shutosha on Nostr: It is simply a piece of paper .. the purpose is to allow people exchange assets .. ...
It is simply a piece of paper .. the purpose is to allow people exchange assets .. and collect taxes .. unit of account and unit of exchange .. it is enforced through law and monetary policy .. the
Now, that has an important role to play in modern society - monetary policy evolves .. for example we have a mandate of two percent inflation today .. it may change to four percent tomorrow .. but that doesn't matter because people are supposed to hold a super tiny percentage in money .. they are expected to convert it to assets as soon as possible ..
The bigger problem is legacy assets are hard to acquire .. I need half a million dollars to buy a desirable property .. and acquisition cost is around six percent .. so most people are priced out .. add to that the burden of KYC .. bitcoin is the APEX asset because anyone anywhere can acquire #sat s for practically zero acquisition cost with no KYC .. but that doesn't make sats money .. it is still super liquid , super slivered asset .. never sell your #sats .. instead zap them to me :-)
Now, that has an important role to play in modern society - monetary policy evolves .. for example we have a mandate of two percent inflation today .. it may change to four percent tomorrow .. but that doesn't matter because people are supposed to hold a super tiny percentage in money .. they are expected to convert it to assets as soon as possible ..
The bigger problem is legacy assets are hard to acquire .. I need half a million dollars to buy a desirable property .. and acquisition cost is around six percent .. so most people are priced out .. add to that the burden of KYC .. bitcoin is the APEX asset because anyone anywhere can acquire #sat s for practically zero acquisition cost with no KYC .. but that doesn't make sats money .. it is still super liquid , super slivered asset .. never sell your #sats .. instead zap them to me :-)