source avatarAdam Livingston

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Bitcoin will win because it does not need everyone to understand it. It only needs enough people to notice the trade of borrowing the currency they print to buy the money they cannot print. Wait for the bureaucrats to call this “destabilizing.” By then, the destabilization already happened. Using liabilities denominated in melting ice cubes to acquire an asset with absolute scarcity is an incentive for all rational actors in the marketplace. Thiers’ Law: good money drives out bad money when people are free to choose and the bad money is losing credibility. Now imagine individuals realizing this and adding leverage and reflexivity. Bitcoin will win because the monetary properties are superior, and humans follow rational incentives.

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