I’ve got 2 points of Bitcoin maxi rhetoric I’m struggling with at the moment, maybe you can help me out.
In a BTC-only world, my biggest concern is the rebirth of financially-driven wars in geopolitics. Bitcoiners say without infinite money, wars are unsustainable, however I think nations will start analysing the potential profit from seizing other nations’ BTC. Especially given there can be no sanctions on the permissionless transactions.
The nation-state equivalent of a $5 wrench attack is a 50000 BTC invasion to seize150000 BTC.
My other concern is that I don’t understand how credit can work in a BTC-only world with deflationary prices, I feel like we would end up with no social mobility. The rich stay rich, the poor can’t grow their wealth as they won’t have access to capital to expand their businesses. I guess you could raise capital via selling equity in the business.
Raise 1 BTC to buy a machine that has positive sats flow, pay dividends to your equity holders. The compression of prices without credit brings prices closer to the cost of production. The machine would need to return more BTC than the deflation rate, or no one would take the deal. It feels really economically restrictive?