So the 'Scalability' &' Ease-of-Use' Properties of Fiat over Gold were enough of a 'positive' to outweigh the negatives of 'trusting politicians to not devalue the fiat *too much*'. And that has worked.
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So what is that 'Scalability' & 'Ease-of-Use' for BTC? Scalability: L2 Token backed 1:1 with BTC that allows 0.5s Instant Confirmation payments. Ease-of-Use: L2 Token lives on Digital eWallet with your BTC. At the expense of: easy access to loans/credit for personal or business
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What is the 'Scalability' & 'Ease-of-Use' for Programmed Inflationary Digital Fiat? Scalability: 0.5s Instant Confirmation payments. Ease-of-Use: Lives on Digital eWallet with your BTC. At the expense of: dealing with inflation (loss of Purchase Power)
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SO, since the 'Scalability' and 'Ease-of-Use' values for our 2 options (BTC or Programmed Inflationary Digital Fiat) are the same, the only differentiator is:
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Does the market want 'easier access to personal/business loans/credit' or does the market want to 'not deal with programmed inflation (which they can trust because it's programmed), and subsequent loss of Purchasing Power'?
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In the Gold vs. Fiat case it's easy to pick the 'Scalability' & 'Ease-of-Use' winner because both of those values were higher for Fiat.
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In our case of BTC vs. Programmed Inflationary Digital Fiat, 'Scalability' & 'Ease-of-Use' are exactly equal, so we have to then look at "which property is the market more willing to part with" in order to determine our winner.
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With those 2 properties being: 1. 'Easier access to personal/business loans/credit' OR 2. 'Not dealing with programmed inflation (which can be trusted because it's programmed & not at the will of a politician), and subsequent loss of Purchasing Power'
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Replying to @ColtonRobtoy @TFTC21
I think credit markets will emerge on top of Bitcoin as well, though I agree, early on they will be more expensive than status quo systems. But yeah, I definitely think fixed-supply and it being hard to change is what makes Bitcoin valuable.
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Replying to @MustStopMurad @TFTC21
Do you think it will be BTC whales lending BTC to consumers? Or will they be lending something else? Will threat of force (jail/violence/whatever) be used in case of non-repayment? If there is no threat of force, is there any incentive to pay back loan?
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Yes, I mean banks will be centralized, and laws will still exist. It’s just that the monetary unit will be decentralized. Centralized banks as credit intermediators and custodians will still exist.
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