pull down to refresh
42 sats \ 1 reply \ @DesertDave OP 19 Sep \ on: I liked Saylor, now I think maybe he is Bitcoins biggest problem bitcoin
I like Jeff Booth's take:
From his nostr-
I’m writing this because I keep getting asked to comment on Saylor/Saif video even though my position hasn’t changed.
The natural state of the free market is deflation which means all prices fall forever in Bitcoin (assuming it stays decentralized and secure)
Free market economies are more productive meaning faster deflation (or real wealth gains by falling prices)
That system is incompatible with an inflationary monetary system meaning one of those systems must fail.
Either:
- A system based on truth, hope, and abundance for all 8 billion people on the planet driven by a free market economy and all prices fall relative to bitcoin forever. This means Bitcoin is used as a medium of exchange and freedom tech spreads to the world through lightning, Liquid, Fedimint, Cashu, etc.
OR
- A control system. An extractive rent seeking system that is NOT the free market (similar to the one we have had for 5000 years that resets every 100 or so years through war) continues to centralize by having you believe price of bitcoin is going up in fiat which makes the surveillance state stronger. This eventually centralizes Bitcoin - custodians, media, regulation (funded from the same manipulation of money) where it is attacked from layer 2. (Similar to gold)
While these ideas may “seem” compatible in the short term because you want Bitcoin to go up in fiat. What it really means is that you are giving your energy and strength to the system centralizing the world by converting Bitcoin to Fiat….to then measure prices.
Quite simply - If Bitcoin is only a store of value, it fails as a store of value.
Ps - It won’t fail. #1 is inevitable in time because too many (and more each day) have seen behind the curtain and are determined to build path #1.
Many of you here - the people that inspire me every day. You make a difference with every word, thought and action.
Almost did that in all caps per nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx because it’s so important.
Referring to # 1 above…..There is no second best.
I hope he is right but the ETFs are surely increasing the institutional custody ratio and when that gets to a high enough level then an executive order 6102B becomes practicable...
reply