MateoDidomenico

bitcoin

Fix the Money, Fix the World

Founder and Managing Director at 
@bitcoinprophets a Bitcoin Investment Company. Building brighter future. God First, Austrian Economics, Freedom Maxi. 

@MateoDidomenico's bio

Enough is enough. It is time for change. 

Thanks for the kind words. Please share the message and help shed light on the corruption of money so more people can begin protecting themselves with Bitcoin. 

Private Currency On Top Of Bitcoin 

Bitcoin is much more than just money and I believe it truly possesses the power to liberate humanity. One of my biggest concerns about Bitcoin's future stems from developers and their motivation to change bitcoins protocol in order to make it better money. That is flawed thinking. Bitcoin is the base layer of human interaction and the 'money' should be created on top of that. A private currency issuer can provide all of the desired features of 'money' and leverage Bitcoin's layer one to do so. We must not put humanities only hope at risk because some think it is a good idea to specialize Bitcoin to only be 'money'.

“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” (Friedrich Hayek 1976)

Government money was a trap set by bankers and Keynesians who desired greedy levels of wealth and power.

Entire populations were deceived into relinquishing their freedoms, as the perceived security of fiat money disguised the true consequences of the totalitarianism it imposed.

Now that we are multiple generations removed from 'money' not by government monopolies, there are significant biases towards the propagated theories that justify government control over money.

Despite the catastrophic failures of such monopolies which continue to destroy wealth and impose government control, the majority of the population remains ignorant to these systemic flaws.

Now, half a century later, as Hayek's incredible foresight predicted, we have indeed come up with that 'sly and roundabout way' with the advent of Bitcoin.

Yes, not even the U.S. government can halt this technology. The train has left the station, and it waits for no one. Adapt or die—that is the law of nature.

I believe that Bitcoin will not directly serve as money, just as gold did not directly serve as money, but that Bitcoin will be the new base layer of the global economy.

As we cross the chasm on our journey towards adopting a Bitcoin Standard, it remains critically important to make decisions that do not relinquish control back to those who previously abused it.

Though Bitcoin is fully secure and fully decentralized, it does not scale. 

I believe that the best way to scale the 'money' emerging on top of Bitcoin is through a free market composed of private currency issuers.

Friedrich Hayek believed that a free market for issuing currency would enforce market discipline as well as foster greater innovation and efficiency.

‘Money’ is simply another market good within the economy that ought to have open competition for capturing market share.

Just like all other goods and services in a free market, the provider offering the best and most cost-effective solution to satisfy consumer needs will emerge as the preferred choice for the majority of the market.

Simultaneously, this enforces market discipline among currency issuers, due to the risk of losing to a competitor who can better satisfy the market for ‘money’.

The economy emerging atop Bitcoin’s base layer represents a completely free market, absent of rulers, authority, and market makers. All activity within this Bitcoin-based economy operates within a free market framework, impervious to regulation, coercion, or violence.

There is no ability for coercion as Bitcoin is sufficiently decentralized and there is no ability for physical violence as there is no physical matter in cyberspace.

Therefore, this free market for 'money' will emerge atop Bitcoin's layer one, characterized by an open competition to provide the most desirable currency solution.

Peak market efficiency can only be achieved through the freedom of individuals to make decisions based on their own best self interests. 

There is no such thing as market inefficiency without government intervention.

The currency solution that provides the most value to society and naturally captures the majority of market share for 'money' can only be discovered by the information that exists on the edges, which can not be determined by any central authority.

Bitcoin’s free market will enable the provision of the most optimal currency solution for humanity and enforce the market discipline needed to uphold that standard.

Resulting in the most optimal outcome, which could never be created by anyone other than God and His collective nature.
