Posted June 29, 2019
“… all money mankind has ever used has been insecure in one way or another.
This insecurity has been manifested in a wide variety of ways, from
counterfeiting to theft,
but the most pernicious of which has probably been inflation.”
This is why should abandon the muddled term “sound money” and instead say “secure money.”
#bitcoin is the first secure money.
This is a massive milestone for humanity.
Bitcoin isn’t special only because it’s digital or is scarce (stock to flow) or is easily verified or…
It’s special because it has ALL of the necessary attributes of an asset ideally suited for use as money.
In other words it’s hard to steal. It is secure.
Inflation is theft from savers.
Counterfeiting is theft from buyers.
Fractional reserves is theft from depositors.
Taxation is theft from producers.
Storage and transportation costs are high when it’s easy to steal from savers.
Gold and Fiat have known critical security flaws.
Bitcoin is so much easier to secure than anything prior it deserves the distinction
If a more secure money is discovered it will certainly be digital (because that’s far easier to secure)
So Bitcoin will simply copy those useful attributes
While retaining the UTXO advantage
So as long as history endures we will have a “secure money” called #bitcoin