My whole thesis, the whole time has been that Bitcoin is very exceptionally American it in its values, and what it promotes in terms of free speech and property rights and open capital markets. I think that it’ll be a much stronger nation, because of Bitcoin, which is something that people don’t agree with. They feel like, the dollar is what makes America, and I would argue the opposite.
It is encouraging that the hawala system is starting to integrate Bitcoin. Because as you say, foreign powers have decided that the government of Afghanistan now is not allowed to have its money, basically. All that stuff’s getting super scarce. As much as I think that government is evil, or whatever, it doesn’t help to do these countrywide sanctions, or freeze an entire country’s money. That’s a terribly cruel thing to do in my opinion. It causes massive human suffering.
I think, that system is totally screwed up. As far as why you’re seeing rates of adoption higher elsewhere, I think that’s just simply because it’s more obvious to people that their money is broken. Even today, 6%, 7% inflation, whatever we have here that they tell us, people are starting to get a little worried.
There’s all kinds of historical examples for when people go into a paper standard, things get super hairy. There’s always economic crises. I think, that we’ve been just led to believe that the system we’re in is fine and that there’s no other way. That to me is crazy, because what underlies it is just so many issues and problems and contradictions.
It gives the government massive seigniorage. At the same time, the government is getting the friends and family of all of these people to top up these gift cards with pounds, or Brazilian money, or Canadian dollars, or whatever. It’s allowing the government to increase its foreign exchange reserves.
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That’s one of the reasons why we went to paper gold promises, as opposed to actually the gold itself was just convenience, security, etc., etc., scaling. The thing here is that eventually, to me, it makes sense that Bitcoin actually just becomes the currency that we use day-to-day, because I think merchants are going to want it. I think, that’s eventually what’s going to drive that.
This is just how people have always lived in a lot of places. We’re talking places that have, again, there’s 1.6 billion people who live under CPI, double digit, triple digit inflation. They’re just used to it, and I think it just makes a lot more sense for them.
We need to have a culture of self-custody. Otherwise, it just becomes harder to change the system. If there’s 40 or 50 million Americans xcritical “using Bitcoin,” but only 5 million of them are custodying and the other 45 just have their money on Coinbase, or whatever.
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Again, I think education is what we should focus on. There is no magic solution. The Bitcoin revolution is not about a magic solution.
The US government is in some desperate thing and just decides to just seize all that money, or go to Coinbase and take it, or try to tax it, or God knows what, you’re not getting that benefit. The overwhelmingly most important thing is to push self-custody. I think, that’s the main vulnerability and fear and that’s what we should all work on. I know that a lot of people have maybe read one or two of my pieces, but certainly not all of them. I think, that’ll be really nice to have it in one place.
- It’s hard work that pays off and they can’t be easily stolen from you.
- There’s also some stuff in there, I intend to explore more.
- I was clueless about it at one point, too.
- I think, that we’ve been just led to believe that the system we’re in is fine and that there’s no other way.
I think, America is well-positioned to be a place where hopefully, it doesn’t become illegal to own. People assume that today is right and proper and the only way it could have been, and they lose sight of what happened in the past. Happy to dig into these things with you, guys. This has something for everyone. Whether you’re a high-powered Bitcoin entrepreneur, a core developer, or a Bitcoin newbie, Bitcoin 2022 is the ultimate place for you to be with your people and celebrate and learn about the Bitcoin culture.
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I was clueless about it at one point, too. In order to use it and to believe in it and to share it, you have to learn about it. There’s going to be a lot of discussion about Afghanistan, but I think education is the one thing we should try to at least focus on. The more appealing Bitcoin is going to be. I think, that’s to me, that’s just pretty straightforward.
You’re starting to see this parallel economy emerge. I think, it’s really interesting that you don’t need to interact with the financial system anymore in terms of you can earn cash, buy gift cards, sell the gift card for Bitcoin. Use Bitrefill to buy pretty much anything you need with the Bitcoin. You can buy phone minutes, you can buy gasoline, you can buy food with gift cards that you can purchase through Bitcoin without touching the dollar system in countries like Nigeria. Look, I think it’s interesting, because the answer is the same for every country. I think, it just starts with learning, education, sharing with the people you care about, teaching them about best practices.
They’re like, this is an actual practical way to really alleviate human suffering around the world. I didn’t have much more than that other than just, I respect fxtm review what you do. I’m really thankful for you. I hope to join you someday and on your missions and wherever you are around the world. There is no magical fix here.
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I think long-term, I find it hard to believe that Bitcoin long-term just isn’t going to be the dominant, daily currency that people use. There’ll be all kinds of shenanigans and power struggles, and God knows Senior Software Manager Job Description what. I think, that eventually just gives away to people just using. Again, however, gold has all these vulnerabilities. In the Indian case, a huge historical respect for the role of gold in society.
I’ll just give a shout out. I’ve had the privilege of reading Allen Farrington and Sasha Meyer’s new book, Bitcoin is Venice, which is amazing. That’s going to come out soon. I know you guys are working on that with them, which is great. I got asked to do the foreword. I’ve been working on that and just finishing the manuscript.
Thanks, Matt Odell, and the rest of you. I think the governments, yes, I agree that there’s a very big difference. The EU seems to be taking a much more aggressive stance against Bitcoin than the US government.
I feel like, that book is really spiritually aligned with a lot of my writing, because I think Bitcoin is Venice. The book shows what happens when society – they call it the dominant political economy since ’71. What happens to society under that dominant political economy and what happens to people and individuals in that political economy. I don’t really see it as possible to fail, so to speak. If not enough people own the Bitcoin, we’re going to have a worse world, let’s put it that way.
I think, there’s also some room for optimism. There’s also some stuff in there, I intend to explore more. There’s a book called Capital as Power written by these two political scientists out of Israel that I’m very interested in. I cite some of their work on inflation and on differential power in the article. I’m going to be trying to dig into that for you guys in the future for sure. Yeah, I’m also intrigued by what’s happening with the Navajo nation and how they’re adopting Bitcoin mining.