Oddbean new post about login | logout I get it, no worries, and all you said is true, that's exactly how US ended up building their military might, by printing and spending paper. Can I really say it's that bad? Nah. I have my Bitcoin so just let them print away. Every bitcoiner is insulated from fiat.
If that was sarcasm you need to add a /s to the end.
Not sarcasm, Guy. US got to where it's at by having a privilege to print a global reserve paper. Fiat, despite having a ton of drawbacks, ended up lifting almost entire world out of poverty. Of course I understand inflation and all those shenanigans but you can't argue with a simple fact that fiat brought us the most prosperous times in human history. Stack sats and support fiat. When it naturally reaches it end, you're good. / Not sarcasm
Dude. Either your unhinged or trolling. Newtons law applies here in its simplest form. Print money. Make people poorer. I’m happy you and I have bitcoin. But that doesn’t mean billions of others don’t suffer from devaluing everyone’s savings. With your logic you’re cheering on neo-feudalism and/or kleptocracy.
yeah, ok, lebanon, iran, egypt, libya, serbia, bosnia, montenegro, and now ukraine might have some commentary on the benefits of being minced by the petrodollar
i forget iraq of course, that place is a permanent hellhole for 30 years now thanks George
i also forgot vietnam, cambodia and laos
cambodia in particular has a special place in my heart because the dude that turned me onto #golang was based in cambodia and maried a cambodian woman (now lives in vietnam last i heard) and then in serbia the dude i was working with (on a Go project no less) had a bit of a tourettes problem and one of his favourite words was cambodia it was kinda spooky how it all connects together
Fiat did not in the slightest lift anyone out of poverty. It axiomatically can’t. There is no such thing as a net benefit by having some particular group counterfeit money. There are two ways to obtain resources as people in a society. Literally only two. You either create some and trade what you create with others, or you steal, defraud, cheat, whatever you want to call it, where you take resources from someone else, and give nothing in return. That’s it, you either create them or take them. Fiat is just one of the “take it” options. That is all, nothing more, nothing less. It does not create wealth, it does not create stability, and any growth that occurred at the same time has nothing whatsoever to do with printing money. The ONLY thing having a global reserve did, was allow **The US** to print more money with less domestic inflation. It benefitted the US disproportionately and was able to cast out a much larger “network of taking.” If anyone spent a good honest few minutes thinking about it, the obvious conclusion for what has led to the incredible rise out of poverty has **obviously** been technological progress. And it is very easy to make the assessment that the multi-trillion dollar fraud of fiat imbalances, debt expansion, theft, and resource misallocation clearly and only slowed it down. And that it can literally do nothing else but exactly that.