The Bitcoin Standard: The Decentralized Alternative to Central Banking

by Saifedean Ammous

Being predisposed to focus on the future, individuals with a low time preference are less likely to engage in conflict than those with a present orientation. Conflict is by its very nature destructive, and in most cases, intelligent and future‐oriented people understand that there are no winners in violent conflict, because the winners will likely suffer more losses than if they had just abstained from taking part in the conflict in the first place. Civilized societies function on the premise that people respect one another's wills, and if there are conflicts, they attempt a peaceful resolution. Should an amicable solution not be found, people are more likely to part ways and avoid each other than continue to agitate and remain in conflict. This helps explain why prosperous civilized societies generally do not witness much crime, violence, or conflict.