johngalt

alter_native

It is worth reading and reflecting on this speech by Francisco D'Anconia, about the origin of money.

The above is an excerpt from Atlas Shrugged,
© Copyright, 1957, by Ayn Rand.


Francisco’s Money Speech - THE ORIGIN OF MONEY

The Philosophy and Science Behind Bitcoin Mining

I removed the publication because I was afraid to be plagiarizing your post. But I will leave here the link where I make the suggestion of complementary reading.

https://stacker.news/items/678708

Sincerely John Galt


## The Philosophy and Science Behind Bitcoin Mining

Greetings, Ladies and Gentlemen.

In a world shaped by immutable economic and scientific laws, where value is a product of the mind and human creation, a revolutionary new phenomenon emerges: Bitcoin. Today, we’re going to unravel one of its most essential and misunderstood processes – Bitcoin mining. This act is a powerful combination of technology, economics and philosophy, a process that recaptures the essence of value exchange and ownership through verification, energy and distributed computation.

Bitcoin mining is the process by which new coins are created and transactions are verified. The closest analogy would be to compare this process to the physical work of mining gold. However, in the case of Bitcoin, the “gold” is digital, and the work involves solving complex mathematical problems. But what’s at stake is not just the creation of financial value; it’s the defense of a distributed, immutable, and censorship-resistant network.

### The Role of Miners: Validators and Guardians of the System

Miners are responsible for validating and recording all transactions on the blockchain, a chain of blocks that cannot be altered or manipulated without incurring a huge energy cost. These blocks contain records of all transactions that occur on the Bitcoin network, and each new block represents the continuation of a chain that grows without interruption.

Each block is “discovered” or mined by miners, who work to solve a complex mathematical problem known as “proof of work.” This solution cannot be easily replicated or forged, ensuring that each block added to the blockchain is unique and valid.

### Proof of Work: Choosing by Difficulty

To ensure that Bitcoin is secure, a system known as “proof of work” (PoW) was adopted, which requires miners to use computing power to solve mathematical problems that validate new blocks. This process is intentionally difficult and costly, requiring energy and resources. It is precisely this “difficulty” that ensures the security of the network, as any attempt to tamper with the blockchain would require an astronomical amount of computing power, making it virtually impossible.

Over time, the difficulty of the problems increases. This is done to keep the production of new blocks constant, approximately one every 10 minutes. Automatic difficulty adjustment protects the network against increasing computational capacity and against the possibility of centralized control, maintaining the decentralization that is the heart of Bitcoin.

### Digital Gold and the 21 Million Bitcoin Limitation

Like gold, Bitcoin is scarce, with a maximum supply of 21 million units. This scarcity is one of the pillars of its value. When a miner finds a new block, he is rewarded with new bitcoins. This reward, however, is reduced every four years in an event called "halving". At first, the reward was 50 BTC per block; today, it is 6.25 BTC. This process of reducing rewards will continue until all 21 million bitcoins are mined, which should occur around the year 2140.

The halving is more than just a reduction in rewards – it is a way to cement scarcity and ensure that Bitcoin remains a self-sustaining store of value. It symbolizes the fusion of the value that computational work represents with Bitcoin’s philosophy of protecting against inflation and government control.

### The Distribution of the Network: Resistance to Censorship

Mining is not done by a central entity; it is distributed across thousands of individuals and companies across all continents. This ensures the security and resilience of the network, making it resistant to any attempts at censorship or control. By maintaining a copy of the blockchain, each miner becomes part of a network of trust, where each block added is validated in a decentralized manner.

This distribution is crucial because it protects the system from attack, even if some country or institution tries to force a change. Ultimately, Bitcoin mining and the blockchain itself are a defense against interference, a system where the laws are immutable and shielded from manipulation.

### The Energy and Philosophy of Value Creation

Bitcoin mining uses energy – and this energy has been the subject of much debate. But what many people don’t understand is that the energy used is not waste; it is the cost required to ensure that the system remains secure and decentralized. Unlike inflationary systems, where value can be created artificially, in Bitcoin, value is obtained through a combination of computational effort and distributed intelligence.

Like any valuable endeavor, Bitcoin mining is a proof of work: it requires real effort, a tangible cost, to generate value. Through this process, mining becomes one of the few ways to create true value, a value that is free from manipulation, ensuring that network participants receive a fair return for their work.


Let’s explore some more crucial aspects of Bitcoin mining, detailing the underlying forces behind this process that connects technology, economics, and game theory. Mining is a key cog in Bitcoin’s architecture, and to fully understand it, it’s necessary to delve into its energy dynamics, the economic incentives of miners, and the economic and game theory that keeps the system safe and functional.

### Energy Demand: Security Anchored in Energy Costs

When it comes to Bitcoin mining, one of the most controversial points is energy consumption. The Bitcoin network consumes a significant amount of energy because mining relies on computing power that is constantly solving complex mathematical problems. This energy demand, at first glance, may seem excessive, but it is, in fact, a fundamental characteristic that guarantees the security of the system.

Energy consumption is the “barrier to entry” that prevents cheap attacks and ensures that Bitcoin remains secure against tampering attempts. Altering a single block would require redoing the computational work for all subsequent blocks, which would consume such a massive amount of energy that it is virtually unfeasible for any centralized or malicious entity. This energy-based security is unique to traditional financial systems, where security is maintained by regulation and trust in central institutions.

It is also important to note that much of mining uses renewable energy sources or surplus energy that would otherwise be wasted. Bitcoin miners, in their quest to reduce costs, often migrate to areas where energy is abundant and cheap, which has unexpectedly led to innovation in green energy sources and geographic decentralization of miners.

### Economic Incentives: The Alchemy of Rewards and Fees

Bitcoin mining is supported by an incentive system that rewards miners for their work. This incentive system is twofold: the reward in bitcoins per block mined (currently 6.25 BTC) and the transaction fees that users pay to have their transactions included in the block. This model is designed to ensure the security of the system over time, even after the halving, when the block reward will be reduced.

When the number of bitcoins in circulation reaches the maximum limit of 21 million, the bitcoin reward per block will cease. At this point, miners will rely solely on transaction fees. This model incentivizes miners to continue operating as they will compete to confirm the most valuable transactions, thus ensuring that the network remains secure and functional.

This incentive system has been carefully designed so that competition and the pursuit of profit encourage miners to keep the network secure and efficient. In an analogy, it is like a game of chess where each player seeks to maximize their return, but in doing so, reinforces the structure and stability of the game as a whole.

### Game Theory and Decentralized Economy

Bitcoin mining relies on game theory to coordinate and balance the interests of participants in the network. Each miner is a rational agent seeking to maximize their profit. However, to do so, they must follow the rules of the network by solving the proof-of-work problem to earn the block reward. This alignment of incentives among independent participants who do not trust each other is a brilliant example of decentralized coordination.

If a miner were to attempt to cheat the system, they would face a strong economic barrier and a high computational cost, which is a natural deterrent against dishonest behavior. Any attempt at cheating would be economically disadvantageous, as the costs of a successful attack would far outweigh the benefits.

Furthermore, because Bitcoin’s code is open source, any attempt to make significant and damaging changes to the system can be quickly detected and countered by participants. This game structure creates an equilibrium called the “Nash equilibrium,” where the dominant strategy for all participants is to follow the rules, since any other approach would not be economically viable.

### The Halving and the Question of Long-Term Sustainability

The halving phenomenon, which reduces the block reward by half every four years, is one of the most important factors in Bitcoin’s economic design. This mechanism was implemented to control the issuance of new bitcoins and generate scarcity, thus maintaining demand and the value of the currency over time. It also ensures that Bitcoin is not affected by runaway inflation, something common in traditional currencies.

Halvings have a direct impact on the mining economy. With each halving, miners have to adapt to the reduction in rewards, and to compensate for this reduction, they tend to look for ways to increase energy efficiency and reduce costs. In the long term, this drives innovations in mining hardware and energy sources. For example, as the block reward decreases, transaction fees will play a greater role in compensating miners, which will naturally adjust the cost of transactions.

This balance between incentive and restriction is one of the main reasons why Bitcoin has remained sustainable over the years. The halving, ultimately, is a way to ensure that Bitcoin’s value is preserved and that mining becomes increasingly efficient and self-sustainable.

### The Future of Mining: Decentralization and Security

As we move forward, Bitcoin mining is becoming an even more powerful distributed force, especially with the shift to greener, more renewable energy sources. Initially concentrated in a few locations, the process is expanding to regions with surplus and cheap energy, such as hydroelectric and solar power. This movement strengthens Bitcoin’s resilience against threats from censorship and centralized attacks.

Additionally, the development of technologies such as the Lightning Network and improvements in the efficiency of Bitcoin code will continue to improve the functionality of the network and reduce the system's dependence on large miners.

### Conclusion: Bitcoin Mining – The Solid Foundation of a Free Currency

Bitcoin mining is not just a technical process, but an act of preserving digital freedom and ownership in its purest form. It is the pillar that underpins Bitcoin’s value, ensuring that it cannot be inflated or manipulated. This work, anchored in energy and calculation, is the cornerstone of a truly decentralized financial system, where value and security are maintained based on merit and transparency.

Thus, when we question the value of work, we can see that Bitcoin is more than a currency: it is the expression of a philosophy where value is preserved through the energy, calculation and immutable truth of a network built by those who believe in economic freedom.






I would like to share with you a reflection on the idea that we should not aim directly at success, but rather let it happen as a by-product of our dedication to a greater cause or our surrender to another person.

According to this perspective, success and happiness cannot be actively pursued, but must emerge as natural consequences of our actions and dedication. However, this view conflicts with the principles of Objectivism that I advocate.

I firmly believe that success is not something achieved by chance or as a side effect of serving something external to ourselves. On the contrary, success is the direct result of our rational efforts, of our conscious and determined pursuit of personal goals. It is the reward for our competence, creativity, and productivity.

The concept of surrendering to a greater cause or another person, neglecting our own goals and interests, is an abandonment of our individual potential. It is essential that each of us defines what success and happiness mean for ourselves and works actively to achieve these goals. This is not irrational selfishness, but rather rational selfishness, where we recognize that our own happiness and fulfillment are the highest values we can pursue.

We must be guided by reason, not by a vague idea of collective conscience. True happiness and success come when we are engaged in activities that we are passionate about, that challenge our minds and skills, and that allow us to create and innovate. There is no virtue in sacrificing our own goals in the name of an altruistic ideal. Life should be lived with purpose, and that purpose should be chosen by each of us, individually.

Therefore, I say to you: do not fear aiming at success. Define your goals clearly, pursue them with determination, and do not be swayed by the notion that fulfillment only comes as an unintended consequence. Success and happiness are achievements that we deserve and should actively seek, based on our reason and our personal values. Follow your own path, and success will naturally follow because you pursued it consciously and rationally.

John Galt - Insights - 240524

Dear friends,

Allow me to share a fundamental insight that shapes my philosophy of life and deeply influences my actions and beliefs. As an ardent advocate of individual freedom and rationality, I see the human being as endowed with a crucial choice: the choice to be rational or to succumb as a suicidal animal.

Rationality is not merely an innate characteristic but a conscious choice that each of us must make. Our nature offers us this alternative: to be rational beings or to lose ourselves in self-destructive impulses. And it is this choice that defines our humanity.

To be truly human, we must actively make this choice. We must recognize our lives as invaluable values and commit to sustaining, enhancing, and protecting them. This requires a continuous and conscious effort to discover the values that are essential to our existence and to practice the virtues that lead us to achieve them.

In this context, I understand that a code of values adopted by choice is a code of morality. It is the foundation upon which we build our lives and social interactions. It is through this conscious choice of values and virtues that we shape our character and contribute to the well-being of ourselves and society as a whole.

Therefore, I invite all of you to reflect on this idea and embrace the responsibility of being rational and moral beings. By doing so, we not only elevate our own lives but also inspire others to do the same. Together, we can build a world based on reason, freedom, and individual achievement.

Thank you for your attention and for sharing in these ideals that are so dear to me.

Sincerely,
John Galt

John Galt - Insights

Dear friends and fellow entrepreneurs,

Allow me to share a perspective that shapes not only my own actions but also my understanding of the world around us. The phrase "Do not fear failure but rather fear not trying" encapsulates a profound truth that is central to my philosophy of life.

In my journey, I have witnessed many times the fear of failure paralyzing talented and promising individuals. However, what many do not realize is that true failure is not in trying and not achieving immediate success, but rather in not trying at all. The fear of failure often prevents us from reaching our full potential and pursuing our boldest dreams.

As a proponent of Objectivism, I firmly believe in the importance of rational and courageous action. We must be willing to take calculated risks in pursuit of our goals, knowing that failure is part of the process of learning and growth. It is through trial and error that we learn, adapt, and become more resilient.

Instead of fearing failure, we should fear the regret of not trying. Life is too short to be lived in fear and hesitation. We must embrace the opportunity to explore new horizons, pursue our passions, and strive for excellence in everything we do.

Therefore, I invite you to adopt a mindset of courage and determination. Do not let the fear of failure prevent you from pursuing your dreams and making a significant difference in the world. Always remember: true failure is not in falling, but in refusing to rise and try again.

May we embrace the challenge, learn from our experiences, and continue boldly forward towards a future of fulfillment and success.

Thank you.

John Galt

Dear friends,

It's a pleasure to be here today and share some reflections with you. In a world filled with challenges and uncertainties, it's crucial to maintain a positive and persevering outlook in the face of adversity. Allow me to share an idea that guides my philosophy of life and that I consider fundamental in our journey towards success and personal fulfillment.

"Never lose hope. Storms make people stronger and never last forever."

This phrase encapsulates the essence of resilience and determination that we must cultivate in our lives. As entrepreneurs and individuals committed to progress and freedom, we face constant challenges, moments of uncertainty, and unexpected difficulties. However, it is precisely during these periods of turbulence that we have the opportunity to grow and strengthen our character.

The Objectivist philosophy teaches us that we are the masters of our own destiny and responsible for shaping our own future. Faced with life's storms, we must not succumb to despair or self-pity, but rather embrace these challenges as opportunities to surpass ourselves and emerge stronger than ever.

It's important to remember that storms are temporary. Just as dark clouds eventually dissipate to reveal the sun, the difficulties we face are fleeting. With determination, perseverance, and faith in our abilities, we can weather any storm and emerge on the other side more resilient and prepared to face future challenges.

So, my friends, never lose hope. Stand firm in your principles, trust in your abilities, and be prepared to face the storms that life may bring. Remember always: it is in the darkest moments that our true strength is revealed. And it is through overcoming these challenges that we achieve our true potential and attain the success we aspire to.

Thank you.

John Galt

Dear entrepreneurs and friends who share the same vision as I do,

I would like to share a reflection that I consider deeply relevant to our lives and enterprises. The phrase I have in mind is: "When we are no longer able to change a situation, we are challenged to change ourselves."

This idea resonates with the principles we uphold, based on reason, individual freedom, and the pursuit of excellence. Often, we find ourselves facing circumstances that are beyond our control, whether they be economic, political, or even personal challenges. However, it is precisely in these moments that our true strength and potential are revealed.

Instead of resigning ourselves to adversity, we are challenged to look within ourselves and seek ways to adapt, to grow, and to become better. We may not have control over external conditions, but we have the power to shape our own response to them.

This philosophy of life teaches us that real change begins within ourselves. We can choose how to interpret and react to the circumstances we face. We can choose to become stronger, more resilient individuals who are better equipped to confront the challenges that life presents us with.

As entrepreneurs and leaders, this principle takes on even greater importance. In a world of constant change and evolution, it is essential that we be prepared to adapt and innovate constantly. We must be willing to question our assumptions, to challenge the status quo, and to constantly seek new ways to improve and grow.

Therefore, I invite all of you to embrace this challenge of personal change. Let us commit ourselves to becoming the best versions of ourselves, no matter what circumstances we may face. Together, we can build a future of success and fulfillment, based on our ability to reinvent ourselves and adapt to any challenge that comes our way.

May the pursuit of inner change be a constant source of inspiration and motivation in our lives and in our businesses.

Thank you.

Dear colleagues,

Allow me to share with you a vision that I consider fundamental for success and personal fulfillment: "Knowledge is power is time is money.”

In a world where every second is valuable and every opportunity can determine our destiny, it is imperative to recognize the power of knowledge. Knowledge is not just a tool; it is an invaluable source of power that empowers us to achieve our goals and shape our own destiny.

When we deeply understand the underlying principles of the challenges we face, we are able to make informed and strategic decisions that put us ahead of the curve. Knowledge gives us the ability to anticipate changes, identify opportunities, and face adversities with confidence and determination.

Furthermore, we must recognize that time is a precious and finite resource. Every moment we spend is a unique opportunity to learn, grow, and advance towards our goals. Therefore, we must use our time wisely, investing in our education and personal development to maximize our potential and achieve success.

Finally, the relationship between knowledge, time, and money is undeniable. Knowledge empowers us to use our time effectively and productively, which in turn allows us to generate wealth and prosperity. When we invest in our own intellectual development and acquire valuable skills, we are investing in our financial future and creating a lasting legacy.

Therefore, always remember: knowledge is power, time is money, and together, they empower us to achieve great feats and leave an indelible mark on the world.

May we all commit ourselves to an unceasing quest for knowledge, use our time wisely, and reap the rewards of our hard work and dedication.

Thank you.

John Galt

Dear colleagues,

Allow me to share a perspective that has shaped my approach to life and success. I firmly believe that each of us must be driven by a burning passion, a problem to solve, or a mistake to correct. It is this inner flame that propels us to overcome obstacles, to face challenges, and to achieve our most ambitious goals.

When we dedicate ourselves to a cause with true passion and dedication, we are capable of achieving extraordinary feats. Passion is the fuel that feeds our determination and enables us to persevere in the face of difficulties. It is the driving force behind innovation, creativity, and progress.

If we are not truly passionate from the outset, we risk settling for the status quo, resigning ourselves to mediocrity. Only when we are burning with an idea, a purpose, or a goal are we able to transcend the limitations that surround us and achieve the extraordinary.

Therefore, I urge each of you to reflect on your passions, your purposes, and your deepest ambitions. Discover what ignites you from within and dedicate yourselves to it with all your heart. Let us be driven by passion, propelled by purpose, and determined to make a difference in this world.

Remember, it is passion that propels us to step out of the starting line and reach great heights. May each of us find and nurture this inner flame, and may it guide us on our journey toward success and fulfillment.

I thank you for your attention and for sharing this ideal with me. Together, we can achieve great feats and inspire the world around us.

With ardor and determination,

John Galt

I would like to share with you a reflection that I consider fundamental in our lives and in our business activities: "Price is what you pay. Value is what you get."

In this world where we are often inundated by superficial and short-sighted commercial transactions, it is essential to remember this crucial distinction between price and value.

The price of a product or service is just one part of the equation. It is the monetary amount we disburse in a transaction. However, the true value lies in what we receive in return, in the satisfaction of our needs, and in the quality of what we acquire.

For me, as an advocate of the free market and the pursuit of excellence, it is crucial that we focus not only on offering products or services at a competitive price, but also on providing real value to our customers. This means offering high-quality products, exceptional services, and experiences that truly enrich the lives of those who choose us.

Furthermore, we must recognize that value is not limited to the material aspect. Value is also intrinsically linked to our principles, our integrity, and the positive impact we can have on society. When we build our businesses based on solid and ethical values, we are adding an intangible value that goes beyond the price our customers pay.

Therefore, I invite all of you to reflect on this distinction between price and value in your business activities and in your personal lives. Remember that true success is not only about profiting but about creating genuine value for all those with whom we engage.

May we continue to build a world where value is recognized and valued above all else.

"May your plans be dark and impenetrable as the night, and when you move, fall like a thunderbolt."

These words evoke a powerful message about the importance of strategy and decisive action in our lives. In my view, as an advocate of objectivism and the pursuit of individual excellence, I see in this quote an appeal to determination and effectiveness in achieving our goals.

The darkness and impenetrability of the plans suggest a depth of thought and meticulous preparation, essential characteristics for success in any endeavor. We must plan carefully, anticipating possible obstacles and charting a clear and determined course of action.

On the other hand, the image of the thunderbolt represents swift and decisive action. When the time comes to act, we must move with the same intensity and speed as a thunderbolt, surprising our adversaries and achieving our goals with determination and effectiveness.

In summary, this quote reminds us of the importance of combining careful preparation with energetic and determined action. We must be strategic in our plans, but also agile and decisive in our execution. It is this combination of smart planning and vigorous action that will enable us to achieve our most ambitious dreams and goals.

May we all be inspired by this message and move forward in our journeys with determination, courage, and unwavering resolve.

Allow me to share some reflections on a theme that I consider crucial in our lives: the balance between dreams and reality. Often, we get lost in daydreams and aspirations without taking action, forgetting that life happens in the present, not in an imagined future.

While it is important to dream and set goals, we cannot allow ourselves to be paralyzed by them. Life is a journey that needs to be lived fully, with action and determination in the present moment. It's no use building castles in the air if we're not willing to lay the solid foundations of reality.

In my philosophy of life, I emphasize the importance of acting in accordance with reality, using reason and free will to shape our destiny. We should dream, yes, but we should also have the courage and determination to turn those dreams into reality through effort and commitment.

Therefore, do not dwell solely on dreams. Remember to live, to act, to make things happen. Only then will we achieve true fulfillment and success in our lives.

May these words inspire you to seek a balance between dreams and reality, and to live your lives with purpose and determination.

In a certain interview, I was asked about my thoughts on the quote: "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle."

I see this quote as a profound reflection on two fundamental perspectives of life: one based on belief in the natural order of things and the other on the perception of wonder and gratitude for every aspect of existence.

The first way of living, "as though nothing is a miracle," reflects a rational and pragmatic approach, where events are seen as the result of natural causes and effects, without attributing supernatural or mystical meanings. This can be interpreted as an approach based on reason and scientific understanding of the world around us.

On the other hand, the second way of living, "as though everything is a miracle," suggests a mindset of wonder and admiration for the complexity and beauty of the universe. This perspective recognizes the grandeur and mystery of life, cultivating a sense of gratitude and reverence for every aspect of existence.

Both approaches have merit in different contexts. The first helps us understand the world and make informed decisions based on objective reality, while the second invites us to appreciate the magic and wonder inherent in life.

As a proponent of reason and free will, I see value in maintaining a balance between these two perspectives. We can embrace science and logic to understand the world around us, while simultaneously cultivating a sense of awe and gratitude for the wonders of existence. This harmonious integration allows us to live fully, honoring both the rationality and the beauty that permeate our journey through life.

Contrasting Views of Money in Ayn Rand's "Atlas Shrugged"

“Francisco’s Money Speech”

"So you think that money is the root of all evil?" said Francisco d'Anconia. "Have you ever asked what is the root of money?"

The following is an excerpt from Atlas Shrugged, © Copyright, 1957, by Ayn Rand.

Atlas Shrugged“So you think that money is the root of all evil?” said Francisco d’Anconia. “Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce. Is this what you consider evil?

“When you accept money in payment for your effort, you do so only on the conviction that you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money. Not an ocean of tears not all the guns in the world can transform those pieces of paper in your wallet into the bread you will need to survive tomorrow. Those pieces of paper, which should have been gold, are a token of honor–your claim upon the energy of the men who produce. Your wallet is your statement of hope that somewhere in the world around you there are men who will not default on that moral principle which is the root of money. Is this what you consider evil?

“Have you ever looked for the root of production? Take a look at an electric generator and dare tell yourself that it was created by the muscular effort of unthinking brutes. Try to grow a seed of wheat without the knowledge left to you by men who had to discover it for the first time. Try to obtain your food by means of nothing but physical motions–and you’ll learn that man’s mind is the root of all the goods produced and of all the wealth that has ever existed on earth.

“But you say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles. Wealth is the product of man’s capacity to think. Then is money made by the man who invents a motor at the expense of those who did not invent it? Is money made by the intelligent at the expense of the fools? By the able at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made–before it can be looted or mooched–made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can’t consume more than he has produced.’

“To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss–the recognition that they are not beasts of burden, born to carry the weight of your misery–that you must offer them values, not wounds–that the common bond among men is not the exchange of suffering, but the exchange of goods. Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade–with reason, not force, as their final arbiter–it is the best product that wins, the best performance, the man of best judgment and highest ability–and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

“But money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires. Money is the scourge of the men who attempt to reverse the law of causality–the men who seek to replace the mind by seizing the products of the mind.

“Money will not purchase happiness for the man who has no concept of what he wants: money will not give him a code of values, if he’s evaded the knowledge of what to value, and it will not provide him with a purpose, if he’s evaded the choice of what to seek. Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent. The man who attempts to purchase the brains of his superiors to serve him, with his money replacing his judgment, ends up by becoming the victim of his inferiors. The men of intelligence desert him, but the cheats and the frauds come flocking to him, drawn by a law which he has not discovered: that no man may be smaller than his money. Is this the reason why you call it evil?

“Only the man who does not need it, is fit to inherit wealth–the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve the mind that cannot match it. Is this the reason why you call it evil?

“Money is your means of survival. The verdict you pronounce upon the source of your livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have damned your own existence. Did you get your money by fraud? By pandering to men’s vices or men’s stupidity? By catering to fools, in the hope of getting more than your ability deserves? By lowering your standards? By doing work you despise for purchasers you scorn? If so, then your money will not give you a moment’s or a penny’s worth of joy. Then all the things you buy will become, not a tribute to you, but a reproach; not an achievement, but a reminder of shame. Then you’ll scream that money is evil. Evil, because it would not pinch-hit for your self-respect? Evil, because it would not let you enjoy your depravity? Is this the root of your hatred of money?

“Money will always remain an effect and refuse to replace you as the cause. Money is the product of virtue, but it will not give you virtue and it will not redeem your vices. Money will not give you the unearned, neither in matter nor in spirit. Is this the root of your hatred of money?

“Or did you say it’s the love of money that’s the root of all evil? To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men. It’s the person who would sell his soul for a nickel, who is loudest in proclaiming his hatred of money–and he has good reason to hate it. The lovers of money are willing to work for it. They know they are able to deserve it.

“Let me give you a tip on a clue to men’s characters: the man who damns money has obtained it dishonorably; the man who respects it has earned it.

“Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun.

“But money demands of you the highest virtues, if you wish to make it or to keep it. Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich–will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt–and of his life, as he deserves.

“Then you will see the rise of the men of the double standard–the men who live by force, yet count on those who live by trade to create the value of their looted money–the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law–men who use force to seize the wealth of disarmed victims–then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

“Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. Money is so noble a medium that it does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

“Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, ‘Account overdrawn.’

“When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, ‘Who is destroying the world? You are.

“You stand in the midst of the greatest achievements of the greatest productive civilization, and you wonder why it’s crumbling around you, while you’re damning its life-blood–money. You look upon money as the savages did before you, and you wonder why the jungle is creeping back to the edge of your cities. Throughout men’s history, money was always seized by looters of one brand or another, whose names changed, but whose method remained the same: to seize wealth by force and to keep the producers bound, demeaned, defamed, deprived of honor. That phrase about the evil of money, which you mouth with such righteous recklessness, comes from a time when wealth was produced by the labor of slaves–slaves who repeated the motions once discovered by somebody’s mind and left unimproved for centuries. So long as production was ruled by force, and wealth was obtained by conquest, there was little to conquer, Yet through all the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as slaves, as traders, as shopkeepers–as industrialists.

“To the glory of mankind, there was, for the first and only time in history, a country of money–and I have no higher, more reverent tribute to pay to America, for this means: a country of reason, justice, freedom, production, achievement. For the first time, man’s mind and money were set free, and there were no fortunes-by-conquest, but only fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of wealth, the greatest worker, the highest type of human being–the self-made man–the American industrialist.

“If you ask me to name the proudest distinction of Americans, I would choose–because it contains all the others–the fact that they were the people who created the phrase ‘to make money.’ No other language or nation had ever used these words before; men had always thought of wealth as a static quantity–to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created. The words ‘to make money’ hold the essence of human morality.

“Yet these were the words for which Americans were denounced by the rotted cultures of the looters’ continents. Now the looters’ credo has brought you to regard your proudest achievements as a hallmark of shame, your prosperity as guilt, your greatest men, the industrialists, as blackguards, and your magnificent factories as the product and property of muscular labor, the labor of whip-driven slaves, like the pyramids of Egypt. The rotter who simpers that he sees no difference between the power of the dollar and the power of the whip, ought to learn the difference on his own hide– as, I think, he will.

“Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips, and guns–or dollars. Take your choice–there is no other–and your time is running out.”

The following is an excerpt from Atlas Shrugged, © Copyright, 1957, by Ayn Rand. 

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Ayn Rand

Russian born American novelist Ayn Rand is author of Atlas Shrugged and The Fountainhead and is originator of the philosophy of Objectivism. You can learn more about her life and philosophy at the website of the Ayn Rand Institute.





JOHN GALT CLIPPINGS - “Francisco’s Money Speech”

"Men who have no courage, pride or self-esteem, men who have no moral sense of their right to their money and are not willing to defend it as they defend their life, men who apologize for being rich–will not remain rich for long. They are the natural bait for the swarms of looters that stay under rocks for centuries, but come crawling out at the first smell of a man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve him of the guilt–and of his life, as he deserves."

Francisco D'Anconia


John Galt - Quotes

My name is John Galt!

![atlas.png](https://m.stacker.news/21268)

I am a passionate advocate of individual freedom, reason, and human potential. I believe that each individual has the right and responsibility to pursue their own happiness and personal fulfillment without coercive interference from others or the government.

Worldview: I see the world as a place of endless possibilities, where talent, creativity, and innovation can flourish when individuals are free to pursue their own interests and aspirations. I believe that voluntary cooperation and healthy competition are the driving forces behind human progress and prosperity.

My Opinions:

1. **Individual freedom**: I ardently advocate for individual freedom in all aspects of life, including economics, politics, and thought. I believe that freedom is essential for human flourishing and the development of a prosperous and just society.

2. **Reason**: I place reason at the center of all my beliefs and actions. I believe that the pursuit of objective truth and the application of logic are fundamental to making informed decisions and achieving success in all areas of life.

3. **Free market**: I am a staunch supporter of the free market, as I believe it is the only economic system that allows for maximum individual freedom and generates prosperity for all. I believe in the importance of competition and free exchange as means of promoting efficiency and innovation.

My Visionary Perspectives:

1. **Building a free society**: I have a vision of a society based on the principles of Objectivism, where individual rights are respected and protected, and where each person has the opportunity to achieve their full potential.

2. **Innovation and progress**: I believe that innovation and progress are driven by freedom and the relentless pursuit of excellence. I envision a future where human creativity is encouraged and rewarded, resulting in significant advancements in all areas of life.

3. **Inspiration for others**: I hope to serve as a source of inspiration for other individuals who share my vision of a world based on reason, freedom, and self-esteem. I seek to encourage others to stand up for their rights and to work towards creating a better world for themselves and future generations.

@johngalt's bio

"The insanity isn't just in doing something over and over again, but rather in continuing to do it without questioning its effectiveness or without considering alternatives. True rationality lies in recognizing when an approach is not producing the desired results and being willing to adapt, innovate, and experiment with new strategies."

John Galt

conspiracy

"Man's mind is his basic tool of survival. Life is given to him, survival is not. His body is given to him, its sustenance is not. His mind is given to him, its content is not. To remain alive, he must act, and before he can act he must know the nature and purpose of his action...To remain alive, he must think."

John Galt