Okay, everyone says Bitcoin this, Bitcoin that. Bitcoin should be the primary funding mechanism, the state should hold its reserves in Bitcoin, the world would be a nicer place if everything were based on Bitcoin... yada yada yada, blah blah. I get it, really. Nice utopia.
But one thing none of you dreamers have explained yet is:
How do you convince the bad guys to give up the money printer?
Any realistic suggestions?
By using a hard asset...
How would that change their mind?
They're printing fiat... The more they print the closer it gets to 0. Eventually printing won't do anything because people will use the money has value
That's a long way to go then. In Turkey, a simple shirt costs 500 TL ... after they had already removed 6 zeros before. So the shirt's price is basically 500,000,000 Lira. My grandfather bought a sesame bagel and a tea for 0.01 Lira during his school days. Imagine the inflation going on since 3-4 generations.
And they still show no signs of using BTC. On the contrary, only a tiny minority knows what it is. And of those, 99% see it as a store of value or a speculative object, but not as a medium of exchange.
Education is key
is just low time preference from some bitcoiner they want that the government pump their bag.
if that happen quickly it's not gone end well.
Still waiting for suggestions
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Every time you sell a thing you are contributing to the supply of it and therefore lowering its price. Everytime you buy a thing you are contributing to the demand for it and increasing its price.
As more and more people sell fiat and buy Bitcoin, the price of fiat sinks and the price of Bitcoin rises. As time goes on, the bad guys can keep printing fiat if they like.
They're just going to find that they cannot exchange even large quantities of their worthless shitcoin for any meaningful quantity of real goods.
Boom, proof by induction.
The unsustainable debt will make them give up the money printer. Its just going to stop working at some point
To be honest, I'm not really sure about that. They do not see this debt as their debt, but as the debt of us, the governed. And even if it consists only of illusion, which it has for a long time, they will press the button on the printer. The Cantillon effect is simply too tempting.
