Pura Vida! Today is the best day of the rest of your life - so far!

Good morning #nostr 💜

What are you going to do today to make this world a better place?

For now, I'm going to make a coffee. ☕️☕️😀

Where did you find that pic of me? 🐶🐾🤣😂🤣

Good morning, beautiful! 🐶🐾🫂☕️💕🎶

What needs to happen for Balajis to win his bet?

1 - Banks unable to cover deposits (at scale)

2 - Rush to exit the dollar (at county level)

3 - Bitcoin become the flight to safety

Let's quickly look at each.

1 - Banks unable to cover deposits:

This might already be the case...

Banks bought a lot of treasuries when their prices were high (low interest), and are now in big loss as prices are down (high interest).

2 - Rush to exit the US dollar at the country level.

US treasuries are held in quantities by other countries.

Once they see cracks appearing, will they start to allocate out of it?

That would flood the market. And when supply increases...

3 - Finally, you have to wonder, what will be the safe-heaven asset in such a case?

What if there is an option that was...

-Not control by any single entity

-Audible & Immutable

-Requires no permission to use

-Censorship resistant

-Bearer asset/ final settlement layer

Any candidates?

The 90 day deadline is probably the biggest hurdle to win the bet, obviously.

But as the say... gradually, then suddenly.

Could it be that sudden tho?

What's guaranteed is that each ~10min a new block will be added to the chain. Bitcoin

We are so lucky we have the way to dodge this with bitcoin. Imagine if bitcoin didn't exist and all you could get was a pet rock that would get banned to trap everyone in.

Thank you Satoshi.

I completely agree. A new monetary system is coming. Money created by comercial banks (through fractional reserve) will disappear. Probably even banks will disappear and CBs will work directly with citizens and enterprises.

CBDCs will use a new money standard backed by central bank assets. They will include bitcoin on their balance sheet. Besides

CDBCs will use Bitcoin as a settlement ledger and will use some kind of tokenization protocol like Taro or something like that. That’s my vision.

Cheers!

Yessir I am pretty sure they will use this to introduce CBDCs. My guess so far is collapsing small banks into the big one with no real bailouts. After that, let the big ones fail but bail them out with CBDCs.

It’s basically what Janet Yellen said lately that they only do bailouts when there is systemic risk.

It’s just about centralizing power even further before introducing their total control tool.

There is speculation around banks not having enough asset to cover depositors. They might say: we'll make depositors whole with CBDCs. 😐

Thank god we have Bitcoin

Yeah I’m being cautious because when you’re in this thing day in and day out as we are it can often seem more imminent than it is. That said, this is the closest it’s ever felt for me.

There are certainly a lot of signals

PV☕️

Enjoy your weekend Fuchs!