62 sats \ 4 replies \ @fiatbad 24 Nov 2023 \ on: Milei backs away from dollarisation as central bank pick rejects role bitcoin
I'm almost finished listening to the podcast McCormack just did with Vivek Ramaswamy.
In it, Vivek mentions the gold standard and seems to hint that we need to go back to it.... we need to peg the dollar to something "scarce", he said.
Obviously, most of us here in SN agree. But it seems like he doesn't quite understand that Bitcoin is the best possible "peg", and that where gold failed, Bitcoin can succeed.
Gold's inabilities required humans to create a layer 2 on top of it (i.e. paper IOU's.... ie. dollars). But if gold had the properties that Bitcoin has, humans never would have needed to create paper money at all. They could have saved in gold AND used gold.
Now we have Bitcoin. We can actually do what humans could never do before.
Yet, these politicians keep trying to "peg" their shitty paper to something scarce. WHY?!
Even these guys who claim to be libertarian and pro-Bitcoin, ect. Bukelei is probably the only one who's actually done the right thing. These other guys seem to be just paying us lip service for votes. I don't care if Vivek or Milei is "pro-Bitcoin" or not.... I care whether they take real action to make fiat money disappear!
Stop trying to peg your shitty paper and just use Bitcoin, muthafuckas.
It's Bitcoin's job to make fiat disappear, not politicians'.
reply
Gold's inabilities required humans to create a layer 2 on top of it (i.e. paper IOU's.... ie. dollars). But if gold had the properties that Bitcoin has, humans never would have needed to create paper money at all.
Bitcoin today cannot scale to the needs of everyone that currently uses dollars. You can bet if a country the size of the US switched to bitcoin, it would be in a paper money type of form (or cbdc backed by bitcoin)
reply
Yea, and that's okay. As long as the system is pegged to a hard-money like Bitcoin.
Bitcoin is perfect for international settlement, as it is today without a L2. But within countries and cities, L2's will inevitably be used.
I really like the concepts behind Fedemint. I think of it as a Layer 3 because it does utilize Lightning to send/recieve outside of the federation. It's perfect for smaller communities.
reply
Good point. What's needed for Bitcoin to be ready for 300M country to fully adopt? From technology perspective, ie assuming the country/people want to do it.
reply