The White House just dropped a backlog of FUD: FedNow and a future CBDC \ stacker news ~bitcoin

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The actual civilization, which is Bitcoiners, has in fact learned the lesson: let Keynesians push buttons on the money printer and you'll get hyperinflation. It's the government that forgot all economic principles.

6 sats \ 0 replies \ @faithandcredit 22 Mar 2023

The irrational exuberance is brought by fed policy. Bitcoin cycles are closely correlated with rising or falling interest rates and the 2020/2021 pump was strongly supported by the thousands of dollars ppl got for free during covid.

1 sat \ 0 replies \ @Majjin 22 Mar 2023

regulators must apply the lessons that civilization has learned...

Hm. This doesn't look anything like a hard money standard. If I recall correctly, the lessons that civilization has learned is that fiat money always fails and hard money leads to prosperity.

11 sats \ 1 reply \ @2minutebitcoin 22 Mar 2023

The conspiracy theory (sort of mentioned by Balaji) that they knew the small banks are insolvent and are intentionally letting them fail so as to better and more easily pave the way to CBDCs sounds more true by the day.

With FedNow, you get instant settlement between banks - bank runs now become even more challenging to the small guys.

What easier way is there to catch up with your authoritarian competitors than to use unelected officials to fabricate a crisis so that your authoritarian response to it seems justified?

0 sats \ 0 replies \ @0359c62f34 22 Mar 2023

It's on the way to the Mark of the Beast.

0 sats \ 1 reply \ @SatoshiNakanodo 22 Mar 2023

Recall that one of the purported benefits of crypto assets like Bitcoin was to hedge against inflation, meaning that their value does not erode as inflation increases. But as inflation increased globally in the second half of 2021 and in 2022, the prices of crypto assets collapsed, proving them to be, at best, an ineffective inflation hedge.

Anyone know what the required timeframe is for something to be an "inflation hedge"? I mean I guess if you have the attention span of a fruit fly this statement would be correct.

0 sats \ 0 replies \ @Bitcoinisawesome 22 Mar 2023 freebie

not only is this ignoring longer time frames it's also blatantly ignoring the inflation of other fiat currencies than the USD that bitcoin actually did quite well for during their given time frame.