Replying to Avatar Guy Swann

The only way #Bitcoin doesn’t go up forever in dollar terms is if the govt permanently balances the budget, shuts down the Federal Reserve, and permanently ends the legalized fraud of fractional reserve banking.

But if that happens, #Bitcoin will have won at its most important and difficult task — balancing the economic networks of the world.
Avatar
nout 1y ago

If that happens we have won. No need for Bitcoin.

For obvious reasons it won't happen...

Reply to this note

Please Login to reply.

Discussion

Avatar
Guy Swann 1y ago

Bitcoin would still be necessary, and the only reason it would ever happen is because of bitcoins existence, imo. But you are right, it won’t happen.

Avatar
nout 1y ago

Let's say it happens - why would Bitcoin be necessary?

Avatar
Guy Swann 1y ago

Because as soon as it goes back to fiat there is no foundation that prevents them from printing again. It’s literally due to that risk being price in Bitcoin that they are forced to be solvent and run a surplus

Avatar
nout 1y ago

So if we would add to your original hypothetical: "and the government permanently stops printing of new dollars, the government publishes the exact total number of dollars and this number is guaranteed to stay constant"

And further let's say "and the exact same thing is done by all the governments of the world covering all peoples of the world".

Then would we still need Bitcoin?