I am very surprised by my dad's (born in the 50s) reaction after he read The Bitcoin Standard.
He understood the benefit of a divisible hard money that is Bitcoin, in opposition to gold where if you had a gold backed global economy today, then the price of an ounce may be in the millions, so if you wanted to retrieve back $10 of gold, you would receive less than a miligram, and that would not be practical in his opinion. In case of bitcoin, there is no problem.
Also he feared that gold backed banknotes could be in risk if treasuries were compromised (war, etc), something he recognized would be far more secure with a bitcoin treasury.
Although not 100% convinced, the book changed many of his ideas about it.
35 sats \ 0 replies \ @sb 18 Aug 2022
Kudos to him on having an open mind - that's where most people stumble :)
Its interesting to talk to people who have lived in nations who have seen multiple currencies collapse within their lifetime. They tend to get it instantly
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31 sats \ 1 reply \ @go 18 Aug 2022
I think both gold and bitcoin have large hurdles for people to understand, but and store properly!
Cash was a solution to this though it has been rigged of it’s value/utility since 1971 and credit cards are a solution in search of a problem.
Bitcoin’s difficulty to understand and control will be overcome by clever developers over time without compromising the soundness of the supply
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0 sats \ 0 replies \ @sandbeach123old OP 18 Aug 2022
Yes!
Regular people will understand bitcoin at some point in the future. It is still very early IMHO.
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20 sats \ 1 reply \ @lada 19 Aug 2022
I wonder what your dad thought about the tone of the book.
Personally, although I hope Bitcoin succeeds, I found the author's tone to be too condescending. I understand wanting to support Austrian Economics, but the vitriol against Keynes was too harsh and repeated too many times over many chapters that I felt like it was the rambling of a loud-mouthed, grumpy old man.
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10 sats \ 0 replies \ @sandbeach123old OP 19 Aug 2022
Indeed!. He told me he did not like it at all. It was "a childish rant" he said.
My dad prefers monetarism, but he did know Austrian Econonics, he recalled a lecture Hayek gave in the 70s in Chile when its economic model was being redefined. At the end, the country chose Friedman ideas.
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