After several such iterations, we’ll arrive at the full Bitcoin protocol. We will have reinvented Bitcoin!
The Marshall Islands with a population of 53,066 will recognize their own cryptocurrency, Sovereign (SOV), as official legal tender. Legislators for the Pacific island nation passed the Declaration and Issuance of the Sovereign Currency Act 2018 on February 26th.
The sovereign will be launched through an initial coin offering. Supply of the sovereign will be limited to 24 million tokens.