Gresham, Botha, Amsterdam discussed on Bitcoin Audible

Bitcoin Audible


More are arguing that this really is unlike all of this kind of like spreading ideas and all of this stuff that this is really something that that has the potential. I think i might be understating what they would say but but has the potential to truly undermine government currency. So do you. Do you think that's true is that it has the potential to do that. That it inevitably will at. Where do you fall on that. no will The so it when you start to unravel monetary history if you take like a really big step back anytime a harder money anytime. A more sound money existed in the presence of a soft money environment. it didn't matter how strong cultural ties were. It did not matter how strong the violence around implementing that soft money was eventually. It simply collapsed gresham's law and fears law like you know whatever played out and the the value of the software money always died and we could not be in a better environment for that because the soft money getting a soft as they possibly can as fast as they possibly can and here in that same environment. The reason gold doesn't work is because it falls victim to be centralization. Problem is because we live in a digital age we've literally we've lived in a virtual quote unquote a virtual monetary system since like the mid sixteen hundreds when kind of like the amsterdam burst like in the first stock markets and paper notes representing real value. Started calm the the main of really really great book on this is nick. Botha's layered money actually That's that's one. I'd highly recommend But it's it's about the history of our monetary system that went from when we went from physical to quote unquote virtual. And there's your you mean like notes or the virtual is in represented value representations and basically that whole that whole arc but essentially there was there was a very pro. It was a subtle but a very profound flaw is a bug in the system that in order to actually trans like to to move to this new state of a monetary system. We have to give up the decentralisation in the individual verification of the money it suddenly turned into a game of trust where we have some other institution the obviously gained an astronomical amount of power from being the central institution that was going to hold the real money and then tell us how much there was an who owned it and of course of course that gets abused like there is there is no greater power in the world and the power to print and control the money because it has the power to consume all of the resources without ever giving anything back. I'll everybody else has to work their ass off to make chump change. Somebody else can just print a trillion dollars into existence.

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