Will Bitcoin Lead to Anarchy? with Max Borders
Nature's ledger (gold) has robust parameters for supply and debasement but doesn't move and get verified fast enough in the telecommunication age. Mankind's ledger (the dollar) moves and gets verified fast enough but doesn't have robust parameters for supply and debasement. The only way to fix this speed gap in the long run would be to develop a way for a widely accepted, scarce, monetary bearer asset itself to also be able to settle over long distances at the speed of light.
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The difference in speed between transactional commerce and bearer asset commodity money gave governments and banks a huge opportunity for custodial arbitrage. A centralized and globally interconnected banking system with a monopoly on fast long-distance transfers of value became too powerful and convenient for gold to keep up with, even if gold could still make for better private savings. The introduction of credit cards in the 1950s, e-commerce in the 1990s, and smartphone-based payments in the 2010s further cemented the importance of fast telecommunication-based payments.
This is the only time in history where, on a global scale, a weaker money won out in terms of adoption over a harder money. And it occurred because telecommunication systems introduced speed as a new variable into the competition. Gold, with its inherently slow speed of transport and authentication, couldn't compete with the pound, the dollar, and other top fiat currencies with their combination of speed and convenience, despite gold being in scarcer supply. The combination of legal tender laws, taxation authority, and greater speed has allowed fiat currencies to outcompete their slower but scarcer precious metal counterparts all over the world in terms of usage. This mismatch or gap in speed has been a foundational reason for the greater and greater levels of financialization that the world has seen over the past century and a half. Monetary ledgers became increasingly detached from any sort of natural constraint or scarce units of settlement, because the only scarce monetary alternatives such as gold were too slow to present a complete alternative.
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The Problem With "Classical Liberals"
nostr:npub1du6sgl90wse0cz44fg50a4kg9ea4sgctlxps90ccx58lw8ssgv9qhjyf3c of Zaprite rejoins me to talk about:
Merchant adoption and why it’s different this time
Improved custody
How Zaprite works
Accounting and integration
How adoption will be driven this time
Circular economy
The lie of 2% inflation
Bitcoin Merchant Adoption: This Time is Different? with nostr:npub1du6sgl90wse0cz44fg50a4kg9ea4sgctlxps90ccx58lw8ssgv9qhjyf3c
The Corrupt Political Influence on Military Intelligence and Its Fundamental Role in State Propaganda
The Economic Coercion and Repressive Tolerance' of the Woke Regime
Bitcoin can be considered deflationary in nature because the total supply of Bitcoin is capped at 21 million coins, and as more people adopt and use Bitcoin, its scarcity can lead to an increase in value over time.
new dispatch in four hours at 1P CT / 1800 UTC to discuss lightning node security with Ken, cofounder of the VLS project
every lightning node is a hot wallet - that is a security risk ❗️
join us in the interactive live chat 🫡
https://citadeldispatch.com/stream
CD112: Lightning Node Security with Ken of the VLS Project (HSMS for Lightning)
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Limitless Money and the Limitless Fed
After four years of work, James O'Beirne's ( nostr:npub1ta5sstxzpk7aykejp6cv8eul80m2rjfwvp3rgjw0xgjtp7s3ak5s0c96f7 ) assumeutxo option to allow instant UTXO set bootstrapping for your Bitcoin node is merged into Bitcoin Core.
