rare on Nostr: False. The history of money, from seashells to silver, is to be a medium of exchange ...
False.
The history of money, from seashells to silver, is to be a medium of exchange first. After a period of time, trust is built in the medium and is then stored because of the reputation built. That's the concept as promoted by Mises, Menger, Hayeck, and Rothbard. The reason its promoted this way is based off human action, psychology and individual preferences aligning over time.
But for some reason, Bitcoiners promote this idea entirely backwards. As if the concept is to never use the money, just to hoard it, thereby neutralizing its ability to be useful in trade. Why this is, I have no idea, but this SoV before MoE flies in the face of human nature and defies logic.
Maybe, its entirely possible, that its usefulness as a currency from 2009-2015 showed its desirability and trust that peopledecidesd it was better to store it for later. If that's the logic, I can subscribe to it and would agree. But with an adoption rate of 0.2% of the globe, and the only use for it is an asset backing the dollar as a means of inflating debt, with regression in adoption, I don't think so.
Should bitcoin be used as a currency in trade, as it was from 2009-2015, its value would be much high in USD, but also, there would be prices set in bitcoin, giving it legitimacy in exchange and then being a very strong store of value. What's currently promoted is a Speculation of Value.
I'm sorry the influencers have lied and promoted this false narrative.
The history of money, from seashells to silver, is to be a medium of exchange first. After a period of time, trust is built in the medium and is then stored because of the reputation built. That's the concept as promoted by Mises, Menger, Hayeck, and Rothbard. The reason its promoted this way is based off human action, psychology and individual preferences aligning over time.
But for some reason, Bitcoiners promote this idea entirely backwards. As if the concept is to never use the money, just to hoard it, thereby neutralizing its ability to be useful in trade. Why this is, I have no idea, but this SoV before MoE flies in the face of human nature and defies logic.
Maybe, its entirely possible, that its usefulness as a currency from 2009-2015 showed its desirability and trust that peopledecidesd it was better to store it for later. If that's the logic, I can subscribe to it and would agree. But with an adoption rate of 0.2% of the globe, and the only use for it is an asset backing the dollar as a means of inflating debt, with regression in adoption, I don't think so.
Should bitcoin be used as a currency in trade, as it was from 2009-2015, its value would be much high in USD, but also, there would be prices set in bitcoin, giving it legitimacy in exchange and then being a very strong store of value. What's currently promoted is a Speculation of Value.
I'm sorry the influencers have lied and promoted this false narrative.