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50 sats \ 4 replies \ @Solomonsatoshi 11h \ parent \ on: Bitcoin has a Brand Problem bitcoin
'I don't think that 'speculative commodity' and 'medium of exchange' have to be mutually exclusive.'
Agree. Good money is ideally both a SoV and MoE.
But imo the narrative casting of Bitcoin as a primarily or even exclusively speculative commodity (SoV hyper-charged) as voiced by Saylor etc, undermines its use as a MoE as you describe as people hodl and not spend, and this narrative is being used to both support and increase institutional custody where it cannot be used as a P2P payments protocol.
This combined with the sly but very effective obstruction of use as a MoE via tax obligations (and especially for businesses the threat of debanking) which effectively make everyday MoE use impractical unless you break the law, plus comprehensive MSM FUD has succeeded in almost completely preventing the use of Bitcoin as a P2P payments protocol with sufficient adoption to be any real threat to the state-banker fiat hegemony...and that is the point.
If Bitcoin fails to provide a viable and popular alternative to the fiat MoE monopoly it has imo failed.
And so far 'they' have largely succeeded in preventing Bitcoin from being, in practice, a viable MoE alternative.
Where its not outlawed for MoE it is quasi outlawed via tax obligations.
The inertia in a monetary system makes regime change difficult, unlikely and usually only taking place during or after a revolution or war.
The digital gold narrative has succeeded in achieving capture and control of the protocol preventing MoE use and satisfying the peasants with another KYCed, taxed and tracked and traced speculative commodity packaged, promoted, custodied and largely controlled by the bankers...avoiding any real threat to their precious fiat MoE hegemony.
Bitcoin as a P2P payments protocol with sufficient adoption to be any real threat to the state-banker fiat hegemony...and that is the point. If Bitcoin fails to provide a viable and popular alternative to the fiat MoE monopoly it has imo failed.
Music to my ears. Glad to see someone else voicing this opinion.
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What... is the alternative? A different crypto?
A new one?
Any and all crypto should it become 'big enough' would run into the same kinds of issues, no?
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Bitcoin is the only truly decentralised protocol that treats all participants equally without fear or favour.
There is no obvious alternative- if Bitcoin participants allow themselves to be lured into the digital gold narrative and the P2P payments potential of Bitcoin is lost then that is due to our lack of ability to comprehend, appreciate and ultimately fight for the freedom that Bitcoin makes possible.
The freedom of P2P payments.
The classic strategy of a cartel faced with a new competitor, if it cannot be outlawed, is to capture and control it- ETFs and the KYCed, tracked and traced, taxed speculative commodity narrative are that capture and control strategy in operation, in plain sight, Bitcoiners are only blind to it from of short sighted greed, naivety or laziness.
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I don't think the narrative of 'digital gold' is necessarily limiting... Gold is really valuable.
And just because it's gold does not mean it can't or shouldn't be traded or exchanged. Don't take this the wrong way, but I want to focus on the positive. We've identified the challenges, now is time for us to focus on the solutions.
Thank you.
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