web3 is a recycled 5 year old meme from the ico craze. it worked back then to separate the ignorant from bitcoin. try not to let web3 memes distract you from understanding how the emergence of peer to peer electronic cash and a new base layer money will actually affect you moving forward
I've been using Bitcoin as money(store of value, unit of account, means of payment) as much as possible for the last 5 years.
From the perspective of a "pioneering early adopter", Bitcoin does not seem volatile. Instead, it seems like prices across the board are going down and everything is getting cheaper.
The effect on me is that since my saving is rewarded, I'm now way better at saving. I've stopped making irrational, impulse purchases. I'm far more in tune with my spending.
I'm also able to keep the purchasing power I earn from working. This beats the hell out of losing it slowly.
Do you think revolutionary armies didn't pay their soldiers?
Gold standard reflected sound monetary policy and kept government misallocations in check. Since moving to the fiat standard, governments have unleashed record spending. Bitcoin is exposing what happens to the money as a result of the monetary expansion.
Bitcoin has replaced gold, and those of us who have adopted a BTC standard will have separated in prosperity levels from our fiat based peers within a generation or two.
Power like what you've described comes from control of the money supply. If I have billions of dollars worth of BTC I may start paying men with guns to defend me from the other men with guns, well then we have a power struggle.
Readers, you are discussing Bitcoin before the 4th of 32 halvenings. Things aren't so clear to most and dust has not settled. One thing is certain, it is not too late to read the whitepaper and learn what the emergence of the first new base layer money in 5000 years truly means and get your head around the significance.
Now, to the article. This is a write up response to a comment one of the world's richest men said on the app, Clubhouse. These are the articles worth discussing with this audience? Look at the final sentence of the article. Seriously? "This currency is not good for Green Planet." Yikes.
We're all on our own journey an in time all roads lead to Bitcoin. This is not a technology story, or an energy story, but a human story. The story of Bitcoin tells about people working with machines to accomplish something that seems impossible to most of us.
Bitcoin frees the slaves. Literally, not figuratively. If you have to sell your time, sweat, and blood to earn money, it is unacceptable to allow corruptible central planners to create that same money out of nothing. This is a power that no group of people should have over others, and certainly one that future generations will look back on find it laughable that a society would entrust people with control over the money supply after time and time again history has shown what happens.
Bitcoin is ending the monetary enslavement that central banks have been desperately clinging to. Issues around central banking, inflation, and money supply manipulation are not new in the story of human history. The current chapter is unfolding to see Bitcoin demonstrating an incorruptible money and it is growing up rapidly.
How much energy do you feel is appropriate to put toward abolishing central banking and freeing humanity? Personally, I feel blessed to have discovered Bitcoin while it still consumes less energy than small countries. What a time to be here!
Taler might repeat the atrocities of others before them who manipulate the supply of "money". Author glazed over the point of separating state and money is a return to sound money. Authorities have never stayed trustworthy and always give in to political pressures to expand monetary supply, until BTC emerged as money.
If you have enough hash power to 51% attack Bitcoin at all, your potential for rewards by instead mining honestly are significantly higher, at least that's how the game theory generally plays out
The valid reason is that Bitcoin is the best money that has ever emerged in human history. The denationalization of money is inevitable and long predicted. Check out Nobel prize winning economist Hayek's Denationalization of Money https://en.wikipedia.org/wiki/The_Denationalization_of_Money
How much power do you think governments have over central banks? Bitcoin is definancializing money, so those levers lose efficacy with Bitcoin's adoption.