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Fiat vs BTC

Easy win.

Nice fantasy.

If Saylor HODLd USD through your FUD until today, March 2023, he would be able to buy $1.3BN or 34.5% more BTC than he has. https://saylortracker.com

If Nayib HODLd USD through your FUD until today, March 2023, he would be able to buy $52.6% more BTC than he has. https://nayibtracker.com

And never forget: Bitcoin is fiat (by decree). That 21M could have been decreed at 42M without requiring any more physical components. The number doesn't even appear in the whitepaper, it's completely arbitrary and chosen by it's central planner, who they hid from you so you can pretend there isn't one.

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Discussion

Gautama - The Bitcoiner Buda 2y ago

very intresting points, thanks for adding it

Gautama - The Bitcoiner Buda 2y ago

but how would they know that the huge dumping were coming? its easy to say after it happened, but before that they were over confident and they still are imo

but i didnt understand the last part, yes the 21M may be arbitrary but what matter is that the participants of the network dont have incentives to increase supply therefore it might never happen

and the central planner you say is satoshi? do we really pretend that there isnt a central planner? everyone knows that he was the central planner but in what it influences?

Lysander Spooner 2y ago

The rate of supply was centrally planned and artificially fixed in advance.

Bitcoin opted for a centrally planned rate of supply instead of a market determined rate of supply. This means the rate of supply is unresponsive to swings in demand.

The issue with this is, as the Austrian school will tell you, a market-determined rate of supply is *the* price stabilizing mechanism.

- When demand for tomatoes goes up, the price goes up, but supply also goes up which brings the price back down. A stabilizing mechanism.

- When demand for tomatoes goes down, the price goes down, but supply also goes down which brings the price back up. A stabilizing mechanism.

By removing the market determined rate of supply, and opting instead for wise central planners to determine the rate of supply in advance, Bitcoin has guaranteed price volatility, forever. It is missing the stabilizing mechanism. All it takes to swing the price is a swing in demand (real or faked). This is why it's so easy for a whale to prime the price before a big move by selling artificially low or high between their own wallets via the exchanges. Always will be.

Volatility matters because, like it or not, nobody can perform accurate economic calculation in advance if the price can swing 10% in a day. Talk about a way to screw up and economy for The Great Reset. That's what I think Bitcoin is for. It's engineered to discourage voluntary exchanges in favour of hoarding (HODL), which makes everyone poorer because exchanges are the only place real wealth comes from -- a felt improvement in standard of living for all parties. The central planners were ostensibly trying to engineer deflation (it's not working, see below -- it's inflating faster than a rapidly inflating USD).