My critique of Mark Carney's critique of central bank digital currency, or CBDC. He thinks the stuff will be dangerous, I think it could suffer from irrelevance: https://jpkoning.blogspot.ca/2018/04/critiquing-carney-critique-of-central.html …
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I do, actually. But that isn't what is going on right now. What is happening right now is an attempt by goldbugs and Austrian economic cranks to take over the monetary system. It would be the triumph of shamanism.
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No one is forcing anyone (like fiat does). You can participate or not out of your own free will! This is simply an alternative. You can stick to fiat, but history shows that Gold is superior to copper pieces. Similary Bitcoin is superior to previous forms.
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History doesn't show any such thing, except to those who want to believe it and are therefore prepared to ignore or discount large swathes of historical evidence to the contrary - as
@saifedean did. -
Why do you think fiat is better than Bitcoin?
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Right now, I think that the promise of Bitcoin is being seriously degraded by the goldbug irrationality and the cultic behaviour. If you really want Bitcoin to replace the current system, ditch the cranks.
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Since there is so few of us, we need it to be cult-like, overconfident and overzealous to get onlookers in. But I genuinely think that Bitcoin is mathematically superior money.
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You won't achieve mass adoption by behaving like a cult. You might make a few converts, but you'll put off everyone else. Don't fool yourself that those buying Bitcoin to make a few $$$ are converts. They are profiteers, not true believers.
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Many start off as profiteers, but as you learn more about the technology, you stay for it’s potential to create a world of self-sovereign individuals whose wealth cannot be arbitrarily debased by another human. I am 100% confident digital currency is the future of the world.
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Hayek: The interesting fact is that what I have called the monopoly of government of issuing money has not only deprived us of good money but has also deprived us of the only process by which we can find out what would be good money.https://bit.ly/2H1BXuV
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