véritas on Nostr: A perfect response to a recent paper from the European Central Bank that spreads ...
A perfect response to a recent paper from the European Central Bank that spreads fear, uncertainty, and doubt about the #bitcoin. This post is from the eloquent Stack Hodler (npub1g4l…xt9c) and worth a read.
“The @ecb is crying about Bitcoin again.
They argue that early holders are impoverishing non-holders and late adopters.
They also state that Bitcoin doesn't have an economic function.
Two quick responses before I go spend some filthy euros at the Saturday market:
1. Bitcoin is a tech product that solves one of the biggest problems in the world.
An iPhone helps you access the web on the go.
A Tesla drives you around.
Bitcoin protects your wealth with the world's strongest computing network.
Everyone wants to protect and grow their wealth.
Bitcoin is a product that everyone needs.
Far from being useless, it's extremely useful.
Failure to steel-man Bitcoin's obvious utility kills any credibility the authors have.
2. Early adopters took incredible risk for deserved reward.
Are people who bought the Google or Facebook IPOs impoverishing investors who buy Google or Meta today?
Are homebuyers who bought a home for $200K in 1995 and sell it for $2 million today impoverishing home buyers?
Of course not.
This is a intellectually lightweight argument.
Yes a handful of people have gained purchasing power due to their foresight, intelligence, and courage to hold through inhuman volatility.
But trying to legislate against Bitcoin because of that is like trying to ban Google stock because the IPO buyers who held have become multi-millionaires.
The real thieves are the people who can create fiat money out of thin air and dilute entire populations behind their back.
Something the ECB and big banks perform as a primary function.
Bitcoin simply allows anyone to protect themselves from fiat debasement and reliably improve their standard of living.
That's as true for those who bought in 2012 as it is for those who bought in 2022.”
“The @ecb is crying about Bitcoin again.
They argue that early holders are impoverishing non-holders and late adopters.
They also state that Bitcoin doesn't have an economic function.
Two quick responses before I go spend some filthy euros at the Saturday market:
1. Bitcoin is a tech product that solves one of the biggest problems in the world.
An iPhone helps you access the web on the go.
A Tesla drives you around.
Bitcoin protects your wealth with the world's strongest computing network.
Everyone wants to protect and grow their wealth.
Bitcoin is a product that everyone needs.
Far from being useless, it's extremely useful.
Failure to steel-man Bitcoin's obvious utility kills any credibility the authors have.
2. Early adopters took incredible risk for deserved reward.
Are people who bought the Google or Facebook IPOs impoverishing investors who buy Google or Meta today?
Are homebuyers who bought a home for $200K in 1995 and sell it for $2 million today impoverishing home buyers?
Of course not.
This is a intellectually lightweight argument.
Yes a handful of people have gained purchasing power due to their foresight, intelligence, and courage to hold through inhuman volatility.
But trying to legislate against Bitcoin because of that is like trying to ban Google stock because the IPO buyers who held have become multi-millionaires.
The real thieves are the people who can create fiat money out of thin air and dilute entire populations behind their back.
Something the ECB and big banks perform as a primary function.
Bitcoin simply allows anyone to protect themselves from fiat debasement and reliably improve their standard of living.
That's as true for those who bought in 2012 as it is for those who bought in 2022.”