Why #Bitcoin will be indispensable? Because banks have been informally politically captured, not expressly and intentionally, but as a clear side effect of the recent trend to authoritarian money and banking law. In most countries, banks now "debank" customers on a whim, meaning they simply close accounts without due process or even giving a reason for the affected customer to respond to. This works on an enormous false positive ratio. For businesses, most of which are legitimate, this is extremely disruptive in digital age. In South Africa, the central bank enjoys even more power, they can seize anybody's fiat money from any bank under their power. This is a sign of things to come everywhere with digital central bank money, #CBDC. #Bitcoin is mankind's only hope against tyranny and the misery, war, and poverty which comes with it. https://newsday.co.za/business/18817/well-known-south-african-loses-r4-2-million-after-2-emails-and-one-government-gazette/

So, you want to understand how Bitcoin can become a true money, a medium of exchange? And what's next? Bitcredit Protocol has three talks at @BTCPrague this week, the first is on the Main Stage at 17:20 on Thursday. See you there!

It's not even about "when". At @BTC Prague, I will talk about where the fiat experiment is ALREADY failing, and how bitcoiners can profitably fill the gap.

Buckminster Fuller is unsound economics, his energy theory has a similar mistake as Marx’s labour theory of value. Labour input does not determine value. You can dig a pit for hours, and it may not have value. Spend more work on closing it again. Less value if there ever was. Energy input does not determine value. You can spend 1 or 100 kWh in electricity on a room where nobody lives, and there is no value. Fuller conflated cause and effect. If people economise on energy because it comes with a price then a richer economy will likely use more of it. Not the other way round. It’s not a driver but an indicator to be used with caution.

On the Misconceptions of Deflation in Bitcoin ================================== Bitcoin is NOT ‘deflationary’, my Bitcoiner brothers. That’s utterly, totally wrong. Let’s get our economics straight. Deflation is when the money supply does not keep up with the money demand. That’s the definition. No more, no less. 1. There is constantly supply added to the stock of Bitcoin. That’s not deflation, clearly. . 2. Prices falling because of technical progress? That’s not deflation, that’s productivity growth. 3. Exchange rate of Bitcoin rising? Not deflation. It’s the fiat currency’s inflation due to oversupply. 4. Obviously the exchange rate of Bitcoin can be falling at times. Clearly not deflation anyway but neither inflation. Deflation is an undersupply of the economy with money. It’s the supply chains grinding to a hold because something or someone strangulates the money supply. Goods don’t move, lose value, spoil. Deflation can have all kinds of price effects at different stages from when the disequilibrium started. It is however, always a most destructive force in the real economy causing unemployment and poverty. Don’t desire to live to see it at work.

Bank’s demand deposits, gold custodied for convenience, enabled re-hypothecation. I think it was foolishness, laziness, the first step to the fraud which brought us the corrupt fiat money.

In our geopolitically tumultuous times, even governments now see the wisdom in using Bitcoin instead of some hostile fiat money. Note that Bitcoin is already showing its mettle as the ideal money for international trade. The newsletter of @BTCprague reports: “Iran would impose a $1-per-barrel transit toll on oil tankers passing through the Strait of Hormuz, only payable in Bitcoin. so funds can't be confiscated."

I wonder if (m)any Bitcoin maxis really understand Bitcoin? Or are they just chasing the dream, without knowing what it takes to bring the dream about. That’s naive. Or do they only plot on NGU, when more and more capital flows in. That’s greed. How many know the real workings of a monetary system? Consider the “Folly of the World”.

It doesn't surprise me that the politicking for the foundation of the Bank of England in 1694, was to be kept from the public eye. To my knowledge, this pamphlet from 1665 A.D. is the first proposal ever for currency out of the thin air of budget deficits. Then they waited for a war ... 306 years later, Nixon finally ended the international gold standard. Gold specie disappears.

Join me on 27 March for our next Austrian Economics Salon CVI at the Hayek Institute in Vienna. Topic: Does AI mean the end of work? RSVP

Meetup

Austrian School of Economics Salon CVI, Fri, Mar 27, 2026, 7:00 PM | Meetup

Dear Austrians, **AI: The End of Work?** Join us for an engaging evening exploring the intersection of Austrian Economics, technological innovati...

Most think than an elastic currency for Bitcoin necessarily means having a Central Bank. That’s like thinking that an economy on Bitcoin must needs a Soviet Gosplan. No such need. Just free markets.

Money is fixed. Currency is elastic. It takes 2 to tango. Get it?

#Bitcoin is a speculative asset. Currently. It will be a stable money. Soon. All that's missing is its currency layer. #Bitcredit Protocol is building it. Open source, permissionless. Join the @bitcr_org community to make it happen. The project is looking for Bitcoiners in the real economy, Producers, Importers/Exporters, Traders, For simulating supply chains on Testnet. Reward.

It may sound strange for #Bitcoin Hodlers but hoarding of money is a certain loss. If we do because we expect to it to rise, it is not a money, but bought for money. Ancient wisdom: "How very a little time Money stays in a place; and altho' every one desires to have it, yet none, or very few care for keeping it, but they are forthwith contriving to dispose it; knowing that from all the Money that lies dead, no benefit is to be expected, but it is a certain loss."

Technical scaling is not the problem in #Bitcoin. The tech for scale exists and the market values it less and less. I think the real challenges are: - Monetary scaling - Non-custodial - Censorship resistance - Better privacy These are the criteria for building Bitcredit Protocol.

Really? Nobody? Nobody? View quoted note →

Pretty Good Privacy “PGP” is taken. Considering “Reasonably Good Privacy“ for Bitcredit‘s non-custodial e-cash layer on Bitcoin. “RGP”?

Building a decentralised open peer-to-peer system (i.e. Bitcredit Protocol) in a complex field like a monetary economics is quite exhausting. Even with a stellar team. But centralised would be totally futile. It would soon be turned into just another fiat money. So we slog on towards Beta.