Thread by George Gammon

twitter.com
1 Recommender
1 Mention
Recommend
Post
Save
Complete
Collect
Thread
Let me attempt to articulate the view of most #Bitcoin Maxis.

Throughout time, something we've seen over & over again is governments/kings/rulers debasing money. And when they debase money this usually leads to a collapse in society.

More recently we've seen this play out in 👇
the US, especially since the creation of the Federal Reserve. The government, with the help of the Fed, has printed money consistently, because the supply of money increases this creates inflation (price increases).

Constant inflation is a hidden tax because it steals 👇
purchasing power away from people who hold money, and worse, it steals the benefits of price deflation from society that would've been produced by the free market driving down prices via competition.

This inflation also incentivizes speculation and asset bubbles because 👇
the value of money/savings decreases it forces people to buy financial assets, which reduces the size of the real economy and increases the size of the financial economy further adding to the problem. Inflation not only discourages saving but it encourages debt because the debt👇
can be paid back with cheaper money (less purchasing power) in the future. But it gets worse, because wages rarely keep up with rate of inflation the purchasing power or income, not just savings, goes down crushing the standard of living for the poor/middle class. This toxic👇
stew leads to inevitable social unrest and instability. We're currently seeing this play out in front of our own eyes, and with every additional dollar that is printed we get closer and closer to collapse. Also, since this fiat system of inflation is built on debt, the only way👇
to sustain it is if there is more and more money printed (inflation). IOW more and more theft, bigger government/crony capitalism and less freedom, liberty, free market capitalism.

But...#Bitcoin fixes this.

Bitcoin provides base money that can't be manipulated by governments👇
meaning money can no longer be printed, there's a fixed amount of 21M which is impossible to increase. If this base money is impossible to increase it will eradicate the root cause of all the problems mentioned above and society will reap the benefits. These benefits include👇
but are not limited to the following which is basically the inverse of the issues created by money printing/inflation.
1. 100% productivity gains enjoyed by society because of % lost by fiat system is eliminated.
2. Money/Savings always increasing in value.
3. Little to no👇
speculation because peoples savings would appreciate at such a rate speculative risk/reward wouldn't make sense.
4. Little to no debt because aggregate increase in societies purchasing power, things people use debt to buy (houses) would dramatically come down in price because 👇
of lack of need to speculate and, maybe more so, because no one will want to take on debt knowing they'll have to pay it back with appreciated money.
5. Real economy would increase, financial economy would decrease to a level of insignificance because no one had an incentive to👇
do anything other than save. Also, since you can self custody bitcoin, it would eliminate the need for banks all together, although investment pools may still exist.
6. Global economy would also boom because frictionless, peer to peer, transfer of money increases velocity which👇
decreases need to add to base money with more units (similar to today's "broad money" metric) ie fractional reserve, not to mention fact bitcoin is divisible, so as the money consistently gained value it could easily fill the credit needs of an expanding economy.
7. The size of👇
government would dramatically shrink because they're no longer able to print money, which would not only reduce current spending but future spending because they can't steal purchasing power via inflation anymore. This, of course, leads to more freedom, liberty, free markets👇
Will this transition occur? Yes, it's not a matter of if but when. Why? Because history shows us, people always gravitate to the hardest form of money (see Gresham's Law) and there is no form of money as sound/hard as Bitcoin. This is undebatable if you understand bitcoin. 👇
Additionally, we know all fiat currencies go to zero and we're moving in that direction quickly because of the fact the debt based, theft based, ponzi scheme monetary system we have now requires more and more money printing which makes its demise that much more certain.👇
Bitcoiners what don't I get?

@JeffBooth @Breedlove22 @PrestonPysh any input would be appreciated, but not expected, I realize we're all busy.
Mentions
See All