I’m currently on a flight from Newark to Oslo, Norway when i make my trek to Riga, Latvia for the Baltic Honey Badger conference hosted by HodlHodl. Please excuse any typos when i am wedged into my seat such as a sardine with my laptop screen halfway open as the lady before me has her seat jammed completely back.
I needed to the touch on a thing that Pete Rizzo said on the What Bitcoin Did podcast recently that basically stuck with me. He help with that bitcoiners ought to be leaning in to the utility of bitcoin and the truth that this is a far superior money and settlement network in comparison with the incumbent monetary system by any objective measure rather than hoping for the planet to burn to the bottom and bitcoin succeeding as something of fiat’s failure. Here’s the clip for all those interested.
The dichotomies of the two frames is interesting to take into account. To begin with, I don’t believe they’re mutually exclusive. It’s clear from Satoshi’s writings he thought the incumbent system is inherently flawed and doomed for failure because of the history of fiat currencies which were controlled by central authorities who had the opportunity to print at will.
“The central bank should be trusted never to debase the currency, however the history of fiat currencies is filled with breaches of this trust.” – Satoshi Nakamoto, February 11th, 2oo9
I don’t believe it really is crazy to trust that Satoshi created bitcoin after recognizing that the fiat system was doomed for failure. I’m almost certain he did. However, the only method he could create a tool that could act as a highly effective escape hatch from the failing system is if he produced a thing that was 1.) a step function improvement on that system and 2.) sufficiently resistant from attacks from the failing system it doesn’t want anyone escaping. Luckily for all of us, that’s just what Satoshi and the ones who came after him to greatly help enhance the protocol have given humanity.
Thank God for Satoshi. We’re standing at the edge of a cliff with unstoppable forces pushing us toward a deadly flight into chaos and disorder and we’ve all been given the opportunity to grab a paraglider that may allow us to jump off the cliff and glide to safety. What Pete is putting forth is, “should we concentrate on telling people whenever you can concerning the unstoppable force that’s going to push us to certain death or the technology we are able to use in order to avoid that outcome?”
Personally, I believe both tactics ought to be employed. The only method to fix an issue would be to recognize it exists to begin with. This is exactly what warning concerning the unstoppable force leading folks of the edge of the cliff does. Only one time people recognize that force can linked with emotions . look for and understand the solutions at their fingertips.
With that said, I really do think Pete makes a good point. Bitcoiners could be over-indexing toward highlighting the impending failure of the fiat monetary system while under-indexing the step-function improvements bitcoin brings to the planet of monetary goods, final settlement, and payments. Bitcoin enables items that simply weren’t possible before it had been launched. That’s something to celebrate and highlight normally as possible. Within an ideal scenario, the death of fiat is dragged out during the period of many decades and throughout that period the various tools and products built round the bitcoin network end up being far more advanced than the incumbent system that folks naturally adopt them en masse because they’re simply better. This might function as ideal “soft landing” that you hear the dunces at the Federal Reserve discuss.
I pray that’s how things find yourself progressing. However, it really is hard to trust that the compounded mistakes created by unproductive central planners during the period of many decades aren’t hitting a head. If one truly believes this, it’s hard to knock them for over-indexing on the doom side while attempting to warn others and pointing out the abject lunacy of the machine.