The thing that blows my mind is that the monopoly money isn't destroyed in this process.
It just gets moved to someone else's account & eventually gets used to buy bitcoin again.
The only time it's destroyed is when it's used to pay back a loan.
Discussion
Yeh that is wild isn’t it. When I think about these government tokens, it strikes me as the commodification of human credulity.
Banker: “I would like some of your useful goods for 10 credulity tokens”
Grocer: “10 credulity tokens? Well, I don’t see any value in your tokens, but other people do, so I accept the trade.”
What do you reckon?
It's amazing that we all do readily accept these fiat tokens as having value. It's taken several generations to almost completely forget that they were once tied to hard money.
Now that we have something as convenient as these tokens but scarcer than gold, we can laugh at how silly they are.
My mind boggles that more people can't see bitcoin yet.