28
Sam
280391e8743b2e8b004662f2f8a9d07c2b8ef140618a0a5edb4bbd830287ccef
I’m me or no one.
Replying to Avatar Lyn Alden

I spoke at a big bitcoin-adjacent company this week and one of the best questions was from someone who asked what the downsides of bitcoin adoption might be.

I always do appreciate these steelman questions, the skeptical questions, the ones where we challenge ourselves. Only when we can answer those types of questions do we understand the concept that we are promoting.

So the classic example is that in modern economic literature, "deflation is bad". This, however, is only the case in a highly indebted system. Normally, deflation is good. Money appreciates, technology improves, and goods and services get cheaper over time as they should. Price of Tomorrow covers this well. My book touches on this too, etc. The "deflation is bad" meme is still alive in modern economic discourse and thus is worth countering, but I think in the bitcoin spectrum of communities, people get that deflation is fine and good.

My answer to the question was in two parts.

The first part was technological determinism. In other words, if we were to re-run humanity multiple times, there are certain rare accidents that might not replicate, and other commonalities that probably would. Much like steam engines, internal combustion engines, electricity, and nuclear power, I think a decentralized network of money is something we would eventually come across. In our case, Bitcoin came into existence as soon as the bandwidth and encryption tech allowed it to. In other universes or simulations it might look a bit different (e.g. might not be 21 million or ten minute block times exactly), but I think decentralized real-time settlement would become apparent as readily as electricity does, for any civilization that reaches this point. So ethics aside, it just is what it is. It exists, and thus we must deal with it.

The second part was that in my view, transparency and individual empowerment is rarely a bad thing. Half of the world is autocratic. And half of the world (not quite the same half) deals with massive structural inflation. A decentralized spreadsheet that allows individuals to store and send value can't possibly be a bad thing, unless humanity itself is totally corrupted. I then went into more detail with examples about historical war financing, and all sorts of tangible stuff. In other words, a whole chapter full of stuff. I've addressed this in some articles to.

In your view, if you had to steelman the argument as best as you could, what are the scenarios where bitcoin is *BAD* for humanity rather than good for it, on net?

I believe it is an elitist form of money. You need higher than normal technical skills to acquire, hold, and use. There will be millions if not billions of people who need it and can’t get it unless they provide “value”. Which basically makes them working servants.

Currently you need the luxury of extra funds and the proper equipment to buy and hold, that is very difficult for a large majority.

A large sum of people that are buying do not self custody. They will likely lose their coins if the value ever shifts.

I love the good it can bring, but ultimately humanity will still be split by the Haves and Have-nots.

Plus, as Wall Street continues to get into it from ETFs and Miner stocks…we are letting legacy institutions that have been corrupted wiggle in. Can they end up with control if we aren’t careful? History says yes.

Replying to Avatar roya ୨୧

Ew…pancakes.

#bitcoin question. Why are people happy that the MSM is covering bitcoin in a positive manner? Shouldn’t that be a warning?

Interesting. How would we know if the former made it to the next place and we are currently the latter?

Do you believe our reality is real and it is worth finding every secret that exists or do you believe we are in a fake reality?

#randomthoughts #nostr

Are Bitcoiners afraid of further debasement of our currency?

Are you afraid of tech takeover? If yes, how do the normies who aren’t tech savvy survive? (I’m a tech novice, I understand some things but got a long way to go.)

Appreciate the insight! Still wrapping my mind around where I’d like to go. Got a lot of different avenues of interest and I don’t agree with niches! This world is too amazing to focus on one thing.

Very good point. It should be natural.

I guess I don’t really care about followers, though this post have me a lot of great feedback. I just need to use this more and figure out the intricacies to help make it better.

Digital value has always been a weird concept to me. I’ve warmed up to the idea though.

Into the void I shall go. Wonder if I’ll end up behind a bookcase 🤔

Ooof. What I’m all about…pretty sure my mind is an adhd kid snorting coke while guzzling Mountain Dew Code Red, all over the place and sticky. 😂

But I do agree…gotta be 100% real. No point in being someone else.

Haha. We are all faking it! But that’s ok. Hopefully we’ll find the right people to fake it together and have a good time!