2. The uncomfortable truth is that every fiat currency in the history of the world has failed – either through catastrophic hyperinflation or slow-motion devaluation over time relative to real, scarce
assets like gold. 2/10
Discussion
3. Elites can escape these intentional devaluations through their privileged access to sophisticated financial investments and private property rights, but most people are forced to hold savings in deteriorating currencies - producing systematic injustices and unsustainable wealth concentrations. 3/10
4. Inflationary conditions are also correlated with a lack of freedom and property rights around the world, as governments constantly abuse the unchecked power granted to them by their monopolistic ability to print new ‘money’ at zero cost. 4/10
5. Modern digital technologies and networks have given governments new tools to surveil, control and punish dissenters, and this will increase as money becomes more centralized and digital through the introduction of Central Bank Digital Currencies (CBDCs) and the elimination of cash. 5/10
THANKFULLY BITCOIN IS A MORE THAN JUST A BETTER MONEY
6. Money is a technology to facilitate trade, and humans adopt new money based on changes in technology resulting in an object with even better monetary attributes relating to durability, portability, verifiability, scarcity, divisibility, and storability. The free market adoption of the asset as money is due to its monetary attributes alone, not the intrinsic value of the asset itself. 6/10
7. While fire, metallurgy, and mining gave us gold, the internet, encryption, and computing power have given us Bitcoin, which has the most superior monetary attributes of any money in history. It is also decentralized, permissionless and highly resistant to censorship - conferring not only purchasing power increases and banking to its users, but also replacing the poverty and bondage inherent to the fiat system with property rights, self-sovereignty, and freedom. 7/10
8. The game theory of Bitcoin adoption is driven by rational self-interest for both individuals and nations, where the big winners will be the billions that have been financially oppressed by their government’s abuse of the fiat system, and the losers will be the small group of elites that have disproportionately benefitted through positions of influence at its epicenter. 8/10
9. Most criticisms of Bitcoin are based on political bias, technological ignorance, or a fear of having one’s privileged fiat position undermined, but the most distressing shortcoming of the naysayers is
their inability to offer any viable alternative whatsoever to solving the systemic injustices that causes billions of people to be left behind in the fiat monetary system. 9/10
