Oddbean

Jürgen and Ulrich in their paper start with a fallacious premise; the Straw Man Fallacy. The original promise of the Bitcoin Network was to replace the fraudulent Fiat Dollar (and by extension, all fiats, including the Euro) with an incorruptible money that was auditable by the user.. The means of payment part is a superimposition by followers on who saw Bitcoin (which is a form of money with all money's utilities, one of which is means of payment as well as saving) as one thing, whereas it is in fact not money at all, but a database. Using the phrase "promoters" is a backhanded insult in a flagrant and pathetic attempt to smear Bitcoin users as sellers of a Ponzi Scheme. The authors are beneath contempt for this. The Appeal to Authority rears its disheveled head when they invoke, "Most Economists believe..." as if that is a pretext for anything, given the woeful state of the global fiat economy running by their strictures. Completely ridiculous. The price of Bitcoin cannot rise forever. Once fiat dies and all prices are measured in Bitcoin, it will have no price in US Dollars, imbeciles. It is like claiming Bitcoin has a price in Wermacht Marks or Zimbabwe Dollars. Surely, surely, no one can be this stupid. Apparently they are, and they're working in the ECB! The purpose of money is not to increase the productive potential of the economy; innovation and work do that; and since money is half of all transactions there must therefore be a distribution of money to everyone so that economic activity can continue. There is more than enough Bitcoin to facilitate this. What the authors expose in their fear that people are going to get rich in a system mediated by Bitcoin is their repugnant socialism, and a fear that it is not their anointed that will be the super rich in a world where Bitcoin is the only money. Also bear in mind, that if their scenario this unjust accumulation takes place, Bitcoin will have become money just as we predict it will, and the fiat system will have died and Bitcoin will have won, as will have all of humanity. Bitcoin holders do not become more wealthy at the expense of anyone, since no one is cheating in Bitcoin, unlike in the fiat system, where the first users of the money are ACTUALLY getting wealthy off of the creation of money and inflation. Jürgen and Ulrich think you are stupid! Bitcoin cannot impoverish anyone; what it actually does is accurately measure the work and the value of goods of all people in the economy. Such an accurate measure is anathema to Jürgen and Ulrich, who have appointed themselves as god over the economy. Bitcoin does not redistribute wealth; it measures wealth accurately. https://medium.com/@beautyon_/bitcoin-is-the-c-of-money-dce63ce8e37a Jürgen and Ulrich are the scum of the earth with their ECB paid for lies and Keynesian nonsense. They will be proven absolutely wrong by Bitcoin absorbing all the fiats, leaving them and their paymasters exsanguinated and forgotten. https://x.com/Beautyon_/status/1847625816689041801 https://m.primal.net/LayB.jpg