Neve Farms's avatar
Neve Farms yesterday
I don’t think anything forces wealth into bitcoin per se, it’s a permissionless protocol, non coercive by nature. The better question would be why would someone need bitcoin?Predatory governments, collapses in trust, a police state, complete anarchy with widespread violence and coercion like pre-Bukele El Salvador, Weimer-esque hyperinflations. Being able to take your life’s earnings anywhere in the world in your head is highly valuable. I would expect the central banking cartel, who benefit the most from seniorage, would be the last group to voluntarily adopt proof of work permissionless money. Their cronies can play the same casino games in the short term, but the games come to an end over time. And granted, a lot of us are from America or the first world, we don’t need bitcoin to save our families from starvation. We use it to to defend our wages and savings from debasement. But its properties are valuable, and without scarcity I don’t think it has the same value.

Replies (2)

Neve Farms's avatar
Neve Farms yesterday
I’d agree. Though the US financial system is flawed, it’s better than the alternatives so Americans don’t feel compelled to store their purchasing power in bitcoin yet
Sure not saying it doesn't have valuable properties. But there are other tools that handle all those scenarios better. censorship resistance in adversarial environments etc, it remains to be seen if they allow NGU as inflation continues or if they can manipulate it with derivatives, No guarantee you can protect yourself against debasement, since they control the measuring stick. Except for sheer hash power Bitcoin has absolutely nothing to distinguish it. And that protection against a hash attack isn't a good enough selling point to make Bitcoin adoption inevitable. And people from growing economies would rather have stable coins anyway. so what value proposition forces wealth into Bitcoin rather than all the other options?