Oddbean new post about | logout
 It's due to a flaw in the concept of fungible money. I'm not suggesting we all trade NFTs, but "printing money out of thin air" only works for the bankers because there's no practical distinction between money backed by real value (i.e. labor, goods, services, energy, etc) and money backed by nothing. In other words, central bankers are printing & minting perfect counterfeit money. #Bitcoin fixes this by making it virtually impossible to create money by fiat and by making all #Bitcoin traceable back to its origin. We may not know who mined the $BTC, who owned it, or what it was for, but at least we know it wasn't created from nothing. It's the product of both time and energy. 
 Fiat is backed by banks collecting debt in conjunction with courts and the sheriff. Its basic contract law, just like any other agreement. 
 Mind you, under this system, what if the sheriff decides to take out loans on behalf of the people he polices, then he collects "taxes" to pay the interest because "it's for the common good"?

This is what #bitcoin fixes.