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TX is preparing for more waves of USD inflation. The conventional understanding is that Bitcoin allows its holders to protect themselves from massive waves of c
by elzorroplateado 1y ago
TX is preparing for more waves of USD inflation. The conventional understanding is that Bitcoin allows its holders to protect themselves from massive waves of currency debasement. A Texas Bitcoin Reserve throws a massive power re-distribution back into the its hands and out of the those of the Federal Reserve System. Sure, TX could 'hodl' their oil, but sometimes it's good to have a digital savings technology that cannot be debase.
- wredcoll 1y ago> but sometimes it's good to have a digital savings technology that cannot be debase. I'm sorry, a what? Digital savings technology? Bitcoin? The "asset" famous for having zero backing and incredibly wild price swings? How is this supposed to work?
- elzorroplateado 1y agoYes. Bitcoin is a robust, networked, digital savings platform. That is its purpose. And if you think it has zero backing, why is it that can't people simply email it to each other? Because Bitcoin figured out how to automate digital uniqueness and prevent digital copies. I guess you will have to look into how it works.
- NewJazz 1y agoBitcoin's original purpose was not to be a savings platform, no.
- npoc 1y agoNew assets monetise in stages. 1) Store-of-value (volatile, increasing value) 2) Unit-of-account, and medium-of-exchange once it has absorbed most value and so more stable in value, and people have sold all their lesser money into the market leaving them with only their harder money. See Gresham's and the Thier's Laws
- tchock23 1y agoI looked into Tether and that was all I needed to see.
- lesuorac 1y ago> TX is preparing for more waves of USD inflation. I mean, the guy sponsoring the bill straight up said its so Texas can invest in the highest performing assets of the past 5 years. So, it's not in preparation of USD inflation.
- Dig1t 1y agoIt can be both. Bitcoin is useful in the same exact way that gold is. Governments the world over have stockpiles of gold, it’s an asset that goes up over time and also resists inflation.
- elzorroplateado 1y agoagreed! thank you
- bediger4000 1y agoGold has both industrial uses and aesthetic desirability. I was not aware of those properties in Bitcoin! Thank you!
- npoc 1y agoThat type of demand is unrelated to its monetary demand. Gold's monetary qualities are robustness, divisibility, scarcity, fungibility, portability etc. Bitcoin dematerializes the monetary qualities of gold into a superior, digital form.