Why Bitcoin needed to exist

by Rudd-O published 2021/01/23 14:08:00 GMT+0, last modified 2021-01-23T14:34:40+00:00
There's a fat premium to be made in enforcing honesty and freedom.

Bitcoin is only perceived as an investment because monetary deceit (perpetual inflation) and monetary restrictions (financial and criminal regulations) are the norms prevalent in our societies.

In a world where governments (1) hadn't dictated their central banks could say "we have 10 tons of gold" while having only half a ton of gold (2) hadn't dictated that using money for certain purposes gets you in prison, Bitcoin would not be necessary at all.  In such a world, where the central players are fundamentally honest, don't rob people through deception, and don't leverage their control of money to impose their arbitrary desires on the public, a PayPal or an Open Transactions would suffice as digital money vehicles.

But that is not the world we live in. We live in a financial world that is lies stacked atop lies all the way down, combined with absurd and tyrannical restrictions to keep the lies going.  Buy this, go to prison.  Sell that, go to prison.  "Hide" your wealth, go to prison.  Do business with this or that person, go to prison.  Refuse to fund things you disagree with, go to prison.  This is the reality.

Therefore, Bitcoin, being a platform where:

  • players cannot lie, cheat or steal,
  • players can play as equals, without arbitrary restrictions,
  • players don't have to beg for permission to play,

has enormous utility — and this gives you value that no liar's system can compete with.

This is the investment value of Bitcoin todayThis is the true Number Go Up technology you've heard about.  And this is why profiteers of our current, insane economic system want to sabotage the utility of Bitcoin.

Bitcoin will inevitably cease to be perceived as an investment some day — but that will only happen once this investment value has been fully realized:

  • once national currencies offer the mathematically predictable supply that Bitcoin does, or they die for good,
  • once polities' ruling classes stop sabotaging and meddling with people's property and trade.

Until that day, we bide our time.


The Twitter thread that originated this.