halalmoney on Nostr: “The European Central Bank’s arguments against Bitcoin warrant some introspection ...
“The European Central Bank’s arguments against Bitcoin warrant some introspection from central bankers themselves. If Bitcoin's redistributive effects are problematic because they transfer purchasing power from latecomers to early adopters, how is this fundamentally different from monetary policy that transfers purchasing power from those far from the money supply to those closest to it? Both mechanisms seem to create winners and losers through the redistribution of purchasing power rather than through productive economic activity. In any case, it shouldn’t come as a surprise to central bankers if Bitcoin’s increased adoption becomes an obstacle to the ability of central banks to dictate monetary policy. This has been a long standing goal of Bitcoin enthusiasts. From its inception Bitcoin’s self-professed goal has been to provide an alternative to centrally planned monetary policy.”
https://stacker.news/items/742833/r/halalmoney?commentId=742927Published at
2024-10-28 08:14:04Event JSON
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"content": "“The European Central Bank’s arguments against Bitcoin warrant some introspection from central bankers themselves. If Bitcoin's redistributive effects are problematic because they transfer purchasing power from latecomers to early adopters, how is this fundamentally different from monetary policy that transfers purchasing power from those far from the money supply to those closest to it? Both mechanisms seem to create winners and losers through the redistribution of purchasing power rather than through productive economic activity. In any case, it shouldn’t come as a surprise to central bankers if Bitcoin’s increased adoption becomes an obstacle to the ability of central banks to dictate monetary policy. This has been a long standing goal of Bitcoin enthusiasts. From its inception Bitcoin’s self-professed goal has been to provide an alternative to centrally planned monetary policy.”\n\nhttps://stacker.news/items/742833/r/halalmoney?commentId=742927",
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