Hey Jeff. Quick Q. I don't 100% get the good news. Productivity gains via AI and robotics are only good on a bitcoin standard really arent they? Wouldn't AI/robotics have the effect of increasing the income distribution gap? Or is that the turbulence we need to push more towards bitcoin?
Discussion
Yes - only on a #Bitcoin standard will the productivity gains be distributed broadly. It will force governments to choose complete control of markets or to embrace free markets (ie - Bitcoin)
Two different versions and each person has a choice to live in the world they want. (But the transition will be chaotic because most will measure and reinforce the legacy system)
While clearly gains are not currently distributed widely, there is no good reason to believe the gains would be better distributed because a different money standard, especially if “free markets” is law of the land.
It would distribute the gains more evenly if people were already on a BTC standard. If only a small minority of people are using BTC, then the gains would not be spread more evenly.
Bitcoin is not debt, so it doesn’t rely on the issuance of more and more credit to keep it going. It’s hard money and it’s designed to always increase in purchasing power by the amount of productivity gains.
So yes, AI and Robots will dramatically reduce prices for good and services on a BTC standard, but our fiat brothers and sisters will be forced to pay higher prices because the fiat system cannot survive in a deflationary world. They need prices to continually rise. So this new AI era we are in should be very interesting.
So is “bitcoin standard” synonymous with the elimination of debt
It’s sorta looking that way. It’s hard to imagine anyone wanting to lend BTC. And it’s hard to imagine wanting a loan in BTC.
If fiat is still around, it is ideally used as debt since fiat money are liabilities anyway. If fiat is gone and the world adopts BTC, it’s possible that we don’t have any major debt in the world. Most financing would switch to equity financing.
If you want a home, instead of taking out a huge 30 year loan on a big house, maybe you buy a small modular home with cash, then add sections to it in modular fashion as your savings grow. That’s one thought anyway.
Correct, and one should expect unequal distribution under any system because individuals make their own choices and are proficient in different areas that are valued subjectively. Equal distribution for its own sake is inherently undesirable and all centrally planned regimes throughout history that have attempted redistribution of wealth have failed and had objectively worse standards of living. The difference is that in a free market the unequal distribution of resources will be based solely on free choices by individuals, not based on a coercion from a politburo
The unequal distribution that will occur because of AI is unacceptable. People will burn everything down. We need more than muh free markets.
Disagree. Technology makes us more efficient. Efficiency gives us more time. Time is money. Fear mongering about AI is akin to favoring horse drawn carriages over internal combustion vehicles. Sound money accrues the efficiency, fiat vacuums the gains to the top a la the Cantillion Effect.
You have two choices, AI controlled by central planners of a corporate controlled bureaucracy, or to let go of fear and disburse the benefits and mitigate the oppression with bitcoin.
But we do need more than free markets. We need morals, integrity, and virtue built on a solid foundation. I think Christianity can provide this imo
I guess if we believe that fiat systems provide individuals and governments with unfair advantages (ie cantillon effect if you are close to printer) then the ability to NOT print money by default means that a fixed money supply system is fairer. No?