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10 sats \ 0 replies \ @Solomonsatoshi 13h \ on: Bitcoin has a Brand Problem bitcoin
Fiat money is a question of trust and faith.
Most people do not understand it - they do not understand the workings and mechanisms of fiat money and yet it is a huge factor in their everyday lives, enabling transactions and creating the context and framework within which they make many of their life decisions and actions.
Fiat money is not a free market mechanism- it is the complete opposite- it is a state imposed monopoly- franchised out to private for profit bankers who operate under a central bank that arbitrarily sets the price of money and the issuance of money.
Fiat money is overt and powerful market intervention.
Bankers have come to possess demi god like status and have significant leverage over most elected governments if not actually being elected as representatives or leaders such as Carney in Canada and many other 'ex' bankers who have been elected to positions of political power.
Voters willingly transfer their blind faith in bankers and fiat money to the politicians who are nominees from the banking hierarchy.
Given this huge faith in fiat money and the fiat banking system and considerable behind the scenes lobbying and leverage fiat bankers exercise it is not surprising that the anti Bitcoin FUD has been hugely successful.
Very few people have sufficient knowledge of fiat to understand the significance of Bitcoin.
Most Bitcoiners I suspect were and are mostly attracted to it by the NGU factor more than by any deep understanding of the inherently dysfunctional anti free market coercive nature of fiat money.
Bitcoin invited people to question the mythology and narrative around fiat money and if you take the time to study this you realise Bitcoins value- but most people simply do not have the time or inclination to study enough to realise the truth.
Bitcoin definitely does have a 'branding' problem.
The bankers and governments know and understand the power and importance of controlling the narrative- their power and wealth is based upon it.
They have already succeeded in shifting the narrative around Bitcoin to that of a speculative commodity held by 'trusted' custodians and not used as a P2P payments protocol- ire they have already succeeded in largely obstructing Bitcoins revolutionary utilisation and captured and controlled it into a taxed, KYCed, institutionalised, custodied, speculative commodity plaything.
Bitcoiners often fail to see or recognise the size, scale and determination of the opposition Bitcoin faces.
Fiat money is the most wealthy powerful and organised cartel on the planet.
What is required is a huge process of education regarding what fiat truly is and what Bitcoin is and to get that you have a huge barrier of FUD and vested interests in opposition.