Silver has historically served as "poor man's gold" and could re-emerge as "poor man's bitcoin"
And probably 99.9% of the global population does not have enough savings to afford an on-chain transaction. This leaves trusted third party custodial services or the return to silver as a bearer asset Medium of Exchange. Maybe the trusted third parties can build something that requires very low trust. We shall see
#bitcoin #art from the Minnaar Collection and Bitcoin Treasure Hunt. Details at StevenMinnaar.com
Next, the natuon state nationalizes retirement funds and forces them to buy government bonds. Stack accordingly
Yes, I agree, although I'm curious to see what privacy ideas are built around bitcoin like Liquid's federated peg-in/Confidential Transactions model and even Chaumian eCash. Naturally, I'm talking about electronic cash. For a private physical Medium of Exchange, gold and silver remain an excellent solution in my opinion
(Repost with corrections)
A note I wrote to a friend regarding my thoughts on Gold, Silver, Bitcoin, Art, Store of Value, and Medium of Exchange
In short, I believe Bitcoin will both empower and free both gold and silver as it continues to emerge as a new asset class.
Of the three, bitcoin is the most undervalued, but they will all benefit from Bitcoin's existence. Here's how:
Bitcoin will share and capture a big part of gold's role as a Store of Value as it is easier to store, protect, and transport. Gold is still concentrated value in physical form.
Collectible art has worked well in many cases as a Store of Value in concentrated form and is unique in that it is an asset that you can hang on your wall and enjoy its added benefits of meaning, inspiration, and beauty.
Neither gold nor bitcoin work very well as a Medium of Exchange for everyday transactions. Gold is cumbersome, and bitcoin transaction fees are high.
What does that leave us for a Medium of Exchange?
First, an ideal Medium of Exchange would be a bearer asset (not an IOU or someone else's liability). More on this in a minute...
Fiat: These are "IOU nothings," so they will cease to exist unless governments back it with gold or bitcoin in a way that people will trust it (a tall task indeed).
Custodial Bitcoin: The top contenders are Liquid Bitcoin and bitcoin-backed Chaumian eCash, which are both "bitcoin IOU's". I believe these can be more secure and trusted than asset-backed fiat. These, in conjunction with Bitcoin Lightning below, are likely to gain popularity.
Lightning Payments: This is a bearer asset bitcoin payment protocol that offers low fees but can be difficult to set up and manage, so it will likely be handled by a custodial service for digital wallets.
Silver: Silver is a proven Medium of Exchange that is a bearer asset. I could easily see this returning as a physical Medium of Exchange after the dollar collapse.
Art is not well suited as a Medium of Exchange, but it can be in many instances.
Conclusion:
I most likely see people using bitcoin and gold as their preferred Store of Value with Bitcoin having the most upside because rapid adoption is likely to continue for all the reasons that make it useful.
The most popular Medium Exchange to emerge is hard to predict. I suspect custodial bitcoin will do well and dominate online and distance payments. The only problem is that these custodial solutions are not bearer assets and require a degree of trust. The trust required might be able to be reduced to an acceptable level with technological advancements. It is quite possible that we'll see silver gain popularity for in-person transactions as it is a proven and simple bearer asset for everyday transactions. If so, gold will benefit and can easily re-emerge as a Medium of Exchange for larger transactions.
Conclusion:
The existence of bitcoin makes it easier for people to leave abusive relationships with their governments. It provides an escape vehicle that will weaken governments' ability to tax. It will force governments to compete, and it will handicap their ability to compel. This will remove the chains that have long held down gold and silver.
The existence of bitcoin will help free humanity, gold, and silver. And it will be the catalyst for a new "Golden Age" of human expression and liberty that will result in an explosion of the arts. The future looks bright!
#art
#bitcoin
#gold
#silver
What do you do when you discover that you are playing in a rigged game? Do you stay and complain, or do you look for the exits?
#artstr #art
24k Gold Minnaar
I only create 7 of these a year. DM me to get on the waiting list:
#art
#gold
Excited to read this, 30 years after reading Atlas Shrugged. Overdue but never too late!
A note I wrote to a friend regarding my thoughts on Gold, Silver, Bitcoin, Art, Store of Value, and Medium of Exchange
In short, I believe Bitcoin will both empower and free both gold and silver as it continues to emerge as a new asset class.
Of the three, bitcoin is the most undervalued, but they will all benefit from Bitcoin's existence. Here's how:
Bitcoin will share and capture a big part of gold's role as a Store of Value as it is easier to store, protect, and transport. Gold is still concentrated value in physical form.
Collectible art has worked well in many cases as a Store of Value in concentrated form and is unique in that it is an asset that you can hang on your wall and enjoy its added benefits of meaning, inspiration, and beauty.
Neither gold nor bitcoin work very well as a Medium of Exchange for everyday transactions. Gold is cumbersome, and bitcoin transaction fees are high.
What does that leave us for a Medium of Exchange?
First, an ideal Medium of Exchange would be a bearer asset (not an IOU or someone else's liability). More on this in a minute...
Fiat: These are "IOU nothings," so they will cease to exist unless governments back it with gold or bitcoin in a way that people will trust it (a tall task indeed).
Custodial Bitcoin: The top contenders are Liquid Bitcoin and bitcoin-backed Chaumian eCash, which are both "bitcoin IOU's". I believe these can be more secure and trusted than asset-backed fiat. These, in conjunction with Bitcoin Lightning below, are likely to gain popularity.
Lightning Payments: This is a bearer asset bitcoin payment protocol that offers low fees but can be difficult to set up and manage, so it will likely be handled by a custodial service for digital wallets.
Silver: Silver is a proven Medium of Exchange that is a bearer asset. I could easily see this returning as a physical Medium of Exchange after the dollar collapse.
Art is not well suited as a Medium of Exchange, but it can be in many instances.
Conclusion:
I most likely see people using gold and silver as their preferred Store of Value with Bitcoin having the most upside because rapid adoption is likely to continue for all the reasons that make it useful.
The most popular Medium Exchange to emerge is hard to predict. I suspect custodial bitcoin will do well and dominate online and distance payments. The only problem is that these custodial solutions are not bearer assets and require a degree of trust. The trust required might be able to be reduced to an acceptable level with technological advancements. It is quite possible that we'll see silver gain popularity for in-person transactions as it is a proven and simple bearer asset for everyday transactions. If so, gold will benefit and can easily re-emerge as a Medium of Exchange for larger transactions.
Conclusion:
The existence of bitcoin makes it easier for people to leave abusive relationships with their governments. It provides an escape vehicle that will weaken governments ability to tax. It will force governments to compete, and it will handicap their ability to compel. This will remove the chains that have long held down gold and silver.
The existence of bitcoin will help free humanity, gold, and silver. And it will be the catalyst for a new "Golden Age" of human expression and liberty that will result in an explosion of the arts. The future looks bright!
#art
#bitcoin
#gold
#silver
Minnaar No. 02502
4″ x 6″ archival ink and paper.
Edition of 777 and each have a Trade Value of 1/777th of a Minnaar.
#art
#poetry
