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Some #nocoiner #fiat maxis are so desilusional that they can’t cope with #Bitcoin even when they are hard trying.

Today one guy told me that you can’t have non-elastic money like Bitcoin because you’ll eventually run out of money.

At first, I thought it’s a divisibility problem and tried to explain that we actually have 4.2 quadrillion satoshis and that’s more than enough. And if everything fails, we can divide further.

He instisted that even then it’s not enough. His idea was… Let’s say if everything will be priced in Bitcoin, then when something new comes which doesn’t have a price tag already, you’ll not have the money to buy it because you’ll have only “that much” money to buy everything else on the planet.

I was shocked for a moment, then I realized he just isn’t able to understand how he is wrong. He was dead serious about it being the reason why will Bitcoin ultimately fail.

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Discussion

TKay 1y ago

How is that hard to comprehend for someone.

Something new comes out. People who figure it out exchange it for Bitcoin. The value is add to the pool of wealth.

Seems very simple.

HolySats 1y ago

Exactly. I think part of the problem was just inability to imagine that he will normally work for Bitcoin, not trying to exchange it for fiat. So when he spends something, someone else will get the money and then he will have to work to get it back.

The other point is that he insisted you can’t collect yield from borrowing non-elastic money because

1) it’ll be diflationary which = negative interest rates. Total bullshit again.

2) or otherwise it will create that interest from thin air, which will inflate the money supply of Bitcoin. I said - it might if we allow fractional reserve all will not trigger enough bank-runs to make sure it’ll not happen… but he instisted that it will happen anyway, not considering the concept of mining.

This one will be hard but I’ll break him.

TKay 1y ago

Yeah, people who know little have crazy amounts of confidence.

Hurvajs Rumcajs 1y ago

🤣😂