Please understand that the average US American is undereducated with a primitive black/white pattern of thinking and zero knowledge of history. There are only two types of politicians for them - a communist and a republican. Don't waste your time and enjoy the show, they're about to learn their next lesson as a young nation.
They're going to call it a president that stands for American values. You just watch.
Explosives. You were probably tagged by a behavioral officer. The dog was just a probable cause.
It is, he has no idea what he's talking about. The search was not for drugs and hand swab is done to test for chemicals, not weed.
It seems to me that you're talking about the people that control the printer, while I'm talking about the fiat as a concept. Two different conversations, clearly.
You're looking at it from a perspective of a victim. Fiat is designed to lose purchasing power while assets serve the purpose of preserving the wealthy.
I honestly don't understand why it's so difficult to understand. Target inflation of 2% is a target of devaluation, nobody is hiding it. Instead, you choose to present it as some sort of conspiracy and a class war aka the Marxists worldview.
You are free to use assets to protect yourself, you are not only limited to fiat.
Perhaps you should consider traveling a little. There are places with a much higher quality of life. And yes, Rome 2.0 is definitely going down.
I'm glad I was able to amuse you today.
Are you saying you're living a worse life in comparison to the previous 10-20-50-100-200 years? Curious to hear your answer.
Yes, you are right about fiat and the principles at work. That is exactly its function, to have an ability to be devalued at a certain rate per day/month/year and that is ok. It's designed to do that. I don't understand how that's an offensive revelation for many.
I mean, I get it, it can be offensive if fiat is treated as a store of value and the only monetary tool available to you, but there are many other tools available to people, bitcoin being the best in history, available to every human in the world.
Again, use fiat as a medium of exchange, use Bitcoin as a store of value. These two systems coexist perfectly fine.
P.S. The reason why I call it utopian thinking is that, despite being relatively young, I’m also old enough to understand that the world is an incredibly complex system that requires constant tweaking and adjusting for all possible reasons. Reductionist thinking, such as “Bitcoin solves it,” is a clear sign that the person is either disregarding the complexity or thinking in black and white terms, which is often a symptom of believing in a utopia. I didn’t mean any offense, of course. I would just like to bring to everyone’s attention that there are no solutions, only trade-offs.
Perhaps I should have explained my words in a better way; my message was rather short. I love how MS describes Bitcoin in terms of thermodynamics. It really is a well-sealed system that leaks very little (if any, thanks to the ability to abstract the physical principle in the digital world) and for this, I would argue that there is nothing better in the world for wealth preservation than Bitcoin. It solves so many problems that we were not able to solve throughout history.
But using the same analogy, I would like to point out that a thermodynamically sealed asset cannot be used in a system prone to constant entropy as a basis of a monetary system. Consider the fact that the world population has been growing since its inception; we discover and dig out new sources of energy that directly affect our progress, and we have a constant inflow of energy from the Sun. Our physical world has energy flowing in and out at all times, non-stop, forever. While Bitcoin is great for preserving wealth, it would not work to support the ever-growing economy, considering the factors mentioned above.
And then, you have to ask yourself questions like:
- Given the latest hurricane devastation, how would a government react if there was a Bitcoin standard only? Would they issue bonds denominated in Bitcoin? In a deflationary environment? How would the bonds be paid out?
- In case of a foreign attack, what would a country do to protect its borders and citizens, given a limited and scarce monetary unit when an attacker might have more of the asset? The rich win at all times?
- Imagine you work for a company and it’s your 10th year in that company. What would a raise look like in a Bitcoin-based economy? Clearly, you cannot give raises anymore because your salary should actually be getting smaller in Bitcoin denomination, given its deflationary nature and limited amount. How would you reward the employee for the longevity and determination? Reward the employee by offering something else? So, like back to the barter?
A lot of these questions don’t have a clear answer, that is until you introduce fiat into the equation. I’m all for using Bitcoin as a backing asset, but even then, it is not sustainable, given the ever-increasing inflows of energy in civilization.
Use fiat as a medium of exchange and a reward token for labor, and preserve wealth in Bitcoin. The issue, like I stated before, is a lack of understanding that a national currency is simply a tool with a particular designated utility, not a panacea.
Utopian thinking is appealing and cute but one thing is known for sure, there is no way to build an advancing and growing society without fiat. So I wouldn't be so sure and so categorical. It satisfies the goals set for the growing world economies, don't you think?
I still don't get this obsession in Bitcoin circles with fiat beaing bad, particularly when we have bitcoin.
Fiat is simply a tool and it's working as designed. The only issue I'm seeing is lack of knowledge of general public about the downside of using fiat as savings mechanism but apart from that - it satisfies the needs assigned to it.
In fact, vikings were the first visitors of North America.