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100 sats \ 2 replies \ @028559d218 OP 25 Oct \ parent \ on: Being a HODLER sucks. it's not what people think it is bitcoin
It's interesting you mentioned government and government-issued currency...
I am not an anarchist and think there is obviously a role for government in the world. Clean water, functional roads and bridges, a national army, police etc...
However what's really clear (and also unfortunate) is the debt and deficits countries are running, especially in the US. Although people don't want to talk about it the debt-load and subsequent interest payments will continue to increase over the next 10 years... and the same is true all over Western Europe. All the large 'modern' governments are running huge deficits and that would be ok... if it weren't for the accompanying interest payments. It's like paying off one credit card with another.
I just don't know how this plays out in the next 10 years. My point being that if the government is so indebted and borrowing to make interest payments at nearly full employment... what good is the money they issue? It's a paper promise and an IOU is only good as the creditworthiness of the issuer. Major politicians don't want to even talk about it... and when someone can hold Bitcoin why even hold paper money at all?
As far as gold goes there will always be a place for it it has been around for so long. But you're right the transactability isn't good and digital mediums almost always outperform analogue ones.
Money has been transacted with for far longer than Gov't issued money. In almost all cases, it was initially used as a store of value. Exchanged in ceremonial events like weddings, births, battle victories, or deaths. The money would change to something else when technology came along and disrupted it. E.g., Glass beads in Africa were massively debased when Europeans brought them in by the crate and loaded up their cargo boats with ivory, gold, and slaves which they were able to trade for the beads. It took decades before the locals understood what had happened. In this pessimistic regard, not much has changed.
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That's a really good point... I had never thought about it that way
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