Humans figured out how to harness hydrocarbons, electricity, and telecommunications in the1800s, leading to an unprecedented growth in technology and population by the time all of that got some momentum in the 1900s.
And then economists were like โwow, look how beneficial fiat currency was for humanity.โ
Nothing stops this train!
Thankyou
And proved to be a primary factor to lead to the Great War. Technological advances provided Germany the ability to leapfrog the British empire.
"that's why we need inflation, to push progress forward"
Hahaha you nailed it.
The twist at the end!
Nabisco invented aerosol cheese in a can in 1965. Just 6 years later America defaulted on its debt obligations. Coincidence... or fiat food?
Fiat currency has been like a cocaine fueled disco night from 1978 ... just writ large.
It's more like the brown acid at woodstock ๐
๐
I can imagine peter schiff tweeting this in 2060 about bitcoin hiding behind AI productivity gains
The biggest shell game ever created with so many still eager to step up to the table.
fait currency is so efficient that even inefficient governments can thrive
Even Nassim Taleb was making this argument some years ago
The nice thing about correlations is that nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a can just invent a causality to go with it.
Yeah we should only have to work 13 hours a week by now according to Keynes.
All of those inventions were on the backdrop of assuming a creator God, who is good it has created a universe that can be measured. The abandonment of God lead to the postmodern Fiat world we live in now.
To be fair with electricity outages how are you going to pay sats
Depends how long the electricity stays out.
As long as phones are charged bitcoin still works.
However, the moment that power goes out you can not use cash or debit anymore because all the ATMs and cash registers require electricity and internet connection to work.
I seen this first hand, my town had no electricity for 3 days.
When the power did come back on the police were standing guard outside Coles so that they could dump all the food that they were refusing to sell into the dumpsters.
One shop in my town was open and accepting cash.
You could not even buy fuel because all the servos neglect their backup diesel generators (if they even still have them half of them don't even have backup power anymore)
Fortunately the hospital has backup diesel generators and enough diesel stored to run them for a week but no one else seems prepared for a grid down, especially shops.
You could still spend Bitcoin (online unfortunately no one in my town accepts it)
But apart from that one shop(which was only open for the first day of the power out and closed once their refrigerators were empty)and the drug dealers obviously, cash became absolutely worthless for 3 days when we had no electricity.
So in conclusion grid down makes it harder to spend cash than Bitcoin
We need more coverage on this, this good work sir
Watching all the bitcoin cultists go spastic in the replies is funny
NGL I fall for this same trap ๐ชค
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์ธ๋ฅ๋ 1800๋ ๋์ ํํ์์, ์ ๊ธฐ, ๊ทธ๋ฆฌ๊ณ ํต์ ๊ธฐ์ ์ ํ์ฉํ๋ ๋ฐฉ๋ฒ์ ์์๋๊ณ , ๊ทธ ๊ฒฐ๊ณผ 1900๋ ๋์๋ ์ด ๋ชจ๋ ๊ฒ์ด ๋ณธ๊ฒฉ์ ์ผ๋ก ์๋ํ๋ฉด์ ๊ธฐ์ ๊ณผ ์ธ๊ตฌ์์ ์ ๋ก ์๋ ์ฑ์ฅ์ ์ด๋ฃจ์๋ค.
๊ทธ๋ฌ์ ๊ฒฝ์ ํ์๋ค์ ์ด๋ ๊ฒ ๋งํ๋ค. โ์, ๋ช ๋ชฉํํ๊ฐ ์ธ๋ฅ์๊ฒ ์ผ๋ง๋ ์ด๋ก์ด์ง ์ข ๋ด.โ
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