A Totally Different Way to Think About Bitcoin
How can Bitcoin just keep going up "forever". Well what if Bitcoin is correcting 50+ years of people being unfairly compensated for the labor but only "early adopters" are benefiting from it? What? Tune in to this 14 minute video and find out.
I like the way you are thinking about Bitcoin. Very effective for someone new to Bitcoin. Well done. đź‘Ť
"You seinga a correction in the robbing of the value of human labour"
Hmmm. For a long time I've seen Bitcoin as a progressive & drawn out currency reset
The current fiat system is collapsing under an ever increasing load of devalued debt.
A global currency & debt reset is coming.
Bitcoin is an opt in reset rather than 1 imposed by a government. A way for an individual to progressively cash in their worthless (every year) chips.
I like the concept of a correction but what exactly is being corrected? The fiat currencies are toxic garbage, they're beyond correction.
I think you mean that it's a correction in the sense of righting a wrong. Of returning the value back to the individuals that have worked & are working for it. Fiat currencies create an illusion that this world is scarce in resources. Bitcoin is showing us that it's not the case, that this world is abundant in resources when they're properly allocated.
I definitely think Bitcoin is part of a course correction for humanity.
Agree. And then when it’s used as a currency to transfer wealth based upon those abundant resources as well as labour the correction will be properly realised. At the moment, the store of wealth angle is, in a way, a fiat take on things.
Humans have always found ways to consume their labour in the future, it's not just a fiat construct.
From salting meat to storing harvested fruits, grains & honey in jars.
Money is an abstraction of value. An individual can trade a consumable good now for this abstracted value. There's an assumption (speculation) by the producer that this abstracted value will be accepted in the future.
Oil is priced in USD but oil is not fiat. Choosing to store oil for the future is not fiat, but it is speculating. Humans are always speculating. We're constantly assessing where we allocate our time, labour & resources for our greatest benefit. This has occurred long before fiat currencies were forced onto is.
Remember that the defining feature of fiat is that it is imposed by decree. While powerful people can force us to use their tokens in certain situations (ie to pay tribute/taxes), they can't force us to value it as individuals.
Indeed. My take was merely a snapshot of how “store of value” is currently being interpreted through fiat currency eyes today and ignores the natural tendency for humans and for that matter animals to store for the future. And I totally agree. My love for Bitcoin is entirely based on its purpose as a medium of two-way cyclical exchange beit for those stores or labour or produce etc, independently from those ruling by decree via their baseless tokens.
Value is being corrected.
Great way to think about it. Almost as if value was in equilibrium and it’s shifting back into the hands that see where the monetary system is heading.
I’ve been recently thinking about the greater Cantillon effect for all of us as Americans. After all, no matter how far away from the money printer any American is, we’re still much closer than most of the world. This lets us buy much more Bitcoin than anyone outside of the US with a comparable standard of living. Even as Bitcoiners, we benefit disproportionately from the dollar system. As much as we’re able to get back the value we’ve lost, are we also continuing to siphon value from the rest of the world? Or is that naturally going to continue to happen until we see much wider Bitcoin acceptance?
Any thoughts?
