pull down to refresh
0 sats \ 1 reply \ @CliffBadger 20 Oct \ parent \ on: I don't think you understand how credit cards "work" bitcoin
The "common good" is such a meme. That could mean literally anything that the gang of extortionists and looters wants.
State law enforcement authorities will confiscate your drugs and Bitcoin stack and throw you in prison with the Haitian gangsters.
Maybe? This is my point. The state is an enemy of the people.
The debate was about how you can go live in your Citadel but you don't want to because you are scared of Haitian gangsters.
That's just nonsense. The zone defined as state territory isn't safe from Haitian gangsters. The Citadel is safe. But you want to give credit to the state? Why? Because in theory it's supposed to protect me? Even though it doesn't in reality?
How so?
Because hyperinflation is coded into their protocol. Only Bitcoiners survive in the scenario that is predictable based on their budget.
The fact that they found this particular guy's password says very little about the long term implications of even 5% of the economy adopting Bitcoin. The tax code as it's written today punishes the individuals and businesses who don't adopt Bitcoin.
You're assuming that only a state can lead collective action, and that's just not true. People voluntarily pool their resources together to make investments as groups all the time. The only difference is that the state demands the money up front, at gun point, with no discussion, for nothing in return.
If it were symbiotic then it wouldn't need to be coercive. The nation could voluntarily invest in the state's projects. But the state would rather play god than be held accountable to the market.
In this real world where nation state power projection is at least as important as free market forces fiat money bolsters a nation state power projection capacity and as a result bolsters the wealth and security of its citizens.
Before the state does anything, there's a transfer of wealth from nation to state. The state is its own beast. It's a parasite-host relationship. As long as the distribution of wealth is a collective decision, that means citizens have no wealth and no security of their own.
The protocol inevitably results in a higher price because there's a limited supply. From the subjective view of the individual holder, their economy became stronger because their stored energy increased in purchasing power.
yet the global fiat debt slavery extraordinary privilege exercised by the USA has supported and extended its empire, power, hegemony and wealth for many decades compared to if it had reamined on even a nominal gold standard as was the case until 1971
There's a lot of factors that go into US hegemony. My point is that the price of USD is going down. The price of every fiat currency goes down compared to BTC because the government currency is getting stealth taxed. So if everything else goes to zero, as designed, then Bitcoin is the only surviving currency. The economy overall has to be considered separately, because the trend to BTC dominance was inevitable.
In most of the world Bitcoin is banned for payments.
Then most of the world will be poor. It's all part of the process.