That's a Great point. It would come down to scalability & ease-of-use. Scalability: Fiat money backed/not backed by Gold always made it faster to price & buy goods with. (compared to weighing gold on a scale) Ease-of-use: Fiat currencies are always easier to carry in our pocket.
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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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Replying to @ColtonRobtoy @TFTC21
With state fiat atop a permissioned ledger, other than uninflatability, you’d also lose decentralization, permissionlessness, trustlessness, unseizability, etc.
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Replying to @MustStopMurad @TFTC21
100% agree. And the Market has been OK with that for the last 50 years, or else the Market would be using Gold. Private ownership & usage of Gold has been legal in the US since Dec 31, 1974. I haven't paid for anything in Gold in my entire life.
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Replying to @ColtonRobtoy @TFTC21
Well, everyone who attempted to start an alternative currency has either been shut down or thrown in jail (liberty reserve, e-gold, etc.) But because BTC is decentralized and leaderless there is no one to kill
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Replying to @MustStopMurad @TFTC21
Yup. Or like Saddam Hussein requiring Euros as payment for Iraqi oil in 2003, or Qaddafi planning to require the Gold-Backed Pan-African Dinar as payment for Libyan oil in 2009.
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Replying to @ColtonRobtoy @TFTC21
Exactly. I too think most of the other “reasons” for those invasions were lies. It’s all about the petrodollar, geopolitics, energy, monetary supremacy and seigniorage.
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Replying to @MustStopMurad @TFTC21
I knew you were a Genius. Yup that Information (understanding the real History, Geopolitics, & Alliances of the US over the last 60 years) is the underlying foundation for 2 of the 4 main pillars of the Stablecoin-Oil Thesis.
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Thank you Sir. Enjoyed discussing the markets with you today. Thank you for your civility.
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