Oddbean

Erik, help me figure this out... If all the btc gets sucked up into etfs and mstr, how do we have a bitcoin economy? What will cause the btc locked away in those things to come out and circulate? Glad you're back. Still reading your book.

They simply won’t. Many who hold their own keys will never platform them and at some point there is likely going to be different prices for fiat bitcoin vs bitcoin. Same game as before with gold, now with bitcoin tho.

the specific causes maybe not but the general causes have happened and led to many collapsing urban settlements think of detroit, for one, a modern example... there are other, many other smaller places that have been abandoned over history because of economic reasons and it will happen again while the same principles are in play

the imperial cycle will apply, we are at the end of the age of the british empire, which i consider to have arisen out of the time that gave us the Statute of Monopolies and yeah that renaissance thing the influence of jupiter and saturn on us cannot be underestimated... specifically, creating a 400 year economic cycle that unravels an empire that has grown corrupt the last cycle also started with much the same influences, that gave us the reformation and the printing press and all that stuff, that is now at an end, and the systems that built on it have become overwhelmingly rotted

Any amount of money is enough to serve an economy of any size given it’s divisible enough, which Bitcoin is or can be at higher layers. No need to fud about people hoarding bitcoin. If people burning or losing their coins is not an issue then institutions holding large quantities shouldn’t be an issue either. If anything it’s good for everyone else.