Evan on Nostr: This seemed like a commercial FOR bitcoin. "Bitcoin is based on distrust of human ...
This seemed like a commercial FOR bitcoin.
"Bitcoin is based on distrust of human institutions"
- Exactly.
"Bitcoin fans may have good reasons to distrust banks and governments"
- Damn straight.
"Originally there was very little trust in institutions like banks and governments"
- Makes sense.
"It assumes that we shouldn't trust human institutions and shouldn't allow them to create money at will"
Right, because 'the history of fiat currencies is full of breaches of that trust' (Satoshi Nakamoto)
"Bitcoin is basically a return to gold"
- A return to hard money, yes.
"Electronic gold"
- Even better, I don't need to guard a vault, and I can carry it across borders in my head.
"But it doesn't change the fact that Bitcoin is based on distrust"
- You don't have to sell me on it, I am already all-in on bitcoin!
The only things he gets wrong is ...the conclusion haha. And that "the whole purpose of money is to create trust between strangers"
When the reality is the opposite.
"Bitcoin is based on distrust of human institutions"
- Exactly.
"Bitcoin fans may have good reasons to distrust banks and governments"
- Damn straight.
"Originally there was very little trust in institutions like banks and governments"
- Makes sense.
"It assumes that we shouldn't trust human institutions and shouldn't allow them to create money at will"
Right, because 'the history of fiat currencies is full of breaches of that trust' (Satoshi Nakamoto)
"Bitcoin is basically a return to gold"
- A return to hard money, yes.
"Electronic gold"
- Even better, I don't need to guard a vault, and I can carry it across borders in my head.
"But it doesn't change the fact that Bitcoin is based on distrust"
- You don't have to sell me on it, I am already all-in on bitcoin!
The only things he gets wrong is ...the conclusion haha. And that "the whole purpose of money is to create trust between strangers"
When the reality is the opposite.