pull down to refresh
20 sats \ 9 replies \ @Undisciplined 30 May \ parent \ on: The "Magic Coin" and Renewing Interest in Monetary Policy econ
People don't care because they don't see the problem. When people are juggling a bitcoin balance that keeps appreciating and fiat balances that keep depreciating, the problem will be seen.
People last cared about monetary policy, because both gold and silver were being used and discrepancies were becoming apparent.
People last cared about monetary policy, because both gold and silver were being used and discrepancies were becoming apparent.
I think that this is the key to the problem: noticing the problem in the first place. Once, the problem is noticed you can, at least, name it. Once you have named it, you can delve into it to find details and solutions. But it all starts with the problem becoming apparent. This goes back to Rothbard’s What Has Government Done With Our Money? It seems to be a good starting point for noticing apparent problems.
reply
That's why I'm saying people will start caring once bitcoin is being widely used. Two monies will be part of people's daily lives and they'll see differences.
reply
They are waking up slowly. Inflation is so high people have no choice but to see that they're working for money that has no value. What you think 🤔
reply
As long as everybody feels like looking through the binoculars from the big end rather than the little end, they will never figure it out, never wake up. Once they can turn the binoculars around and see how things work. Their viewpoint is very important to coming awake.
reply
That’s true some places, but most Americans don’t get that it’s our money that’s broken.
reply
One of the big problems is that they don’t see one sat as being one sat and one ounce of gold being one ounce of gold, now and forever. They are still seeing one ounce of gold as x dollars and one sat as x cents. As long as their perceptions revolve around seeing things in terms of dollars and cents, they will never see the problem. The only thing we can do is to keep pointing out that 1sat=1sat and 1 oz of gold=1 oz of gold, now and forever.
reply
Had they been aware, they could have seen this long before BTC ever made it into reality! All they had to do was look at precious metals. The only drawback was that PM were and had been a manipulated market for some time now. I became aware of the manipulation in the late ‘90s. I lost a large sum of money when the COMEX fiddled with margins on PM around 2001. I was swinging around 20 large gold futures contracts and 25 large silver futures contracts as well as FX contracts. After that I would only use options.
reply
Very few people use commodity money, though. People have it as a savings vehicle, but that's all they think of it as.
reply
I brings to mind the 007 movie where the hotel manage said he would accept British money only if is were sovereigns. That supposedly took place in the mid ‘60s. So people were still using commodity money at that time, not to speak of the silver coins in the US. However, since then, not so much commodity money usage. I can tell you though fish could be used as barter money in Hawaii at one time. Use to buy a lot of bananas and mangos for a little bit of fresh fish.
reply