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@DrJeff 1691082941

The dollar (or any fiat currency) could never be pegged to #Bitcoin.

Even if a government was dumb enough to attempt it, the peg would quickly break.

Numerous fiat currencies tried--and failed--to stay pegged to #gold... which is only a stable store of value!

#Bitcoin is an appreciating store of value and is therefore incompatible with a fiat peg, as fiat is always and everywhere a depreciating store of value over time.

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BitcoinSandy · 147w

They can’t stop themselves printing 🤷‍♂️

ghostBTCBLD · 147w

Governments just can’t give up the desire to have their own currency. Gollum and the ring vibes.

BTC_P2P · 147w

Reject pegs. Use the money itself. https://cdn.nostr.build/i/6bb2c8a2a3d4adf13ba1714eb219937986ca5cfd0ab20c11975a012bdb481b97.jpg

Bitcoin Dad · 147w

Totally agree. All these politicians that talk about pegging the dollar to something (gold, #bitcoin, commodities, etc) are just pandering and don't understand the heart of the problem.

Is it simply rewinding all monetary inflation?

I'm not interested in defending a fiat peg, but as a point of curiosity: were a government to attempt it, wouldn't the currency by definition not be fiat any longer? And, therefore, when pegged to btc, it would no longer be endlessly depreciating?

twentyone · 147w

Is it the idea of being entirely pegged? What are your thoughts on the recent statements of RFKJr in relation to a basket of commodities such as gold bitcoin silver etc. I believe he was suggesting a small percentage rather than 100%.

BrandontheBitcoiner · 147w

Idk, I think they could try something like that. With Bitcoin’s increasing value overtime, that would allow the Fed to keep printing. Theoretically they could print the same % that Bitcoin’s value increased to establish a kind of stable dollar value.

Learn About Bit · 147w

I agree, what’s the point of it. Why not just use Bitcoin (Lightning) to transact. Involving fiat is just inefficient, lets not beat around the bush.