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19 sats \ 10 replies \ @Undisciplined 10 Apr \ on: Bitcoiners: The New Gold Bugs? bitcoin
It’s absolutely worth reflecting on why we might be wrong when “they” (many of us before bitcoin too) were wrong.
I think it mostly has to do with bitcoin’s ability to transfer value over great geographic separation. Fiat has that advantage over gold, but not over bitcoin.
Bitcoin may be technically superior but history has shown repeatedly that the best tech doesn't always win. With money being a social instrument as much as a technological one means the challenge is that much greater for anything to replace standards like dollars and gold.
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That's the reason I said this.
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gold's mc is over what 13 trillion? and it was around during the Egyptian pharisees. btc brand new by comparison
Gold was captured by the US in its rise to global monetary hegemony.
See Order 6102.
Bitcoin is being captured and controlled via ETFs and US domiciled institutions accumulating their custody of an ever growing market share which enables the potential for a future Order 6102B.
Both the Gold bugs and Bitcoiners frequently under estimate the strength of the imperative for the nation state (and the bankers, who in the background quietly control your government) to seize and hold its power over money.
From an individuals perspective Bitcoin and gold are superior to state sponsored fiat- both gold and Bitcoin treat all users equally without fear or favour.
That is why the nation state will tend to seek to capture and control them.
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bitcoin at least is widely available. the vast majority of countries allow withdrawals and the software apps to custody are free.
in other words we've never had an easier time for self custody if ppl want it
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Yes use of Bitcoin as a speculative commodity (taxed and tracked and traced) has been allowed widely.
Legal and regular use of Bitcoin as a MoE however involves extremely complex tax reporting obligations which are for any ordinary citizen or business a huge disincentive and effectively obstruct widespread adopt/use.
Used as a speculative commodity Bitcoin is of little threat to the governments and bankers strategic monopoly over payments.
We can zap here on SNs, but it is doubtful whether many, if any, of us are recording and collating our zaps in accordance with the tax reporting obligations of our governments.
Use of Bitcoin as a MoE is quasi banned in most jurisdictions.
Other less 'liberal democratic' nations have simply outright banned citizens use of Bitcoin as a MoE- such as China, Thailand, Russia, Turkey, Cambodia, Indonesia, Vietnam and most other autocracies.
An increasing portion of Bitcoins entire issuance is held by corporate bankers custody under terms which explicitly exclude use of it for P2P or trade payments.
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Legal and regular use of Bitcoin as a MoE however involves extremely complex tax reporting
i think the world is changing. and when the US the world's largest economy is basically looking like a banana republic... nobody is going to care about zaps.
the ironic thing in my opinion... is just how much Trump (the idea and the election) was a boost to bitcoin - but not for reasons people think.
Mr trump is 'the chaos president' and bitcoin thrives in chaos. eventually the chaos, the incentives for bitcoin become so great, that noone will care about 'tax reporting' people will just do what's natural. The us government doesn't really care about rule of law anymore anyway, the trump administration is 100% clear on that, and I think the MoE will happen and it will be a natural progression.
when the S&P starts looking like a memestock... isn't bitcoin a huge improvement
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Bitcoin undeniably is an algorithm of hope, implicit equity and decency, without fear or favour, in a world of increasing cronyism, fracturing and indecency.
If enough of us vote with our sats we can build an alternative to the centralised mechanisms of power projection.
As long as we can zap and keep developing the ideas and implementation of the Bitcoin protocol, there is hope.
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