SHSS on Nostr: One thing that came to mind while listening to the pod was that George assumes that ...

One thing that came to mind while listening to the pod was that George assumes that people’s behavior (seeking debt, yield and, voting for debasement) will remain the same (or to the same extent) under a new system (bitcoin standard). While it is true that human nature (greed, etc.) will not change, I think it’s clear that bitcoin changes the incentives which in turn changes human action. The lowering of time preference via hard money is a powerful factor that many in the current system are sleeping on.

I did not understand why he thinks that any amount of fractional reserve banking is somehow a sign that a bitcoin standard is not tenable, or that the existence of paper bitcoin somehow diminishes the effects an alternate system will have on the world.

What better way to get people to vote for small government than forcing them to tax you kore because they can’t print the difference.