Austrian vs Keynesian debates are not my thing.
Good question to ask @saifedean or @stephanliverahttps://mises.org/library/deflation-and-liberty-1 …
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Replying to @BitcoinBiology @Tom_Scribbler and
To be honest I don't care about either definition of money based on norms and definitions of society. I'm a scientist, and the universal currency of this universe is energy. Bitcoin is backed by pure energy stored in unbreakable asymmetric encryption. laws of nature
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Replying to @BitcoinBiology @Tom_Scribbler and
This is false Bitcoin is not "backed by energy" in the sense that other currencies are backed by gold You cannot take your Bitcoin and trade it back for energy -- a BTC does not entitle you to the megawatt-hours of the ton of coal it took to mine it It entitles you to nothing
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Replying to @arthur_affect @BitcoinBiology and
This is why Bitcoin is pernicious, it's a meaningless token with *no underlying value* and *no legal rights or guarantees bestowed on the holder* And it does not *store* energy or *contain* energy the way ridiculous statements like this imply it does It simply *uses* energy
4 replies 9 retweets 86 likes -
Replying to @arthur_affect @Tom_Scribbler and
"legal rights" - which legislation? Why would I need legal rights bestowed on me? This universe gave us unbreakable uncensorable asymmetric encryption. Across time and space, and fluctuating legislations. What is the underlying value of USD?
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Replying to @BitcoinBiology @Tom_Scribbler and
https://www.law.cornell.edu/uscode/text/31/5103 … Come on Mr. Economist, this is basic shit
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Replying to @arthur_affect @Tom_Scribbler and
what happened to the gold standard then ? what good is this promise outside of the USA?
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Replying to @BitcoinBiology @Tom_Scribbler and
We stopped using the gold standard because fiat currency is better Being backed by the laws of the government of the country you live in is, in fact, the strongest thing any currency can be "backed by"
3 replies 5 retweets 60 likes -
Replying to @arthur_affect @BitcoinBiology and
This is the fundamental disconnect. I've said it twice now but it is just being ignored - money is a representation of the productive force in society. If you tie it to something that has 'true scarcity' then when you run out of that, the productive force in society stops.
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Replying to @Tom_Scribbler @arthur_affect and
thats what FIAT governments teach history disagrees https://nakamotoinstitute.org/shelling-out/
2 replies 0 retweets 1 like
Deflation causing recession is not at all controversial, there was even a very obvious microcosmic "natural experiment" that proved it elegantly within a very short period of time (the tragic case of the Capitol Hill Babysitting Co-Op)
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Replying to @arthur_affect @BitcoinBiology and
Deflation *in a fiat system* caused recession. It didn't under under a real gold standard (not promissory notes but gold coins)
0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
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