Oddbean

In a new paper, the European Central Bank is essentially telling you to HFSP if you don't hold #Bitcoin 🤣 https://image.nostr.build/4036aa709a0af067ebf78174e78129a9222da7a307e68d4bf37aa16c1538f192.jpg https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4985877

bitcoin derangement syndrome dressed up in academic jargon: https://nostrcheck.me/media/637a2f1da5d2fc1976c14ec00f8eae4015afe99bb2554f1d537d0086a169dd8f/e0153b70e85cfef35f3819d0c5cf5bcdd11e27ba1ff8002172b3b0a973858573.webp

"If the price of [ANY THING] rises for good, the existence of [THE THING] impoverishes both non-holders and latecomers." OH GOD 🤣 nostr:note1nvxk4jgskwhxk6cav0d79ng64h5c523lq0k7a7fctvxh4d97ts9qprsvaz

I'm only halfway through, but this paper is full of nuggets. Here, the ECB even quotes @MartyBent. They're not quite there yet, but someone's been doing some homework 😅 https://m.primal.net/LaMw.png

"In any case current non-holders should realise that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether. Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their expense. Failing to do so could skew election results in favour of politicians who advocate pro-Bitcoin policies, implying wealth redistribution and fuelling the division of society." Good luck legislating against the honey badger. You're only guaranteeing yourself as a non-holder. Central banks and the powers that be can only delay mass adoption, never curtail, and here we see signs they are starting to acknowledge that. And of course there will be a *new* division, much more prominent in the first few generations--this is a new, from scratch, economic system, Sherlock. It's just that they don't like who's on the rich side of the division. Boo-hoo, cry us a river. nostr:note1nvxk4jgskwhxk6cav0d79ng64h5c523lq0k7a7fctvxh4d97ts9qprsvaz

"If the price of Bitcoin rises for good, the existence of Bitcoin impoverishes both non-holders and latecomers," write the economists." We all gonna die. 🔥 nostr:nevent1qqsfkrt2eygt8tntdvwk8klze5d2m6v29gls8m0wlyu9krt6kjl9czspz4mhxue69uhkummnw3ezummcw3ezuer9wchsyg94rcctqmkrf4tjx3gsvflul56266jyqqceftd0msqfdak48vz8avpsgqqqqqqslqqp46