231 sats \ 5 replies \ @000w2 21 Oct \ on: Minneapolis Fed's paper on banning Bitcoin to maintain "permanent deficits" bitcoin
"But this result fails if there are also useless pieces of paper (bitcoin for short)
that can be traded."
These bitcoins seem pretty useful if they can stop infinite debt slavery just by existing.
"here are no markets that allow consumers to share this risk. But
there is government stock that is risk-free. And there is a supply of useless pieces of paper (perhaps old dollar bills, or maybe non-fungible tokens) for which we will use the
shorthand bitcoin.9 10"
"The shorthand bitcoin" eh
Your taxes dollars at work 💩🔥
I have a quick question. Why aren't the authors cleaning french fry machines at macdonalds?
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basically the paper is saying... there or in another paragraph that the only 'risk free' asset for 'risk averse' consumers should be government debt. bitcoin cannot exist as the 'other' risk free asset as it breaks all their models.
as to your question... because they can type up what the government wants them to
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Government debt is no risk-free, it bears the risk of debasement. Bitcoin is risk-free, because it doesn't have that risk.
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Nothing is risk free.
Bitcoin just doesn't lie about it.
It can't lie... it's a network protocol 🤪
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