Bitcoin doesn't really preserve your purchasing power, it's heavily volatile (as this week alone has demonstrated).
That being said I do think Bitcoin is an improvement over the current fiat system, at least in regards of monetary value overtime.
I criticize NGU culture because it only focus on one element of Bitcoin, and a fair portion of NGUs are only in Bitcoin because of Speculative Gains, and don't actually understand The Chicago, or Austrian argument for why Bitcoin exists.
Whereas most early cypherpunks who used the Bitcoin system typically tended to focus on both the technology, and economic principles of Bitcoin.
I think Bitcoin can absorb a fair portion of global liquid assets, however I do not think Bitcoin is capable of handling credit, bonds, and unfunded liabilities effectively that currently exist.
Whether that's a good, or bad thing is up for debate, personally, I'd like to see the economy become more de-leveraged overtime as savings are the fundamental building block on an economy.
I am not confident enough in lighting as technology to encourage its use, I would use lightning if necessary but preferably I like to settle transactions on-chain.
That said, I feel both cryptocurrencies are based on sound economic principles, however, I feel like Bitcoin double edge sword is the supply limit, it's both its blessing, and curse.
It makes it more valuable overtime but it prevents it from being spent overtime, so eventually it becomes less of a currency, and more of an investment vehicle, which is not what its intended use case was, is, or should be, Bitcoin should continue to be used as a tool for Medium of Exchange.
Jordan
npub1p3…ltqmk
2024-12-20 08:27:23
in reply to nevent1q…4nua
Author Public Key
npub1p3za04z7mv86mkjzzhfkegxe4wsvwudct5m3wajt3gfg6hjy8exslltqmkPublished at
2024-12-20 08:27:23Event JSON
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"content": "Bitcoin doesn't really preserve your purchasing power, it's heavily volatile (as this week alone has demonstrated).\n\nThat being said I do think Bitcoin is an improvement over the current fiat system, at least in regards of monetary value overtime.\n\nI criticize NGU culture because it only focus on one element of Bitcoin, and a fair portion of NGUs are only in Bitcoin because of Speculative Gains, and don't actually understand The Chicago, or Austrian argument for why Bitcoin exists.\n\nWhereas most early cypherpunks who used the Bitcoin system typically tended to focus on both the technology, and economic principles of Bitcoin.\n\nI think Bitcoin can absorb a fair portion of global liquid assets, however I do not think Bitcoin is capable of handling credit, bonds, and unfunded liabilities effectively that currently exist.\n\nWhether that's a good, or bad thing is up for debate, personally, I'd like to see the economy become more de-leveraged overtime as savings are the fundamental building block on an economy.\n\nI am not confident enough in lighting as technology to encourage its use, I would use lightning if necessary but preferably I like to settle transactions on-chain.\n\nThat said, I feel both cryptocurrencies are based on sound economic principles, however, I feel like Bitcoin double edge sword is the supply limit, it's both its blessing, and curse.\n\nIt makes it more valuable overtime but it prevents it from being spent overtime, so eventually it becomes less of a currency, and more of an investment vehicle, which is not what its intended use case was, is, or should be, Bitcoin should continue to be used as a tool for Medium of Exchange.",
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