plusultra on Nostr: An almost hysterical antagonism toward Bitcoin is one issue which unites statists of ...
An almost hysterical antagonism toward Bitcoin is one issue which unites statists of all persuasions. They seem to sense-perhaps more clearly and subtly than many consistent defenders of laissez-faire — that Bitcoin and economic freedom are inseparable, that Bitcoin is an instrument of laissez-faire and that each implies and requires the other.
When Bitcoin is accepted as the medium of exchange by most or all nations, an unhampered free international Bitcoin standard serves to foster a world-wide division of labor and the broadest international trade. Even though the units of exchange (the dollar, the pound, the euro, etc.) differ from country to country, when all are defined in terms of Bitcoin, the economies of the different countries act as one — so long as there are no restrainta on trade or on the movement of capital.
In the absence of a Bitcoin standard, there is no way to protect savings from confiscation through inflation There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to Bitcoin, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists’ tirades against Bitcoin. Deficit spending is simply a scheme for the confiscation of wealth. Bitcoin stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward Bitcoin.
When Bitcoin is accepted as the medium of exchange by most or all nations, an unhampered free international Bitcoin standard serves to foster a world-wide division of labor and the broadest international trade. Even though the units of exchange (the dollar, the pound, the euro, etc.) differ from country to country, when all are defined in terms of Bitcoin, the economies of the different countries act as one — so long as there are no restrainta on trade or on the movement of capital.
In the absence of a Bitcoin standard, there is no way to protect savings from confiscation through inflation There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to Bitcoin, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists’ tirades against Bitcoin. Deficit spending is simply a scheme for the confiscation of wealth. Bitcoin stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward Bitcoin.