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1000 sats \ 1 reply \ @Majjin 8 Mar 2022 \ on: Bitcoin And Trust Are Equally Unavoidable bitcoin
Bitcoin helps us reallocate trust back to where it belongs.
Trust should be with our loved ones and members of our local community. Since Bitcoin is peer to peer, we can directly send money to local businesses and charities. Without inflation, we no longer have to concentrate so much on getting the bag. This relieves stress and reduces selfish, high time preference behavior. Hard money is conducive to a high trust society.
To a lesser degree, we can trust institutions and organizations if they have a proven track record AND skin in the game. Bitcoin decreases everyone's time preference so that they make better, future oriented decisions. Organizations and institutions running on a Bitcoin standard are incentivized to make decisions that the market desires. It also brings back the skin in the game. They can no longer push economic consequences into the future for their successors or our descendants to deal with. If they mess up, there's no bail out. They deal with the immediate blow back.
Governments must actually serve their customers to make revenue rather than simply pillaging their citizens through taxation and inflation. If they don't, citizens will simply leave with all their Bitcoin. They can't inflate the money supply. They can't tax through the threat of violence as effectively anymore. Government will change as we know it, becoming more akin to security providing businesses. A Security and rights enforcement agency that is subject to the market is more trustworthy than a government with the monopoly on taxation and the money supply.
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