😂🤣

#Bitcoin has no dual use

This is a strength, not a weakness 🏋️‍♂️

This division of labor can make #Bitcoin a pure price signal for resource allocation

#Bitcoin can't be touched 🤏

You can also not touch love, reputation, email, social media, video games, or tv-streaming

Still pretty important, right? 😉

🇷🇺Russian energy resources

🇨🇳Chinese hard- & software

#dragonbear is going to be a mightly force in #Bitcoin mining!

Good that the Chinese finally want to meet a US counterpart 👏

Always!

Direct result of Bitcoin

Emirates know what way the wind is blowing…

Bitcoin is a self-development process

Kudos for how they have manipulated the CPI formula over the years to have CPI this low while the rest is MUCH higher…

When, not if…

In Ancient China the fall of a dynasty was always followed by a period of warring factions before a new dynasty would take control.

Falling dynasty: USD

Warring factions: BRICS currencies

New dynasty: #Bitcoin

Mr. Kotal believes 🇨🇳Yuan is a main contender for reserve currency status.

What he forgets to mention is that the 🇨🇳Yuan is subject to the same downward spiral as the 🇺🇸Dollar.

And it is a matter of time before 🇨🇳succumbs to the temptation to weaponise the Yuan.

What do European nations have to offer BRICS?

Besides European tech and markets, most #Bitcoin nodes can be found in Europe

European citizens & entities are probably sitting on considerable amount of #Bitcoin, which becomes very valuable once nations only export national resources for #Bitcoin

And also want to do something about it… let the free market figure it out 🙏

To NOSTR! 🍻

What’s the reason for deferring the payment?

Grand rising indeed! ☕️

It feels you are playing Football Manager, but then in real life.

You are living every (European) guy’s dream man!

Countering #Bitcoin objections

Listened to a Stefan Molyneux podcast that countered common Bitcoin objections. They were too good not to share, so here’s a summary:

1. Intangible / digital

You can’t touch it, but the same applies to other important things in your life: love, reputation, email, social media, video games, tv-streaming

Trust in something/someone is based on a future expectation of past consistent behaviour

Gold requires paper notes or digital markers since you can’t carry it around

Fiat is 90% digital today

Bitcoin requires energy to get and maintain. It can’t be created out of nothing and it backed by limitation

Same applies to gold which would be worthless if it was laying around everywhere and was easy to attain

2. It relies on electricity & internet

Electricity is easy to generate, there are 3 billion solar panels worldwide

Transactions can be done offline w/ a simple computer or on paper until it it get to an online computer again to get processed

More Bitcoin-capable computers than people on Earth

Decentralised Bitcoin is better than centralised fiat in case of crisis

3. Lack of dual use

Many financial assets have others uses (e.g. real estate) but this is not a strength

Single use is better due to division of labor

Bitcoin is immune to factors impacting physical assets (mining techniques, state seizures, disasters)

Potential for pure price signal for resource allocation

4. Bad for the environment

Consumes less energy than existing system (based on war & debt)

Uses otherwise wasted energy and incentivizes efficiency & innovation in energy production

Bitcoin mining generates heat (can warm homes, dry items)

Debt is the consumption of scarce resources now at the expense of later

Debt in the world is 10x more than GDP, meaning we have consumed 10x more than under Bitcoin

Bitcoin stops over-consumption

Bitcoin uses half the energy of either banking or gold

20x the energy the Bitcoin network uses is lost via transmissions and power lines

Fiat requires state bureaucracies, banks, government buildings, Visa, MasterCard, Venmo, offices, servers, armies, police, extra countries, prisons, etc.

Fiat drives malinvestments (terrible waste!) through false price signals:

Subsidies, tariffs, interest rates, price controls

Governments choose winners and losers via regulation

5. Just for criminals/terrorists

Banks launder more money ($800-$2T) than Bitcoin ($2.9B)

99% of transactions through AML-regulated exchanges

Banks paid $321B in fines since 2008

6. Governments will forbid it

Nations compete and if one bans Bitcoin and the other doesn’t, the brightest citizens move there with their capital (which is mobile)

Impossible for any nation to take over the network (requires too much resources)

Bitcoin network adapts and will work around government intervention