También me encanta nostr:npub1yzvxlwp7wawed5vgefwfmugvumtp8c8t0etk3g8sky4n0ndvyxesnxrf8q y nostr:npub1tm99pgz2lth724jeld6gzz6zv48zy6xp4n9xu5uqrwvx9km54qaqkkxn72 pero he recomendado más nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg a mis contactos que no manejan el inglés por que lamentablemente en estas opciones no puedes utilizar la traducción , espero pronto añadan la función así lleguen a más público

https://nostrcheck.me/media/a4a6e5f447e1561723d557030888a158b9be09f856a006ddd44021e38ebd01fd/336bc3bd02e59c87f6d9eeb02f19ed81325055645f85f43ec38898364ceeaf7b.webp

Most people are familiar with fiat currencies, and will wonder how Bitcoin differs from it. In this chapter, nostr:npub1dtgg8yk3h23ldlm6jsy79tz723p4sun9mz62tqwxqe7c363szkzqm8up6m and nostr:npub1cqm6dztalp4l6n04f9k20c333xftgangjla337736dr6faz9na0qf2hjec give their explanations, which are indispensable for anyone new to Bitcoin.

Below is John Vallis’ answer, as written in “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”:

𝗝𝗼𝗵𝗻 𝗩𝗮𝗹𝗹𝗶𝘀’ 𝗮𝗻𝘀𝘄𝗲𝗿:

Money is the fundamental organizing and coordinating mechanism of a market, and as such, its qualities, which determine the functions which it either permits or prohibits, are highly consequential in both subtle and obvious ways. If there is an inherent unfairness in the money, as is the case with fiat, then that unfairness will propagate, through the money, into every corner and facet of the market which uses it — which is to say, into the people who use it.

In this particular case, fiat is unfair because a certain (small) group of people are permitted to obtain it for free (to ‘print’ it), while others must sacrifice their time and energy to do so. The result is, expectedly, the subjugation of the latter to the former. Such a market comes to increasingly reflect not the ‘will’ of each individual’s choices, but those of a very small few, as they may siphon off purchasing power and deploy it in whatever manner they see fit. The inevitable result is an unnatural concentration of wealth and power in the hands of a select few — those who control or have privileged access to the ‘money printer’ (or digital equivalent).

You may also characterize fiat as a ‘lie’. While perhaps not intuitive or obvious, part of the reason why money is able to perform the stabilizing or harmonizing function which it does, is because it ‘carries’ information about the preferences of all market actors, and the associated time, energy, and sacrifices which were made to either act or not act on them (among other information). If there is an entity arbitrarily manipulating the money supply, all that information becomes corrupted and distorted, and the fidelity with which it coheres to the preferences of market actors, and the market circumstances broadly, is diminished. Decisions are thus made on false or imperfect information, and as such, due to their diminished coherence with ‘reality’, are more likely to be made in error, or to be more wasteful or destructive than necessary. The longer this goes on, the more such a money will erect a ‘false reality’, increasingly detached from what individual preferences and action, in relation to the natural and social worlds, would otherwise have dictated.

Bitcoin, on the other hand, does not permit such arbitrary manipulations, nor any degree of unfairness from one user to the next. Everyone is subject to the same rules. The result is a scenario in which unfairness, and all the damaging consequences of it, is impossible, and where truth, rather than falsehood, is rightly the basis upon which people interact (economically).

Simply put, fiat is immoral, and the qualities that make it so, erect an all-encompassing system of incentives which inevitably influences those who (are forced to) use it. Conversely, bitcoin operates on truth and fairness, and thereby erects (or will erect) an all-encompassing system of virtuous incentives, which likewise will influence behavior in accordance with them.

Simply put, a fiat standard is immoral and destructive, and a bitcoin standard will be virtuous and creative.

John Vallis is the host of the Bitcoin Rapid-Fire and Portal Orange podcasts. He is a passionate Bitcoin advocate, and an enthusiastic explorer of the profound implications it represents.

Preorder your copy of “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, and 𝘀𝗮𝘃𝗲 𝘂𝗽 𝘁𝗼 𝟴𝟬%, by contributing to our nostr:npub1kmwdmhuxvafg05dyap3qmy42jpwztrv9p0uvey3a8803ahlwtmnsnhxqk9 initiative:

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