Marakesh đ“…¦ on Nostr: A contrarian view to what one typically sees on the Nostr: > >****The bitcoin ...
A contrarian view to what one typically sees on the Nostr:
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>****The bitcoin delusion****
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> That currencies are being increasingly debased is so obvious to speculators and small-time investors that they are simply dazzled by the maths behind bitcoin. The easiest thing to understand is that if you invent a form of money which cannot be expanded beyond a certain limit, then its value is bound to rise, measured in a rapidly expanding currency. This has led fans to predict prices of $250,000 and upwards, so who wouldn’t want to believe in it?
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> Putting aside the controversy as to whether bitcoin has or will ever have the status of money, it is being bulled up by almost everyone involved on the basis that they stand to make enormous profits, in guess what — dollars or their own currency. While everyone says it is taking the monetary initiative away from the state and back to the people where it should belong, they are merely speculating for gain, not intending to hold bitcoin to spend when there is a lawless successor to our dysfunctional world.
> Like the economists who fail to distinguish between money and credit, bitcoin hodlers seem to think that money and credit are the same thing. Apparently, this makes bitcoin a better store of value than gold whose quantity increases as it is mined. But in their land of Cockaigne, if the world’s circulating media is limited to 21,000,000 bitcoin whose value is designed to continue rising, the creation of credit will all but cease. The world will return to the feudal conditions that existed before credit became available to finance the industrial revolution.
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> Bitcoin is not a substitute for or competitor with gold for the status of money. The bitcoin delusionists fail to grasp the importance of price stability, which only comes from credit whose value is firmly anchored to gold, together with the fact that gold is understood to be money everywhere, while bitcoin is assumed to be so only among its profit-seeking enthusiasts.
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> Money is and only ever has been metallic gold, silver, and copper. And the only practical monetary standard is the one metal which has almost no other use than as a store of value — gold.
From [Gold and flying money](https://www.goldmoney.com/research/gold-and-flying-money) by Alasdair Macleod
>
>****The bitcoin delusion****
>
> That currencies are being increasingly debased is so obvious to speculators and small-time investors that they are simply dazzled by the maths behind bitcoin. The easiest thing to understand is that if you invent a form of money which cannot be expanded beyond a certain limit, then its value is bound to rise, measured in a rapidly expanding currency. This has led fans to predict prices of $250,000 and upwards, so who wouldn’t want to believe in it?
>
> Putting aside the controversy as to whether bitcoin has or will ever have the status of money, it is being bulled up by almost everyone involved on the basis that they stand to make enormous profits, in guess what — dollars or their own currency. While everyone says it is taking the monetary initiative away from the state and back to the people where it should belong, they are merely speculating for gain, not intending to hold bitcoin to spend when there is a lawless successor to our dysfunctional world.
> Like the economists who fail to distinguish between money and credit, bitcoin hodlers seem to think that money and credit are the same thing. Apparently, this makes bitcoin a better store of value than gold whose quantity increases as it is mined. But in their land of Cockaigne, if the world’s circulating media is limited to 21,000,000 bitcoin whose value is designed to continue rising, the creation of credit will all but cease. The world will return to the feudal conditions that existed before credit became available to finance the industrial revolution.
>
> Bitcoin is not a substitute for or competitor with gold for the status of money. The bitcoin delusionists fail to grasp the importance of price stability, which only comes from credit whose value is firmly anchored to gold, together with the fact that gold is understood to be money everywhere, while bitcoin is assumed to be so only among its profit-seeking enthusiasts.
>
> Money is and only ever has been metallic gold, silver, and copper. And the only practical monetary standard is the one metal which has almost no other use than as a store of value — gold.
From [Gold and flying money](https://www.goldmoney.com/research/gold-and-flying-money) by Alasdair Macleod