Vic on Nostr: Humanity will need to endure the rise of various alternative monies/cryptos claiming ...

Humanity will need to endure the rise of various alternative monies/cryptos claiming to be "backed by bitcoin", but of which the participants in the system have no material claim, and the tokens within are inflated in fractional reserve format. To wit, Sango Coin. If you don't know what that is, it should give you a good indication of how consequential it is today.

quoting nevent1q…nhte

Here’s something I worry about with the dogma around #bitcoin as “digital gold” and the *perfect* money:
New gold supply has not gradually decreased through its history as a money or store of value- in fact many periods it has increased geometrically, coinciding with technological/industrial improvements (and increased economic activity, population, productivity, etc).
Bitcoin will not do this. It is hard coded not to. So… how are we so confident without past evidence through any other similar medium with similar properties (like gold) that it will behave *perfectly* as money or a store of value?
I still think it’s the best we’ve got by far. Completely revolutionary. I’m deeply orange pilled- but I’m also fairly certain that we will have to innovate and adapt around this new system in ways we don’t fully understand yet. The future is only theoretical at this point and what we’re attempting is an experiment (like the USA).
While I personally believe this future will be far better than WTF is going on now I’m not naive enough to think it will be rainbows and butterflies. So let’s keep building and discussing openly as we learn because there’s a long road ahead.
Taking off, PV 🫡