4) The banking system based on gold existed for 12+ centuries. I don’t see your point.
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Replying to @MustStopMurad @RyanSAdams
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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Replying to @MustStopMurad @RyanSAdams
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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Replying to @MustStopMurad @RyanSAdams
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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Replying to @MustStopMurad
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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Replying to @RyanSAdams
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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Replying to @MustStopMurad @RyanSAdams
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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Replying to @MustStopMurad @RyanSAdams
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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Replying to @MustStopMurad @RyanSAdams
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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Replying to @MustStopMurad @RyanSAdams
“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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Hyperbitcoinization doesn’t depend on religion or even great zeal. Just pure rationality - people betting on and eventually regularly choosing a secure, scarcer money.
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