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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I don’t think it even matters whether inflation can trusted or not. (1) That system will certainly be changeable by the state and (2) The market doesn’t want inflation at all
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Replying to @MustStopMurad @TFTC21
Colton Robtoy Retweeted Colton Robtoy
I've summed up my Gold v Fiat argument in this tweet: https://twitter.com/ColtonRobtoy/status/1021845034214338560 … I feel most confident that it actually comes down to easy/hard access to cheap loans. In the 'cheap loans' case, inflation is the byproduct. In the 'expensive loans' case, lower SoL is the byproduct.
Colton Robtoy added,
Colton Robtoy @ColtonRobtoyReplying to @MustStopMurad @TFTC21Agree. My argument above is more for the Gold vs. Paper Money use-case, not Gold vs. Fiat use-case. Maybe the only thing that actually matters for Gold v Fiat is choosing between: Easy (& cheap) personal/business loans/credit. OR Hard (& expensive) personal/business loans/credit1 reply 0 retweets 1 like -
I think that's pretty good. And it makes sense in my brain. What do you think? You can never get cheaper loans than banks creating that 'Checkbook money' from their 10% Reserve Ratio requirements.
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Replying to @ColtonRobtoy @TFTC21
I agree. But I think without government loans wouldn’t be as artificially cheap as they are today. If Bitcoin succeeds, it essentially defunds the state.
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I’m also not sure if higher interest rates are neccessarily bad for the quality of life. It essentially comes down to time-preference; borrow now to pay off debts later, or work harder today, investing for the longer-term etc. Strongly recommend “The Bitcoin Standard” (Saifedean)
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Replying to @MustStopMurad @TFTC21
Our Standard of Living is so far ahead of everyone else on Earth at any point in History that it's hard to put the Genie back in the bottle by getting off of the inflationary USD System. Want a car? Cheap loan. Want a House? Cheap Mortgage. Want that 'thing'? Cheap credit line.
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Yeah. But one also becomes a debt slave, paying that off over subsequent decades. High time-preference. /// Note how long artists spent on each painting on sculpture in the Middle Ages!https://www.youtube.com/watch?v=SAN5CKbZnD0 …
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Replying to @MustStopMurad @TFTC21
>But one also becomes a debt slave, paying off over decades Yes I believe most people in the US like to be debt slaves bc it feels good to finally 'own' a house or 'own' a car. I do think most of the public gets more happy points from it: social recognition, parent approval, etc
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