Second best has always been my goal
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Replying to @JamiePastore9 @amnesiabourne
𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪 Retweeted 𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪
You might enjoy some violation for that narrative! Keep in mind we are in a *cosmic* psychosocial/financial credit crunch (except for the big players)https://twitter.com/DanielleFong/status/1261631558710185985?s=20 …
𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪 added,
𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪 @DanielleFongImportant: The last line of defense in the narrative for why the Fed has superpowers is that taxes are paid in$USD Because of Bitcoin, alternative currencies possible, but taxes keep them $ denominated Even so, you pay on average 6 months later. 6 months of credit creation
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Replying to @DanielleFong @amnesiabourne
Eurodollars supersede the tax argument in times of strain IMO
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Replying to @JamiePastore9 @amnesiabourne
interested in hearing more from you about this can you explain?
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Replying to @DanielleFong @amnesiabourne
Odd Lots did a great show on this if you have ~40 mins for a listen! Basically the banking networks have created a world that is structurally long dollars and during times of stress they become the most important thinghttps://www.bloomberg.com/news/audio/2019-09-13/why-the-dominant-u-s-dollar-refuses-to-go-away-podcast …
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And here’s a great specific example of why the USD is more important in Venezuela than Bitcoin when there are currency issues that result in a persistent, structural bid for dollarshttps://www.google.com/amp/s/www.coindesk.com/how-i-learned-to-stop-worrying-and-love-the-money-printer%3famp=1 …
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Replying to @JamiePastore9 @amnesiabourne
This is a good link and point. Bitcoin is *not* a replacement for USD as currency yet, but it's possibly a better reserve currency, especially to back higher levels of payment.
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Replying to @DanielleFong @amnesiabourne
The USD is only the reserve currency because (not in spite of) the ability of the US to run persistent deficits without permanently debilitating our standard of living within the country. It’s a Balance of Payments axiom that Bitcoin can’t mimic without the ability to create debt
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Replying to @JamiePastore9 @amnesiabourne
You're right, those are missing pieces. But there is some credit creation that happens by default when bitcoin is rising (taxes paid on avg 6 months later - that's a lot!) AND a currency w Bitcoin as a reserve w rooted identity so that debt creation is possible would change this
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You mean tether and their whole reserve fraud? And no, it wouldn’t change a thing. Admittedly I’m open to the possibility of bitcoin surviving the inevitable tether shutdown
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No, I did not mean like a fraud, don't be a tool.
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Tether is a fraud tho. At best it’s a money laundering shop, at worst, well ....
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Not taking a position on something I don't know deeply, but in general it would be extremely important to have a transparent reserve currency for any currency that it's backing. So we should invent that.
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