"You cannot build a monetary system by treating the money as too sacred to use"
Well actually, this is the plan for bitcoin, and it's the right plan
It's the most ambitious plan
It's the only way f...
I have thought about the game theory. The strategy you describe is to make Bitcoin the world’s only medium of exchange by persuading everyone to hoard it until competing currencies disappear. That allows those who accumulated Bitcoin first to gain from the labour of everyone who must acquire it later. That is not replacing the banking establishment. It is becoming the banking establishment.
If the aim is freedom, Bitcoin should allow individuals to retain the fruits of their labour without others extracting from them. That requires genuine monetary competition. The credible risk that people may direct their labour and savings into another currency disciplines every monetary system and its largest holders.
Refusing to use Bitcoin leaves its price dependent on speculative demand rather than anchored in a circular economy. That makes it fragile. Banks and large traders are structurally advantaged in fragile speculative markets through their size, superior knowledge of liquidity flows and ability to trade in both directions. Users are told only to buy and hold, making their behaviour predictable. Information and size asymmetry reward the banking establishment and burn users.
That is greater fool theory, not squad wealth. Squad wealth comes from people freely allocating the fruits of their labour among competing currencies and collectively shifting economic power away from institutions that exploit them. It requires continuing competition and the freedom to exit.
A Bitcoin monopoly would not free users from the establishment. It would merely create a new one.
If the aim is freedom, Bitcoin should allow individuals to retain the fruits of their labour without others extracting from them. That requires genuine monetary competition. The credible risk that people may direct their labour and savings into another currency disciplines every monetary system and its largest holders.
Refusing to use Bitcoin leaves its price dependent on speculative demand rather than anchored in a circular economy. That makes it fragile. Banks and large traders are structurally advantaged in fragile speculative markets through their size, superior knowledge of liquidity flows and ability to trade in both directions. Users are told only to buy and hold, making their behaviour predictable. Information and size asymmetry reward the banking establishment and burn users.
That is greater fool theory, not squad wealth. Squad wealth comes from people freely allocating the fruits of their labour among competing currencies and collectively shifting economic power away from institutions that exploit them. It requires continuing competition and the freedom to exit.
A Bitcoin monopoly would not free users from the establishment. It would merely create a new one.
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