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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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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Being the best store of value, being the most secure, being by far the hardest to inflate or to change, having the largest network effects, liquidity and finacialization....... is this not utility???????
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“We can restore gold but we don’t” You make it sound like it’s a non-coercive, purely market driven process up to every day consumers. It’s not!...
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You made a wrong assumption. I very much believe fiat adoption has been coercive, not market driven. That's the real world competition. They cheat. To beat these powers your money needs more than soundness (Gold has that). Unless you mass convert. Or fiat major fails.
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