Thread

Would love 2 but it will never happen. 1 is sadly inevitable.

But I suppose the bigger question is, would you be willing to sacrifice your own wealth for the greater good? Because I can only assume bitcoin would lose a tremendous amount of its value if governments became fiscally responsible.

Second^

The responsible answer. Do you think bitcoin would go to zero under these circumstances?

Neither seems likely to send bitcoin to zero

Hmm. Yeah, I'm honestly not sure what that scenario would look like. I could imagine it losing a large amount of its value because one of its biggest value props would be gone (protection against fiat debasement).

Yeah but having full control of your corn…ask the Russians how that went for them.

True, true. Asset seizure could still be a thing in that scenario. But I suppose I was imagining fiscal responsibility also involving not stealing other people's and other country's shit anymore 😆

Something will take the place of the debased currency. Probably a mix of barter, metals and bitcoin / shitcoins short term, but bitcoin is far bette rmoney. Long term bitcoin makes sense barring a reversion to dark ages, no internet, no comma, no trade, etc.

Ha! One can dream. Seems a bit too idealistic.

Sorry, I think my previous reply was unclear. I'm 100% on board that in scenario one the debased currency would be replaced by bitcoin. But in regards to scenario two, I'm not so sure what that would look like. I suppose it would depend on how far the fiscal responsibility went. If it included the whole shebang: no more seizures, no more censoring, no more inflation, etc, then I could imagine bitcoin not playing such an important role, and, in turn, losing its value. However, I could also imagine a scenario where trust in central authorities is irreversibly broken, regardless of course correction, and people keep on stacking anyway (I'd likely fall in this camp).

It will never happen in a million years, that much is sure. But an interesting thought experiment.

That's not how number 2 would go. Number 2 is what governments SHOULD do, but it's also the fastest way to have the bulk of citizens actually riot against them, because so many people rely on government subsidy to get by, which in turn needs money printer to go brrrrrr. There would be absolute chaos and destruction before austerity ever resulted in healing, and that's only if they managed to hold the line through the ordeal.

That's a bloody good point actually.

Yes, but They would have to be fiscally responsible in perpetuity. "Getting your act together" for a few months or years doesn't cut it. The fiscal discipline is in the bitcoin system, nothing to adjust, no negotiating.

Right. And the entire system would have to get on board. A few rogue politicians wouldn't cut it. In other words, it's never gonna happen 😆

Easily option 2. I don’t need bags to pump. I’m productive, I just need honest money where savings do not lose purchasing power. Bitcoin accomplishes that in both scenarios and fiat does less damage to the world in option 2.

Good on you! This is a great answer. Unfortunately, I have an ill child that takes up almost all of my time, so my ability to make more money has been severely handicapped.

Sorry to hear that. Sick kids is one of the hardest parts of parenting. I pray you get any answers you need and your kid finds healing soon.

Thank you! Things have improved this year. There is hope his illness is transient.