31 sats \ 6 replies \ @SimpleStacker 13 Jul 2023 \ on: Opinion: Why BTC can't become the reserve currency bitcoin
I invite you to re-frame your thinking. Could it be possible that current rates of consumption are actually too high, because of decades of artificially low interest rates due to central bank manipulation? If consumption is postponed because savings are more valuable, would that be such a bad thing?
I'm inclined to think we need to move away from the mainstream economic thinking of "growth in consumption/production=good" and "decline in consumption/production=bad". This may have been true 100 years ago when economic development was necessary to provide basic quality of life, like electricity and water, to citizens. But these days when the marginal product is something like Facebook/Twitter (at least in advanced western economies), I'm not so sure.
I invite you to re-frame YOUR thinking.
OP presented arrogance, not inquiry. It is a better use of time to ignore these cretins and build great things with the people who are not effectively already dead. He is too far gone, do not bother. He will die and be replaced by non-defective beings.
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Yes.
I had just assumed OP feels threatened from bitcoin, and the following quote came to mind:
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it." - Upton Sinclair
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This may have been true 100 years ago when economic development was necessary to provide basic quality of life, like electricity and water, to citizens. But these days when the marginal product is something like Facebook/Twitter (at least in advanced western economies), I'm not so sure.
You bring up a very good point about scale economy. Economies of scale were the driver of the industrial era paradigm.
Probably the time of economies of scale is almost over. That means that capital doesn't need to be deployed at scale anymore, which means that the fiat system is almost over. That would explain why the fiat system now mostly creates garbage like FB/TW (data exploitation at scale). Hopefully, the data exploitation at scale might be upended by Nostr, decentralized AI, and new decentralizing inventions that may come.
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Yes, that would be a bad thing. Consumption brings innovation which raises the quality of life for others. It is not as simple as "growth in consumption/production=good" when you think about it from a humanitarian point of view.
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Consumption brings innovation which raises the quality of life for others.
No, it doesn't. It only brings "innovations" such as FB/TW.
Less consumption means that innovators and entrepreneurs will have to scratch their heads to come up with actually useful things, rather than the current situation where their "innovation" is mostly garbage and VC money rains over them.
The main "innovation" we have now in the fiat world is marketing, behavioral economics and behavior control, to make people believe that they "need" the garbage that the "innovators" need to sell.
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This consumption does not only apply to social media. It applies to the medical field as well as reusable energy. It is better that we find a way to mass produce energy efficiently than to cut back on it by 50%, that would only stagnate progress of humanity.
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