"Economist Stephen Roach, who was starting his career at the Fed in the 1970s, has said then-chairman Arthur Burns fought inflation by removing from the CPI’s basket of goods items whose prices were rising While always conveniently finding a nonmonetary story to explain the price increase. By the time he was done with it, he had eliminated about 65% of the goods in the CPI, including food and oil and energy-related products." From "The Fiat Standard" by @Saifedean Ammous #Bitcoin #BTC

"Fiat money enthusiasts maintain a strange obsession with a metric produced by national governments named the Consumer Price Index (CPI). Government-employed statisticians construct a representative basket of goods and measure the change in the prices of these goods every year as a measure of price increases. There are countless problems with the criteria for inclusion in the basket, for the way that the prices are adjusted to account for technological improvements, and with the entire concept of a representative basket of goods." "Like many metrics used in the pseudoscience that is macroeconomics, the CPI has no definable unit with which it can be measured. This makes measuring it a matter of subjective judgment, not numerical precision. Only by reference to a constant unit whose definition and magnitude are precisely known and independently verified can anything be measured. Without defining a unit, there is no basis for expressing a quantity numerically, or comparing its magnitude to others. Imagine trying to measure anything without a unit. How would you compare the size of two houses if you could not have a constant frame of reference to measure them against? Time has seconds, weight has grams and pounds, and length has meters and inches, all very precisely and uncontroversially defined." From the "The Fiat Standard" by @Saifedean Ammous

"As the monetary medium grows at the lowest rate of any market asset or commodity, its market price will likely rise relative to most goods over the long term. And as market participants engage in producing more goods, the quantities of all goods available are likely to grow faster than that of the monetary medium." - From "The Fiat Standard" by @Saifedean Ammous

People don't understand the importance of illiquid supply yet. Blackrock and Vanguard own everything but not sure how they can own this illiquid supply because most of this supply is held by hardcore #Bitcoiners who never sells their #bitcoin unless emergency comes in their lives. #Bitcoin

"The concentration of wealth has not been this high since the late 1920s. The world naturally becomes more unsafe when large amounts of people with increasing anxiety about their own economic future see incredible wealth creation in the hands of very few people. That environment provides fertile ground for revolutions. The loss in faith of systems meant to be reliable predictably leads to blame and division—all of which can be opportunistically redirected to target groups such as immigrants, religious groups, political parties, other countries, and so on. In other words, populism explodes because of an unjust system. It’s hard not to look back to a similar loss of hope and rise in populism and ideologues around the world in the early 1930s, which escalated into World War II." The Price of Tomorrow: Why Deflation is the Key to an Abundant Future by @Jeff Booth

Long Exposure Photography #Windsor #Ontario #Canada

@Jeff Booth started following me. This would be one of the best achievements in my life. Hoping to post more content of @Jeff Booth and spread his words of wisdom on #Bitcoin Thank you @Jeff Booth #Bitcoin #BTC

Does anyone follow this account on X? Some people would call this guy conspiracy theorist but some of the stuff he posted seems to be pretty legit. Not sure if someone like @preston or @jack or @jack mallers or @Jeff Booth or @Lyn Alden can request this person to join Nostr. I think he will make more money by zaps than X. It feels like he is hard core bitcoiner but I could be wrong. #Bitcoin

"The only thing driving growth in the world today is easy credit, which is being created at a pace that is hard to comprehend. The rise of that credit and corresponding debt is keeping us locked into a system where we are the proverbial frogs in a pot with the heat of the water slowly rising and we do not notice. And as we try to artificially drive an economic system built for the past, we are creating more than just economic trouble. On our current path, our world will become profoundly more polarized and unsafe." - from The Price of Tomorrow by @Jeff Booth

https://www.youtube.com/clip/UgkxpGk_O-GdeEc6wSaFsNFS6O2A8pd5dTs_ This short clip is enough to come to the conclusion that drivechains would be terrible idea. Why would you even try to compete with altcoins? Don't you know that altcoins are shitcoins? #Bitcoin

Key takeaways from Chapter 3 “Evolution of Money” from the book “The Bullish Case for #Bitcoin” Modern monetary economics is obsessed with the medium-of-exchange role of money. But there’s more to it than that! States have monopolized the issuance of money and undermined its use as a store of value. Money evolves in stages: collectible, store of value, medium of exchange, and unit of account. The store-of-value role precedes the medium-of-exchange role in the evolution of money. The purchasing power of a store of value will plateau when it is widely held. #Bitcoin In America, the dollar serves the three functions of money: medium of exchange, unit of measure, and (somewhat) store of value. In Argentina, the peso is used as a medium of exchange but not as a store of value. People exchange pesos for dollars to save value. Prices in Argentina are often remembered in dollars due to the peso’s volatility. #Bitcoin is transitioning from a collectible to a store of value. It will likely be several years before it becomes a true medium of exchange. The path to Bitcoin becoming a medium of exchange is uncertain and risky. The same transition took centuries for gold. In conclusion, money is more than just a medium of exchange. It evolves in stages and serves multiple functions in modern economics. Thanks for reading!

Brace yourself for mind-bending revelations as we explore the captivating insights from Chapter 2 of this groundbreaking book "The Bullish Case for #Bitcoin" An ideal store of value should be durable, portable, fungible, verifiable, divisible, scarce, have an established history, and be censorship resistant. Durable: - The goods must not be perishable or easily destroyed. Thus, wheat is not an ideal store of value. Portable: - An ideal store of value should be easily transportable and storable, which makes it more secure against loss or theft and more convenient for long-distance trade. For example, a gold bracelet is more suitable than a cow in this regard. Fungible: - An ideal store of value should be fungible, meaning that each unit of the good is interchangeable with another unit of equal quantity. Without this attribute, the issue of the double coincidence of wants remains unresolved. For example, gold is more suitable than diamonds in this regard, as diamonds vary in shape and quality. Verifiable: - An ideal store of value should be easily identifiable and verifiable as genuine. Quick and easy verification increases the confidence of the recipient in a trade, increasing the likelihood that the trade will be completed successfully. Divisible: - An ideal store of value should be easily divided into smaller units. This attribute was not as crucial in early societies where trade was infrequent, but it became very important as trade expanded, and the quantities exchanged became more precise and smaller in size. Scarce: - An ideal store of value should not be abundant or easily obtainable or producible in large quantities. Scarcity is a crucial attribute of a store of value as it appeals to the human tendency to collect rare items and is the source of the store of value’s original worth. Established history: - The longer a good has been perceived by society as valuable, the more appealing it becomes as a store of value. A good store of value is difficult to replace by a new contender unless the new contender has a significant advantage. Censorship Resistant: - Censorship resistance is a new attribute that has gained importance in our modern, digital society with widespread surveillance. It refers to the difficulty an external party, such as a corporation or state, faces in preventing the owner of a good from keeping and using it. Censorship-resistant goods are ideal for individuals living under regimes that attempt to enforce capital controls. And that concludes our journey through Chapter 2 of "The Bullish Case for #Bitcoin"! 📚💡

Ready to uncover the fascinating insights about the origins of money? from the book "The Bullish Case for #Bitcoin" 💡 We'll explore the key takeaways from Chapter 1 of the book. Get ready for a mind-expanding journey into the foundations of currency! 🌱💰 #BTC In 2008, Satoshi Nakamoto published a solution to the Byzantine Generals Problem, which led to the creation of Bitcoin. Bitcoin allows for the transfer of value without relying on a trusted intermediary such as a bank or government. Bitcoins are created through a process called mining, with a fixed production schedule and a max of 21 million #BTC that will ever be mined. Bitcoins are not backed by any physical commodity or guaranteed by any government or company, and their value is set game-theoretically. Early human societies used barter trade, which was limited by the double coincidence of wants problem. Humans evolved a desire to hold certain collectible items for their rarity and symbolic value. Collectibles allowed trade between otherwise antagonistic tribes and allowed wealth to be transferred between generations. Early man faced a game-theoretic dilemma when deciding which collectibles to gather or create, with the anticipation of future demand conferring a tremendous benefit on the possessor. Societies quickly converge on a single store of value, known as a Nash Equilibrium, which greatly facilitates trade and the division of labor. As human societies grew and trade routes developed, stores of value from different societies came to compete against each other. As human societies grew and trade routes developed, stores of value from different societies came to compete against each other. Merchants and traders had to choose whether to save their trade proceeds in their own society’s store of value, the store of value of the society they were trading with, or a balance of both. Holding savings in a foreign store of value enhanced the ability to conduct trade in the associated foreign society and provided an incentive to encourage its adoption within their own society. Two societies converging on a single store of value would see a decrease in the cost of trading with each other and an increase in trade-based wealth. The nineteenth century saw most of the world converge on a single store of value, gold, leading to an explosion of trade.

Party is just getting started. Source: - MicroStrategy BTC Prague Presentation

Does anyone know how can I move my twitter threads about Bitcoin on Nostr? #Bitcoin

Long Exposure Photography #LE #Photography

"The price of a monetary good is not a reflection of its cash flow or how useful it is but, rather, is a measure of how widely adopted it has become for the various roles of money." - Vijay Boyapati #Bitcoin

Bitcoin is new S&P 500 index fund. I hope people don't take decade to understand this. 😀 #Bitcoin

I think #Bitcoin adoption may significantly improve our health since more and more people will be able to cook their food in ghee instead of seed oil. Ghee is quite expensive than seed oil. Moreover, people will be able to buy more organic food than now. There are just way too many benefits of hard money when it comes to eating healthy food. Any thoughts on this?

Some of the photos I took my visit during Quebec city trips. All photos are edited in Lightroom.