The only way #Bitcoin doesn’t go up forever in dollar terms is if the govt permanently balances the budget, shuts down the Federal Reserve, and permanently ends the legalized fraud of fractional reserve banking.
But if that happens, #Bitcoin will have won at its most important and difficult task — balancing the economic networks of the world.
Replies (16)
Would you sell your btc then?
What about the debt and interest on it? Na... Game over.
If that happens we have won. No need for Bitcoin.
For obvious reasons it won't happen...
the fiat system does not work without a constant rate of inflation. everyone has a reset in mind, but first the debt burden has to be inflated away
The “permanently” part would not be believable so it would go up still
That means the bond market shrinks and also, by extension, the State itself. Victory.
There are no assurances that would continue through time and there would still be a looming central point of failure. Also the federal reserve is not auditable, trustless or permissionless.
Current fiat systems even if impeccably managed cannot ever offer the same assurances of the Bitcoin protocol. They’re different species and forever fundamentally different.
It can't happen with current set of incentives and those are not going to change anytime soon so here we go 😂
💯 I’ll be celebrating if this is how they decide to slow bitcoin adoption.
Of course not. Because then the choice is simply between a valuable currency you control and a valuable currency that mirrors it where you have no control.
Bitcoin would still be necessary, and the only reason it would ever happen is because of bitcoins existence, imo. But you are right, it won’t happen.
Exactly
And EVEN then you would still want to hold just in case.
Let's say it happens - why would Bitcoin be necessary?
Because as soon as it goes back to fiat there is no foundation that prevents them from printing again. It’s literally due to that risk being price in Bitcoin that they are forced to be solvent and run a surplus
So if we would add to your original hypothetical: "and the government permanently stops printing of new dollars, the government publishes the exact total number of dollars and this number is guaranteed to stay constant"
And further let's say "and the exact same thing is done by all the governments of the world covering all peoples of the world".
Then would we still need Bitcoin?
