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0 sats \ 6 replies \ @CliffBadger 9h \ parent \ on: Getting out of debt bitcoin_beginners
The death of fiat is already a mathematical certainty. The banks are operating on autopilot. They don't understand yet that they, like everyone else, have to sweep all of their long-term assets into BTC in order to compete in the world. I'm leveraging Bitcoin's NGU tech, but I'm also leveraging the information asymmetry, in that the banks aren't yet aware of how NGU tech works.
Nice story but wrong on multiple scores.
Sounds like you have been listening to too much Michael Saylor.
And not reading enough history and monetary theory.
Bitcoin is already well on the way to being captured by the fiat operators as a harmless KYCed, taxed and tracked speculative commodity that is no real threat to the their strategic control over MoE.
There are still huge and rapidly growing threats to Bitcoin ever achieving the level of MoE acceptance and use that would be required to substantially reduce the power of the fiat operators.
There is also the real, if small risk that a flaw is found in the Bitcoin protocol for example the theoretical threat that Quantum computing may present. Quantum computing is not the only one of these potential threats.
This you are making assumptions that are demonstrably wrong.
Bitcoin is not a guaranteed one way bet.
It is not guaranteed to replace fiats MoE hegemony which is the most important financial and strategic lever for most governments and certainly the worlds most powerful ones.
Bitcoin has so far made less than sweet fuck all progress toward MoE adoption and acceptance and has largely already been captured as a relatively harmless KYCed, Taxed, Speculative Commodity.
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My friend, Bitcoin is 16 years old. There is no history to be referenced.
My beer, underwear, T-shirt, protein powder, and coffee beans are all bought directly with BTC, and everything else I own is backed by leveraged BTC. That's progress enough for me. I understand that some Harvard graduate can come up with a bunch of reasons why it might fail. Why should I care?
The quantum threat is easily resolved with a consensus software update. If it can't be, then no other electronic encryption will work either. That means the gold bugs win, not fiat.
Bitcoin is guaranteed to win in the sense that I will literally die if it doesn't.
You can't understand because you're a collectivist. In a collectivist sense, you are correct that Bitcoin might lose. I'm an individualist. If everyone else is using fiat, but I died in a bunker holding a million satoshis, as far as I'm concerned, that means I won. I was correct. I am happy, overjoyed, to be dead if the alternative was slavery. That is my best case scenario.
Also, no, my monetary theory is perfectly well-formulated. If governments/banks want to oppose Bitcoin, there's an opportunity cost. They will miss out on the gains and lose money by trying to shut it down. I'm just assuming they'll act out of self-preservation rather than Kamikaze themselves. That's the only answer to the threat of Bitcoin, is to hurt themselves at the same time. They can't get a better ROI even by stealing.
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Bitcoin is guaranteed to win in the sense that I will literally die if it doesn't.
Ok thanks for your commitment to the cause or, more accurately, how much you recognise on reflection, that you are gambling on something that is not guaranteed and certainly not a mathematical certainty.
Wondering though, how real your commitment is, given your devotion to how you still want to pay guaranteed rent on fiat debt slavery money issued to you by the bankers.
Seems the only justification you provide is the chance of greater fiat leveraged speculative gains for you ... while the bankers are guaranteed your rent on their fiat money.
BTW I recognise the power of collective organisation to human productivity and security, but I also highly value individuality and am probably less of a team player and herd follower than 99% of the population...while the stuff your are saying is pure NGU hopium herd mentality hype.
I have not worked for any centralised organisation for over 40 years, preferring self employment and living offgrid.
I pay my taxes but also expect and demand the state recognise my freedom of choice and liberty to live as I choose within the reasonable limits of what is not harming any other citizens.
Bitcoin is valid, non violent yet revolutionary because it allows us to hold our wealth free of state oversight, censorship and debasement and because it provides a healthy , much needed competition with the fiat debt slavery bankers cartel who have come to own and control our elected representatives.
Bitcoin as a protocol is quite intrinsically a collective organisation - scaling as people voluntarily join it. It treats all individual participants equally without fear or favour- an excellent model for human co-operation, wealth and security.
But Bitcoin is unlikely to triumph in the long run as long as people still cling to fiat debt leverage for their selfish speculative motives because in doing that you are still supporting the fiat power and are still a slave to them explicitly in terms of contracted obligations and in terms of narrative, principle, paradigm and belief.
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The arrangement I have with the bank is very different from my relationship to the fiat system in general. Essentially, the bank gives me me $1,000 today, and I give them $1,300 next year. It's barely any different from when I trade $5 for a coffee. It doesn't keep them solvent in the long term. The bank still has to request that the government print new money on their behalf eventually, like any other corporation.
What I have is a put option on fiat. It only boosts fiat if there's a short squeeze that forces me to buy USD, in order to make good on the payments. It's the longs that are propping up its value, that is, the bond market. And that isn't actually driven by greed or selfish speculation. Institutions buy bonds because conventional wisdom says that's just what smart people are supposed to do. There's no logical reason for it, so its current valuation is extremely fragile.
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My God you do not even understand how the fiat monetary system works!
Do not ask me to explain...I don't have the time, or sympathy.
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Nothing to explain. I already explained it. There's infinite cash. If people stop buying it, then it becomes worthless. If the supply increases (which it does), then it becomes worth less. A word more than that, and it's overcomplicating the issue.
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