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0 sats \ 4 replies \ @demitasse 22 Feb 2023 \ parent \ on: Monero Konferenco 2023 bitcoin
sounds like you need to listen to old bitcoin uncensored episodes and understand how bitcoin became valuable and why it was valued by whom
I'm fully aware of silkroad's influence on the early economy of Bitcoin. What I don't agree with is that the two are mutually exclusive. You don't need bitcoin for silkroad (monero proves this) and you don't need silkroad for bitcoin.
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this is besides the point. the fact that monero has proved this is an example of gresham's law in the free market and the bad money being bitcoin is being pushed out by good money, which is monero. it's observable. also, the fact that you state that bitcoin was never meant for black markets is completely disingenuous, because it was created by satoshi to be non-state controlled money which provides economic freedom, and that freedom includes goods and services which the state tries to ban. to pretend bitcoin was created to comply with paying taxes and only use for state sanctioned and supported purchases under total surveillance is craig wright level retardation.
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In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.
More monero will be created forever, it is not as scarce as bitcoin. Based on Gresham's law, Bitcoin will more likely go out of circulation more quickly than monero's endless tail emission, thus making bitcoin the good money here (disappearing)
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yeah I know what it is, but in the world's only free market, the dark web, that's not what we observe is it? Bitcoin is not driving Monero out, Monero is driving Bitcoin out. This is because it is better money directly due to it's homogeneity/fungibility, an essential quality of good money, which monero possesses, and bitcoin does not possess.
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