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We have been repeating this cycle for centuries.

#Bitcoin will stop this!

Claims on #gold is a technological innovation. It increases trade efficiency and reduces costs, but introduces trust. This trust has been abused every single time in history which leads to fiat money!

Fiat money leads to miss allocation of resources and an ever increasing wealth gap with all the implied social problems. Populism arises and capitalism gets challenged.

Claims on #bitcoin is a technological regression. The arguments for claims on hard money (efficiency & cost reduction) are invalid, if #bitcoin is used as the next "Type 1" money.

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Discussion

StackSats ⚡️ 2y ago

#[2]

StackSats ⚡️ 2y ago

The jpeg in this note is from „The Changing World Order“

#[4]

metamick 2y ago

It's not impossible to imagine how we might fall in the same trap. Some ideas:

1. Government back their fiat with BTC. Using cbdc or fediming chaumian tokens.

2. After 50 years something happens and they depeg the mind from BTC.

StackSats ⚡️ 2y ago

1. Why should I use their paper-bitcoin, if I can just use Bitcoin? For Gold there are good reasons to use paper gold.

2. How should that work?

metamick 2y ago

I'm not saying that we would use it, but that many trust the government enough to adopt their "bitcoin backed whatever".

Even in ES, the Chico wallet is custodial, meaning they could depeg it anytime from real bitcoin.

We need to spread bitcoin self- custody education as much as possible so we can limit the chance of falling in this trap, again.

metamick 2y ago

Bitcoin solves this problem only so long as we know how to use it. Bitcoin solves the technical problem, we still need to solve the human/social problem.

hh 2y ago

You can see this with the whole bitcoin ETF controversy. Which stems from the DEMAND by market participants (retail investors) that such a vehicle be created. It blows my mind that people would rather "invest" through an ETF instead of just getting their own. Even if it's through a KYC'd centralized exchange.

StackSats ⚡️ 2y ago

Agree that self custody is extremely important.

However, don’t see people using Bitcoin backed cbdc. Furthermore governments would admit that their cbdc is useless and Bitcoin has value.

metamick 2y ago

Of course you SHOULDN'T! But most noobs will, because they trust the government.

StackSats ⚡️ 2y ago

#Bitcoin will end this vicious cycle

#[3]