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Bitcoin maximalism is just Dollar 2.0 - it basically guarantees Bitcoin will fail, the same way the dollar was basically guaranteed to fail.

If people always kept their savings in a mix of currencies, the US never could have ended the gold standard. Trying to confiscate everyone's gold would have resulted in everyone exchanging their dollars for other currencies. Trying to eliminate gold redemptions would have resulted in everyone exchanging their dollars for other currencies. Bretton Woods would have probably resulted in everyone trading weak currencies for stronger currencies.

So the authorities wouldn't have done the gold confiscations, Bretton Woods, or the removal of gold redemptions.

Likewise, if you have gold and silver and Monero, and you hold Bitcoin because of its supply cap, and everyone is like you, then the authorities won't remove the supply cap from Bitcoin because you'd just move to Monero, and they won't shut down the internet to kill cryptocurrency because you'd just move to gold and silver.

If we continue on the current path, why the fuck wouldn't the authorities end up removing Bitcoin's supply cap or something?

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Discussion

epsql 5mo ago

Why would it have helped to keep a mix of currencies under Bretton Woods, since only central banks could have exchanged them for dollars and then for gold? Why not try to accumulate as much gold as possible in that scenario?

🇵🇸 whoever loves Digit 5mo ago

If everyone had a mix of currencies before they did it, seems like there would have been a rush to exchange Bretton Woods currencies for real ones, and central banks refusing to serve exchange customers in that way would be attracting too much attention to their scam and also probably making their physical locations targets

epsql 5mo ago

I'm not sure I fully understand your argument to be honest, especially as it translates to the current conditions.

Are you saying that individuals should hold a variety of currencies, both traditional hard monies and cryptos other than Bitcoin, because if everyone converged to holding Bitcoin only then it would be easier for authorities to fight it?

I can see how it could be more desirable for authorities to target Bitcoin if no alternatives existed, but I don't see how it could be easier. How would they go about removing the 21M cap for example?

🇵🇸 whoever loves Digit 5mo ago

Converging on Bitcoin not only makes it easier to fight but also expresses millions of people's willingness to not fight back, just like people converged on the dollar, seemed like they wouldn't fight back, and didn't fight back

Removing the 21M cap could be done by threatening miners with violence, just like everything else (e.g. gold confiscations)