Bitcoin is Intentionally Ignorant of Traditional Monetary Policy [June 2023]
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- Опубликовано: 9 авг 2023
- In June 2023, Andreas was asked if Bitcoin is intentionally ignorant of traditional monetary policy. Here's the answer.
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Elastic money supply is like an elastic measuring tape.
no, it's not
rate of change is not inherently fraud
fraud is how the system functions, and "elasticity" is a metaphor for "super-user is printing" the super-user is the issue, not so much the printing
honesty about the system function is what all the metaphors are about
Money is a representation value. Value is a representation of time and energy. Time and energy are inelastic. How can you have the representation of a finite resource be infinite? I think economic minded individuals are adding to the problem that physics minded people are now solving.
@@sardatep spoken like a true Keynesian. No one should have to work for a bit of paper others can create for nothing.
Nah it's more like a rubber band
People work hard for rulers and bankers to decrease the value of money. That is the elasticity some will stretch the rope that tightens the rest.
"I don't think the inelastic supply of Bitcoin is the model that's doomed to fail, rather the infinite growth on a planet with finite resources is the model that's doomed to fail".
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aantonop, August 2023
When you frame the question/problem like that, it seems painfully obvious which system is obsolete and doomed to fail. But everyone is free to continue to use those magic pieces of paper with pictures of dead presidents on them. The US dollar is arguably the best of a bad lot. My dad bought just about the nicest Ford they sold in 1968. It cost $4,000. What does the fanciest Ford cost today? I can assure you, it's more than 40,000 dollars. So, well within my lifetime, the mighty US dollar has lost about 90% of its buying power. And it's the "best" fiat currency out there.
We could do better.
I had to rewind that a few times to digest the sauce aantonop was dropping
@@solarguy604397% over a 100 and something years
@@formetoknow540 To state the question differently, "What do you mean we can't just print as much money as we "need" or want?????"
And to restate the answer, "Yes, that's almost the entire point of Bitcoin." Well, plus the censorship resistance and privacy and inherently trustless business model with no human intermediaries like banks or governments.
Thank you for continuing your content. Listening since 2017.
Interesting, an XRP influencer enjoying a Bitcoiner channel 🤔 maybe world peace is possible.
Thank you for always being there and not preying on your followers. Truly love for what you have done for this space
An inelastic supply is only doomed to fail if there is no possible expansion of division of the supply. Thanks to BTC’s hard set supply coupled with the possibility of infinite expansion of the division of that supply makes it more than enough to be a global currency forever. And with this model you are rewarded for saving with an increase in purchasing power instead of being punished for saving with lower purchasing power like our current system.
It's a feature, not a bug!
Omg 😂 I was thinking the exact same
God I remember 2016 when i just started,I was all in on XRP how I hated this guy talking about BTC,I was looking those BTC maxis as the enemy.God how oblivious I was,it took Saylor to Orangepill me,now listening to Andreas i can only see how smart He is and how dumb I was.
It's hard to admit when you're wrong and you're mature enough to admit it
Great video I just wish it was a hundred times longer.
1:06 sums it up perfectly in 15 seconds.
I feel sorry for the 7 people that disliked this video.
hey Andreas, could you talk please about Bitcoin's role as a "truth machine"? i see this as THE most important aspect of the Bitcoin revolution, apart for everything else that it stands for its offer to hold an immutable set of authoritative (mathematically verifiable) records needs to be elaborated on. i think that you were the one who said somewhere that it's the first time in history that we can actually write down history, being etched in blockchain.
Hash important message of what happened during that time to avoid censorship
You want elastic? Try ARS. Greetings from Argentina.
Very well done! Thanks.
Best wishes Andreas!
Thank you sir
Beautifully said. Thank you.
So pleased to see these new videos! Andreas you're the man.
Thank you Andreas !! We missed you 🙏
Modern monetary theory is interesting because it doesn't work with money- only with currency
On point ❣️
Great to see you posting more regularly! Any plans for a 3rd Edition of "Mastering Bitcoin" in 2023?
thanks Andreas
Wow.... Another eye opening answer. Thanks Andreas 🤯🤯
An Empathy that never changes, you, Bitcoin and every exchange therein.
Dude. Legend
If you want more Bitcoin monetary units use Satoshi. There are 100 Million Satoshi per whole Bitcoin. How many goods and services can you buy with a 100 Million of any monetary unit? 100 Million Dollars? 100 Million Euro? 100 Million Pounds? I'd say quite a bit. If Satoshi is scarce then guess what? The price off goods and services have to come down to meet the money supply not the money supply go up to meet the price of goods and services. Novel concept isn't it? Your Bitcoin money actually buys you MORE in the future and not LESS like fiat currency.
Well put normal people don't understand this or how money works where it comes from how it's put in to circulation by issuing debt
Ok whoa. I just realized that your logo could be a cat. I'm sorry but I thought this whole time that it was supposed to be the birds eye view of the top of your head with the outline of your hairline. Seriously that was not meant to be offensive but now I can see that it could be like the github cat. Was this intentional and which one was it supposed to be?
Why is elastic supply useful? We can also deflate the Euro/USD and start using 1 cent coins more.
Hi everyone! Where do these streams take place? How can one participate?
Yeah because a member on his patron
beware of scammers
I know most of them are Americans here. But the best films on these themes are European. Watch the French film with Jean Gabin. (The president) 1961.... the Cantill effect....
I think you're confusing inflation with elasticity. I won't name it here but there is a crypto asset that is elastic and non inflationary. You can have growth without causing inflation it's called rebasing.
Elasticity doesn't imply infinite growth. Infinite inflation implies infinite growth. You can have elasticity without debasing the currency. It's called a rebase
that's nicety know but all I see is inflation. I think the ideas of entropy and scarcity become very relevant in respects to bitcoin. mmt is a failure that has served its purpose.
I think immune is a better word than ignorant, in this example.
I wonder if Charles Hoskinson is the Lobster Messiah. LOL
when next JRE?
👍✔️👏
protect this guy
last one for the algo'
⭐⭐⭐⭐⭐
Direct democracy and ultimate privacy. 🎉
Exactly what it's not: Democracy just and only means that what the majority chooses is the law, nothing else, if 51% chooses to rape and kill the other 49% it was as democratic chosen as any other issue, this is why the Founding Father used to call democracy "Mobocracy" it's mob rule plain and simple.
when are you coming back on Joe Rogan? :(
I didn't know potatoes can shoot at 480p.
Andreas dropping more knowledge than just BTC.
Bitcoin is NOT “ignorant” to anything, it is Agnostic to it.
I think for governments to be seriously considering BTC there should be a consensus on what happens with Satoshi's wallet. All BTC in that wallet address needs to be red flagged and or frozen so that it cannot destroy the economy. It just takes one transaction otherwise to uproot everything bitcoin has achieved.
No, I don't believe that. If all of the "lost" coins were somehow recovered, there would be a transition period and adjustments of valuations, but eventually things would stabilize.
Thoughts on PoW GhostDAG protocol?
It's a significant improvement to the Ghost protocol ETH uses.
markets and all theory btfo
You didn't give a reason why bitcoin works with a static supply. You just said MMT bad bitcoin good...
Bitcoin as a money is NOT working right now. If you write a contract with btc and the the price sky rockets you suddenly owe a lot more. You are at the mercy of economic shocks.
Im not saying MMT is good either but we need a currency that can absorb or dapen these shocks...
To understand the cause of the economic shocks is to understand why (static supply) Bitcoin itself is the solution.
Andreas just looks like he's so over it
🅱️🅱️🅱️🌍🥂
Bitcoin just replaced central planning by politics by central planning by Dev.
It might even be worst.
Spend some time reading Jameson Lopp.
More Antonopoulos too.
Developers can only propose new changes to bitcoin, only a consensus of users can implement them. Pretty close to the opposite of central planning.
@@Mstrofpup "Spend some time reading Jameson Lopp.
More Antonopoulos too."
Just look at the block size crisis, the dev forced very controversial change on the protocol and completely change the economic model of the project.
This is a textbook example of central planning.
Sadly cryptocurrency failed at eliminating central planning, it merely replace it by an even worst one.
I followed Antonopoulus since the biginning of his involvement in Bitcoin.
I recommend to read "the book of satoshi" and the white paper.
@@anteeko "I followed Antonopoulus since the biginning of his involvement in Bitcoin."
And you still think the result of the block size wars proves bitcoin is centralized?
That's nonsense.
Perhaps read The Blocksize War? 😉
@@rhythmculturerecords1017 "Developers can only propose new changes to bitcoin, only a consensus of users can implement them. Pretty close to the opposite of central planning."
Not in practice. With the blocksize debate they censored debate, got rid of any dev that disagree, used forums to influence debate.
If The Dev really had respected the consensus of the community Segwit would not have been implemented.
And worst now with Segwit Bitcoin can introduce change that should require an Hard fork as a soft fork.
The result is you only need miner support to push a protocol change.
So the miner become the only counter-power to dev.
The result? the protocol can be permanently change by only very few peoples.
So not only Bitcoin was in a "central planning by the dev" situation but it became far worst after segwit. (hard fork need for more consensus to be implemented than a soft fork).
Typical of central planner, they increase their power "for the common good".
Wait anntonop is a decel
I've been asking this to all those saying they care about preserving the planet and its resources, how is it possible that they go around spouting about controling farmers bc supposedly cow farts will destroy the world and yet they say ABSOLUTELY NOTHING about infinite money printing which in turn causes infinite growth in a finite planet?
Because it's easy to see farts as layer 10 of the problem and to get to layer 1, one needs to spend hours and hours and hours researching and thinking.
Once you get to layer 1, what you say becomes irrelevant to the masses hence you can't affect them.
This is actually really funny. I was the one who told Lobster Messiah that money needs to be elastic. It's too bad Andreas doesn't understand that I was talking about a non-dilutive rebasing currency. He missed out on an opportunity to learn about Ampleforth
don't trade crypto. you want to make money as a trader, then ditch crypto.
Bitcoin is the best currency. Because by ignoring it, you take advantage of the mistakes of fiat currencies. And it is used by people who are looking for an effective way to save money.
What a boss 🫡🧡