10 sats \ 7 replies \ @DiracDelta 30 Jun 2023 \ parent \ on: Let's hear your controversial Bitcoin take. I'll go first: bitcoin
Fiat already genocided my people. They took out about a third of us. No one said it was going to be an easy transition.
I'm not aware of any people being genocided by fiat...
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It's called Weimar Germany hyperinflation and WWII... what do you think was used to pay the companies laying oven bricks and synthesizing lethal chemicals??
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Dude people couldn't buy bread with their hyperinflated currency, much less gas chambers.
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Dude... how do you think they paid for the war? Fiat and it all came crumbling down because of it.
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I think what they are saying is the established history of fiat currencies being used to fund ever larger and longer wars. Fiat does indeed make war far more possible by nation states. In a hard money world nations would need to rely on taxes and taxes are more clearly evident to populations as a cost vs money supply increases.
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Yeah I definitely agree with that analysis - it's much easier to finance a war by printing money.
I assumed (from the "about a third of us" bit) that he was referring to runaway inflation under the Weimar Republic leading to the rise of Hitler (who murdered ~1/3 of world Jewry). There are pictures from that era of Germans taking a wheelbarrow of cash to buy a loaf of bread. However, the runaway printing of currency was a symptom of the extortionate reparations the Brits and French forced the Germans to agree to, thus blaming fiat for genocide is questionable.
Now, fiat would be a good explanation for why WWI dragged on for so long, but I don't know to what extent the belligerent parties actually inflated their currencies.
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ahahahaha
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