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I think the idea of Bitcoin enthusiasts is much more foundational, than just having "digital cash". I have been reading a book called "The Bitcoin Standard" wh

by kerng 5y ago

I think the idea of Bitcoin enthusiasts is much more foundational, than just having "digital cash". I have been reading a book called "The Bitcoin Standard" which highlights that the goal is a switch for society towards Austrian economics and getting back to something like the gold standard (Hint: Bitcoin is the better gold). The book is quite good and I learned a lot about the history of money - so I'd recommend it. To paraphrase, the current cash printing is vaporware and not backed by anything anymore - making it quite weak and easy to attack - disaster waiting to happen. Central planning of currency should be replaced by a democratic and capitalist system where the best currency evolves naturally. Which might or might not possibly happen with Bitcoin. Something like a government bailout using tax payer money of a "too big to fail" organization would not happen in such a world - making the economic system a lot stronger for the individuals.

harwoodleon 5y ago
Bitcoin is not digital gold. Bitcoin is an extremely expensive and uncensorable method of value transfer. Nano is more like digital gold as it can be passed from hand to hand with no fee, but like Bitcoin has a fixed deflationary supply.
- poundofshrimp 5y ago
  I think you got "gold" and "currency" mixed up. Gold is not supposed to be cheap/free to exchange. It is a property of a currency.
deleted 5y ago
[deleted]
______- 5y ago
> Bitcoin is the better gold Held up by a house of cards since it's so volatile (at least for now). Can't wait for it to become a stablecoin
lukifer 5y ago
> government bailout using tax payer money of a "too big to fail" organization would not happen in such a world - making the economic system a lot stronger for the individuals. At the risk of starting a flamewar over Keynesianism (or MMT): while I agree that tolerating "TBTF" firms leads to serious moral hazards, let's just say it is highly disputed among economists whether or not it's advantageous for states to have macroeconomic levers. I'm happy to acknowledge the Austrian school's perspective, but it's not exactly a universal consensus. > a democratic and capitalist system These two things are in tension. That's not necessarily a problem, a free and just society has to balance multiple concerns (minority rights vs. majority rule); but the very issue with monetary or economic policy is that it lives at an intersection point between public and private interests, and any policy decision (or non-decision) is likely to have winners and losers.

by kerng 5y ago

harwoodleon 5y ago

Bitcoin is not digital gold. Bitcoin is an extremely expensive and uncensorable method of value transfer. Nano is more like digital gold as it can be passed from hand to hand with no fee, but like Bitcoin has a fixed deflationary supply.

poundofshrimp 5y ago
I think you got "gold" and "currency" mixed up. Gold is not supposed to be cheap/free to exchange. It is a property of a currency.

deleted 5y ago

[deleted]

______- 5y ago

> Bitcoin is the better gold Held up by a house of cards since it's so volatile (at least for now). Can't wait for it to become a stablecoin

lukifer 5y ago

> government bailout using tax payer money of a "too big to fail" organization would not happen in such a world - making the economic system a lot stronger for the individuals. At the risk of starting a flamewar over Keynesianism (or MMT): while I agree that tolerating "TBTF" firms leads to serious moral hazards, let's just say it is highly disputed among economists whether or not it's advantageous for states to have macroeconomic levers. I'm happy to acknowledge the Austrian school's perspective, but it's not exactly a universal consensus. > a democratic and capitalist system These two things are in tension. That's not necessarily a problem, a free and just society has to balance multiple concerns (minority rights vs. majority rule); but the very issue with monetary or economic policy is that it lives at an intersection point between public and private interests, and any policy decision (or non-decision) is likely to have winners and losers.