Bitcoin meets certain key criteria of sound money: it is portable, it maintains it's value (not inflatable, though large fluctuations do occur when comparing it to fiat), and it is (increasingly, and I think #nostr can play a big role in taking this further) salable.
Further, #BTC is self-custodial meaning that the owner of the coin is the holder of the coins. This eliminates counter-party risk and removes the need for banks, eliminating the whole premise of a debt-based economy. Minus the ability of fiat currency to be issued as mass-debt, it will lose steam and be less attractive as a store of value as fiat-entangled economies "shrink" now that they no longer have access to unnatural growth drivers.
The adjustment phase will be painful (and in many cases, likely catastrophic), but sound money options will be the winners, and with the growing distrust in institutions, the best option for anyone looking to build their wealth will increasingly obviously be self-custodial, decentralized, and divorced from institutional control. BTC is the only currency that can meet these parameters, with built in resistance to centralized control.
I need to distill this to a shorter write-up, but as I'm still learning the economics of BTC it helps to write it out in any case! Feel free to point out errors, inconsistency, or incompleteness in my reasoning #ironsharpensiron !
agoristo / ⚡️Agoristo⚡️
npub12u…nnume
2023-04-17 21:02:44
in reply to nevent1q…rzqc
Author Public Key
npub12ujuf2pf9qz66zvfrw0c2qx9jfyumxr28pn5575zry24z6aylqsqgnnumePublished at
2023-04-17 21:02:44Event JSON
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"pubkey": "5725c4a8292805ad09891b9f8500c59249cd986a38674a7a821915516ba4f820",
"created_at": 1681765364,
"kind": 1,
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"content": "Bitcoin meets certain key criteria of sound money: it is portable, it maintains it's value (not inflatable, though large fluctuations do occur when comparing it to fiat), and it is (increasingly, and I think #nostr can play a big role in taking this further) salable.\n\nFurther, #BTC is self-custodial meaning that the owner of the coin is the holder of the coins. This eliminates counter-party risk and removes the need for banks, eliminating the whole premise of a debt-based economy. Minus the ability of fiat currency to be issued as mass-debt, it will lose steam and be less attractive as a store of value as fiat-entangled economies \"shrink\" now that they no longer have access to unnatural growth drivers.\n\nThe adjustment phase will be painful (and in many cases, likely catastrophic), but sound money options will be the winners, and with the growing distrust in institutions, the best option for anyone looking to build their wealth will increasingly obviously be self-custodial, decentralized, and divorced from institutional control. BTC is the only currency that can meet these parameters, with built in resistance to centralized control.\n\nI need to distill this to a shorter write-up, but as I'm still learning the economics of BTC it helps to write it out in any case! Feel free to point out errors, inconsistency, or incompleteness in my reasoning #ironsharpensiron !",
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}