I struggle with the non-physicality of Bitcoin. In the past, the non-monetary demand for an item used as money had significant effects on its monetary value. Moreover, monetary demand for said item affected its non-monetary value. Bitcoin, like fiat, has no non-monetary use.https://twitter.com/MustStopMurad/status/1029482987338035202 …
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Fiat is worth something because it is backed by men with guns and you pay taxes in it Bitcoin is backed by much less, but is a hedge (imo a smart one) against the mismanagement of an economy by government. It’s a trade off between “backing” and centralization of power/decision
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Venezuelan bolivars are ""backed"" by soldiers too but look at how worthless its become I'd say Bitcoin is backed by much more! algorithmic scarcity and an inpenetrable fortress of full nodes, brilliant engineers/cryptographers far more capable than any bureacrat or gunman!!!
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Fiat has little actual "backing". it's just an illusion / momentum / inertia
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We already live in anarchy, it's just wrapped under a thin veneer of b.s.
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I was walking and thoughts just trickled out over time. I agree with you, Murad. The difference between fiat and btc is a matter of scarcity.
End of conversation
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This is how I like to think about it. Imagine the Internet is a country. Bitcoin is the Internet's Fiat, but perfectly strict! No capital controls. No taxes. No inflation. A LOTTA Wealth *WILL* FLOW TO THIS "COUNTRY" IN THE COMING YEARS !!!
Thanks. Twitter will use this to make your timeline better. UndoUndo
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