Accumulating capital enhances productivity and reduces time preference, fostering a self-reinforcing cycle we refer to as civilization.
Fiat weakens or even reverses this process.
In contrast, #Bitcoin intensifies the civilization-building process.
GM
„The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.“
–
Satoshi Nakamoto
Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt‐fueled mass consumption is as much a normal part of capitalism as potassium cyanide is a normal part of your breakfast.