This is also my question of late. Does hyperbitcoinization require the world to convert to Austrian economics? If we valued hard money we didn't need BTC to save us. We could have bought gold & restored the gold standard. It seems much of the world also wants useful money.https://twitter.com/TusharJain_/status/1018951348312838145 …
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4) The banking system based on gold existed for 12+ centuries. I don’t see your point.
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5) What do you mean “unit of account”??? Once again, Gold was a fine unit of account for millenia. I would even argue it is an even better unit of account than fiat, when monetized. I don’t see your point.
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6) US taxes for payable in precious metals for decades before the introduction of fiat. Once again, I don’t see your point.
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What are you even talking about man. With all due respect, all of those bullet points are nonsensical. Please actually look into monetary history. Gold was repeatedly globally seized, outlawed, centralized and subsequently supressed. Please stop spreading statist misinformation.
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Gold was these things. It is not today. (How do you disagree?) Yes, it could be all these things again. Yes, states have suppressed Gold. The Austrians value hard money. The mainstream values utility. My point: Hyperbitcoinization depends on converting people to your religion.
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paper money has never been introduced through voluntary cooperation. In all known cases it has been introduced through coercion and compulsion, sometimes with the threat of the death penalty
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Paper money by its very nature involves the violation of property rights through monopoly and legal-tender privileges. Expanding money supply is literal legalized counterfeiting
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What do you mean “the mainstream values utility?” What does that even mean? The “mainstream” valued the hardness of gold thousands and thousands of years. That is empiricial evidence. I don’t even know what you mean by utility. Bitcoin has the greatest utility.
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