How it feels to find Bitcoin
I’m writing this because I keep getting asked to comment on Saylor/Saif video even though my position hasn’t changed.
The natural state of the free market is deflation which means all prices fall forever in Bitcoin (assuming it stays decentralized and secure)
Free market economies are more productive meaning faster deflation (or real wealth gains by falling prices)
That system is incompatible with an inflationary monetary system meaning one of those systems must fail.
Either:
1) A system based on truth, hope, and abundance for all 8 billion people on the planet driven by a free market economy and all prices fall relative to bitcoin forever. This means Bitcoin is used as a medium of exchange and freedom tech spreads to the world through lightning, Liquid, Fedimint, Cashu, etc.
OR
2) A control system. An extractive rent seeking system that is NOT the free market (similar to the one we have had for 5000 years that resets every 100 or so years through war) continues to centralize by having you believe price of bitcoin is going up in fiat which makes the surveillance state stronger. This eventually centralizes Bitcoin - custodians, media, regulation (funded from the same manipulation of money) where it is attacked from layer 2. (Similar to gold)
While these ideas may “seem” compatible in the short term because you want Bitcoin to go up in fiat. What it really means is that you are giving your energy and strength to the system centralizing the world by converting Bitcoin to Fiat….to then measure prices.
Quite simply - If Bitcoin is only a store of value, it fails as a store of value.
Ps - It won’t fail. #1 is inevitable in time because too many (and more each day) have seen behind the curtain and are determined to build path #1.
Many of you here - the people that inspire me every day. You make a difference with every word, thought and action.
Almost did that in all caps per nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx because it’s so important.
Referring to # 1 above…..There is no second best.
I think saylor understands this deep down. His actions reflect this and are incongruent with his words.
@saifedean is calling a spade a spade regardless to who’s listening
@saylor objective might be to not create added barriers to adoption. If the bankers know they’re doomed if Bitcoin wins they might fight it.
If they think it’s a great investment (in fiat terms) and that they can co-exist with Bitcoin, then they might support it to the detriment of their fiat banks but to their gain in Bitcoin terms. A Trojan horse with a net win for everyone.
The harm I see in saylor’s rhetoric is his support of Bitcoin backed US dollar. As @jeffbooth mentions, this will allow the fiat games to continue in the same way that has been done before with US dollar & gold.
Regardless it won’t matter in the end. Bitcoin will win. Because the human spirit will never accept oppression. It never has but it had no choice.
But now, as long as Bitcoin exists and for the first time in history, it gives every single person on earth an exit from oppression.
@bitdoc
@saifedean​ Hi Saifedean. A lot of my friends ask what gives Bitcoin it’s value. Like why is the market prepared to exchange tens of thousands of dollars of their hard earned money for 12 words to access an immutable ledger. Is it’s value based on faith that we all have for it (as in we all agree it’s valuable so it is so)? Or does Bitcoin have value on its own?
I understand it’s very useful because of its scarce and incorruptible properties. But how does it gain value? It seems like a bit of a circular argument to say it’s valuable because it’s useful as for it to be used in the first place it would need to have value. Would love to know your thoughts