Significance of Bitcoin & the human cost of monetary instability.
₿ btc moonshallah
Some nuggets from an old article I've written that are still relevant in today's global landscape 👀 Part 1 🧵
Den of Thieves
Despite this misappropriation of gold’s sovereignty by government for its own self-seeking purposes, fiat currency is no longer anchored to gold, making it highly reproducible at near-zero cost.
Indeed, fiat currency is the softest form of money in history; it can (and in virtually all cases does) suffer from counterparty risks such as censorship, deauthorization, or hyperinflation.
Hard money is anchored in the reality of time to secure the time savings of its holders; fiat currency is a political tool that facilitates the institutionalized system of time-theft known as “expansionary monetary policy” perpetrated by central banks globally.
Although governments legally compel us to use fiat currencies today, these rules are only enforceable due to their vampirism — the sucking of sovereignty out of gold holdings. Ironically, this stolen power is used to monopolize violence and silence dissent.
Government sovereignty, then, is derived from the agglomerated self-sovereignty of its gold hoards; which, in combination with the anticompetitive artifices it erects (legal tender laws, capital controls, capital gains taxes, etc.)
in the sphere of money, explains why gold has been confiscated and its private ownership outlawed repeatedly throughout history:
There is only one reason for such confiscatory acts: governments grasping for more power; a means to usurp gold’s self-sovereignty, an embezzlement of power which itself originates in the actions of free people selecting a monetary technology in the marketplace;
a tragedy at the heart of all modern economies.
As the axiom says: “Whoever has the gold, makes the rules.”:
Small sample of the world’s monetary collapses and their effects on people, particularly the middle and working classes. The history of fiat currency is rife with such examples.
Most notorious are cases in which the value of a currency falls to effectively zero, and savings are completely destroyed. In Venezuela and Zimbabwe, the sovereign currency was entirely obliterated.
All told, 56 distinct hyperinflation events (defined as a period in which month-over-month inflation exceeds 50 percent) can be identified in history.27 All except one took place in the 20th or 21st centuries.
The causes have differed and include war, political chaos, and sudden changes in economic regimes. But there is one constant: Each occurred in an economy with a discretionary, fiat monetary standard.
No hyperinflation event has ever occurred in an economy where monetary policy was constrained by a commodity standard.
How can people take measures and prepare themselves against “freedom thieves” ?
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P L A N
There is a distinct correlation between the surge of gold imports and purchase of cryptocurrencies.
The popularity of bitcoin has soared in countries with volatile currencies and high inflation. Turkey has the highest crypto transaction volumes in the Middle East
This is a reoccurring pattern that happens on countries that suffer geo economic instability, financial distress imposed by authoritarian -technocratic regimes, worth mentioning just a few examples: • Lebanon, Venezuela, Iran, Cuba, China etc. Notice any similarities?!
All shit show’s of regimes, with no regard to civil liberties, human rights, individual wealth and economic freedom.
Peer-to-Peer monetary/value systems can’t co-exist for long alongside government issued currencies, analog or digital ones specially in authoritarian regimes.
What does this mean for the world as we know it, the future of money, socioeconomic systems and the simple understanding of what Bitcoin really is.
Bitcoin as much as we like it is not simply a currency, neither an asset nor the new digital gold. Bitcoin on it’s s purest state is much more.
Bitcoin is a democratic instrument that gives everyone the means to defend themselves, be it against censorship, suit’s at big banks, politicians and even dictatorship’s.
💸 Bitcoin is freedom
A leaderless civilization is, for the first time, possible with Bitcoin. As a means of preserving wealth through political sea-changes by perfecting our private property rights in money, Bitcoin gives the world great hope for renewing virtuosity.
Perfected private property rights are prerequisite to the proper placement of freedom, growth, and responsibility in our social hierarchy of values. Saving in honest money is the only way to restore hope for a fallen world..."continues" planb btcThis post is based on this twitter thread.