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That's not really compelling, tho. I can always beat mild inflation. That would just reduce my will to build or invest.

while fiat still exists, it is a bet on its eventual failure

after hyperbitcoinization, the benefit is that there is no longer a lever that is held by those with the greatest stack of money and in-group influence in the financial business community who have any unfair advantage

that's the sole and primary purpose of bitcoin and satoshi repeatedly said this

the number of things that improves in our life is easy to underestimate though

it means a return to most people owning property

it means an increase in agricultural production, a reduction in pure fiduciary business in general, and the restriction of government fiscal largesse - they can only spend what they can make a profit on, instead of being a privileged drinker at the front of the spigot of fiat money printing

and that's just for starters

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Discussion

Laeserin 1y ago

We just said that we'd still lend for interest, tho. Everyone could just lend their Bitcoin to the government. The government always pays.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

the government can only always pay if it's in bed with the currency issuer

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

the government is not the best payer of dividends

that's what high performing entrepreneurs do - spot inefficiencies and set up to leverage them, until the margin declines as everyone follows their lead

Laeserin 1y ago

Entrepreneurs are risky.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

the security of government is exceptionally risky over a long timeline, they waste money and hike taxes constantly for all kinds of reasons, the growth of government into totalitarianism was a direct result of implementing the central banking system, there can be no income tax without monetary surveillance and control of the school system

there is a lot more moving parts to think about than just the money

taking the power of money issuance out of the hands of banks and government changes everything for the better, for the majority of humanity, and it was seized specifically to increase the power and increase the difference between the top most of the economic ladder and basically strip out all the rungs all the way down as far as possible and further if possible, until eventually people burn down parliament

Laeserin 1y ago

It will be, in a way. Look at who's got some of the biggest stacks. They can join together with the Fed and control the supply.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

what role does the Fed have in the absence of a fiat monetary system?

Laeserin 1y ago

Controlling gold and Bitcoin and underwriting stonks and government debt.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

you think that anyone can control bitcoin after the clear history of the last 10 years of attempts to wrest control of it?

then supply is fixed, and if it is hyperbitcoinization then that means no more cozy relationship between money issuer and government

because which government is going to concede to the others to create a cartel big enough to alter the issuance regime?

and isn't that also going to mean bitcoiners abandon that governmentcoin fork?

Laeserin 1y ago

The efforts were not about using off-chain transactions to manipulate the exchange price by removing information, like they did with gold.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

that still depends on them having fiat as the primary money, which is not the case after it fails and enough adoption has led to people generally preferring bitcoin and lightning etc

their control depends on their ability to dictate the interest rate, which should be dictated by the actual market in credit, in a full reserve system

fractional reserve is a fraud, it is counterfeiting, it is a hidden tax, and eventually, like all scams, will become widely understood and any purveyor of it will be shunned and prosecuted

Laeserin 1y ago

Yeah, fractional reserve is dead.

💥 💥 1y ago

There are people who bought it for $1 or mined it back then, and now have billion$ worth of it. Even if it crashes 80% they will still be multi-millionaires. However, they don't spend much, if any, of it on development of the space, like l2 and apps, other than promoting it to new buyers.

Even if it keeps going up it mostly benefits a tiny % of holders. If I buy $1m worth of it now, even if 1 bitcoin gets to $1 million per coin, I will only have $14m.

When stonks go up, btc goes up and the dollar goes down. But when stonks crash, the dollar goes up, and btc crashes. Nvidia is similar to stonks in the dot com bubble.

Laeserin 1y ago

Yeah, Dollar/BTC are an inverse pair.