Tweetstorm: Bitcoin is better money
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Tweetstorm: Bitcoin is better money
By O₿iWan
Posted January 18, 2019
1/Bitcoin is better money. It cannot be censored, crosses borders indiscriminately and has no centralized authority. You have the freedom to embrace or reject Bitcoin. It is the antithesis of government sponsored fiat:
2/We chose bitcoin as money. Whereas, by force of punishment, the government says we must accept its fiat as money.
3/This distinction is critical and allows the state and its banks to manipulate monetary policy, suppress competition and ensure economic control mechanisms remain in place, in plain sight yet nearly completely invisible!
4/Why does govt love fiat? Fiat is elastic money and is expanded/contracted by govt decree insidiously socializing its expenses and losses through inflation. The burden of debt falls on your shoulders.
5/Fiat financial jargon and equations are parlor tricks directing your attention away from the true nature of modern banking — devalue hard work, take money out of your pocket.
6/Banks are designed to fail as the government acts as the lender of last resort. Standard practices and regulations encourage bad lending, rescheduling/rolling over bad loans to preserve interest income.
7/The Federal reserve was created to prevent bank runs and panics. In reality it was formed as a bank cartel to undermine the gold standard and centralize monetary policy and production. It gave birth to the modern fiat regime.
8/The Federal Reserve has had over 100 years to “fix and stabilize” the economy. Instead it gave us 2500% price inflation. If you spent $1000 in 1913 you would need $25,000 today!
9/In the prior 100 years from 1812 to 1912 prices actually fell nearly 30% under the US bimetallic and gold standard eras despite a few periods of fiat money funding war. And during this time markets worked and the US prospered!
10/We now have a fiat system that shifts wealth and prosperity from people to state actors and banking cartels. Banks recklessly accumulate risk. Yet instead of going bankrupt like any other ongoing business concern they are bailed out.
11/Bank bail outs aren’t in the public’s interest. In fact the opposite! If banks were allowed to fold the public would quickly learn the system is corrupt and ineffectual. Without govt meddling, the market would decide which banking system works best for depositors.
12/Bailouts propagate and preserve the system creating money/credit out of thin air. Why not? By lending this “magic money” banks charge interest and generate profits. Rescheduling a loan or a bailout is not about returning principle but maintaining interest income.
13/The flood of this non asset backed, elastic money is absorbed via inflation and through boom and bust cycles, shifts money from the working class to bankers and political elite.
14/We spend vs save as holding fiat is a value losing proposition. When cash loses value every year, savers are forced to either spend or speculate. But speculative markets are constructed to favor bankers!
15/The fiat experiment is at a precipice. Economies are entering extreme cycles: higher highs, lower lows fed by fiat, saddling future generations with debt & sapping wealth from you today. How much longer can the Fed and Central Banks prop up this house of cards?
16//We don’t have to wait for fiat’s collapse. We have a choice: bitcoin. Bitcoin is sound money, freedom from fiat’s yoke, an exit ramp from a corrupt and broken financial system.
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