Janet Yellen and Michael Saylor engage in a public debate about Bitcoin. Yellen raises concerns about Bitcoin's volatility, its energy consumption, and its use in illicit activities. Saylor counters by highlighting Bitcoin's potential as a decentralized store of value, its efficiency compared to traditional banking systems, and the fact that every new technology can be used for both good and bad. The debate touches on various aspects of Bitcoin, from its technological challenges to its broader societal impact. By the end, Saylor ... keep reading to know how it ends

A grand auditorium with a backdrop of a holographic golden Bitcoin emblem on a shimmering golden and orange curtains. The stage is set with two podiums facing an eager audience of mixed financial analysts, tech enthusiasts, Bitcoiners, and the public. Janet Yeller stands tall behind one, and Michael Sailor, behind the other. The audience, filled with Bitcoin enthusiasts, investors, and the curious, anxiously await the exchange between two titans.

The set is ready. Moderator introduce and welcome the guests:

Janet Yeller (JY): Thank you Sat, good evening Michael. Well we know what we are here to talk about right? Given the unpredictable nature of Bitcoin's value, how can you honestly advocate for its use as a primary store of value?

Michael Sailor (MS): Ah, Janet, you're starting with the volatility argument? Historical volatility doesn't negate Bitcoin's role as a store of value. Remember, every innovation in history has faced scrutiny and volatility in its early days. The internet, for instance, saw a massive bubble and then a crash, but look at where we are today.

JY: But Michael, even if we accept Bitcoin as a store of value, its energy consumption is staggering! Bitcoin mining uses more energy than entire countries, and that's something we can't ignore in an age where sustainability is paramount.

MS: Janet, all great networks consume energy. What about the energy used by the traditional banking system? Or gold mining? When you look at Bitcoin's energy consumption in the context of its utility and compare it with other systems, it's far more efficient. Plus, a significant portion of Bitcoin mining uses renewable energy.

JY: Michael, it consumes more energy than many countries combined. How can you justify that?

MS: Again? Bitcoin's energy consumption is a choice. It provides security to the network. And a significant portion of that energy comes from renewable sources. Besides, think about the energy and resources wasted by the traditional banking system – branches, ATMs, and those armored trucks.

Audience: 👏 erupts into applause.

JY (furrowing her brows): Michael, while I respect your passion for Bitcoin, it's essential to remember that Bitcoin is highly speculative and prone to volatility. As a former Federal Reserve chair, I've witnessed how unregulated assets can be a tool for illicit activities.

MS (leaning forward, confidently): Janet, Bitcoin is the first truly decentralized, secure, and global store of value we've ever seen. Its very nature means it operates beyond the reach of central banks, if you want even beyond internet, ensuring its value isn't eroded by inflationary policies.

JY: But Bitcoin is not the internet. It's a speculative asset. Moreover, it's often used for illicit activities. We've seen the ransomware attacks and the financial crimes.

MS: There's a common misunderstanding here. Every new technology, be it cash or the internet, can be used for both good and bad. To focus on the negatives and ignore the massive potential of a decentralized, borderless, digital gold is doing a disservice to humanity.

JY: What about the times when Bitcoin's network clogs, and transactions take forever? How is that an efficient "New Technology"?

MS: Technological improvements, like the Lightning Network, are addressing scalability issues. Rome wasn't built in a day, Janet. Progress takes time and patience.

JY: Still, Michael, I find it hard to believe that Bitcoin will replace our traditional systems.

MS: Janet, it's not about replacement, it's about evolution. Just like how we moved from the gold standard to fiat money, we're seeing a shift towards digital assets. Bitcoin is an alternative for anyone that want to step out of the current corrupted system, you and your friends and feeding and laying on. Embrace the change or get disrupted.

JY: Ok, but you can't deny that its use in illicit activities is concerning. From money laundering to financing terrorism, Bitcoin has potential risks.

MS: How is that related with what we were just talking about? Why do you change topic? Anyway... (big breath) Illicit activities exist in every financial system, Janet. The U.S. dollar has also been used for nefarious purposes, but we don't demonize it. Technology isn't inherently good or bad; it's how we use it. Bitcoin provides financial empowerment and inclusivity for billions without access to traditional banking.

JY: Let's talk about volatility. It's not unusual for Bitcoin to swing 10-20% in a single day! How can businesses and individuals trust such a volatile asset? It's risky, it's unpredictable.

MS (with a playful smirk): Volatility is the price we pay for perfection, Janet. Over time, as adoption grows, this volatility will decrease. Remember, every groundbreaking innovation faced skepticism and volatility in its early days. Bitcoin is still young, and with time, it'll mature just like any other asset.

JY (with a sigh): I just believe that regulations can help stabilize and legitimize the crypto space, ensuring it's safe for all users.

MS: Janet, regulations can be beneficial, but they need to be well-thought-out. They shouldn't stifle innovation. Bitcoin represents hope for a future where individuals have true control over their wealth.

MS (pausing for a moment, looking into the distance): The evolution of money and technology is inevitable, Janet. Just as the poets once wrote with quills and now use computers, so too will our understanding and use of money transform. It's not just about economics; it's about ethics. It's about creating a world where each individual's value is recognized and preserved, unfettered by central forces.

JY (whispering and nodding): Sailor always sailing, he...

MS (smiling): And Yeller... always yelling!

Audience: 🤣

JY (acid smile): Understand that not everyone understands Bitcoin, Michael. It’s complex and difficult for the average person.

MS: The beauty of technology, Janet, is that you don't need to understand its intricacies to benefit from it. Do you understand the deep tech behind email? Or how your smartphone works? Yet, Yeller, you benefit from them daily.

JY: Michael, you do present some compelling arguments. Perhaps I've been too hasty in my judgments.

MS: Janet, it's never too late to learn and adapt. How about this? Let me send you your first Satoshis, and you can start your Bitcoin journey firsthand, now!

JY: (Doubting) Alright, Michael, let’s give it a try, and see if we can practically prove you wrong.

Whiting few minutes setting up the phones, Michael Sailor takes out his phone and sends Janet her first Satoshis.

JY: (Astonished) 😲

MS: Now you are a bitcoin millionaire, Janet. 1M sats for you. Remember, 'The risk is not in adopting the new, but in clinging to the old.' Let us envision a world where financial sovereignty isn't just a dream, and make it a reality for all.

THE END

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