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WHY IS BITCON SO IMPORTANT
Bit Paine ⚡️ @BitPaine
https://twitter.com/BitPaine/status/1716769898461032653
If you want to ✨ really ✨understand why #bitcoin is so important, watch (or rewatch) The Big Short.
The closing scene, with Mark Baum (Steve Carrell’s character, based on Steve Eisman) sitting on a balcony overlooking Central Park, despondent over the fraud & destruction that has just occurred, realizing that nobody responsible will face any consequences because the system itself is run by criminals – this is the world into which #bitcoin was born, & the rank desolation to which it has brought Hope.
Meditate deeply on how (as elucidated throughout the film) inescapably rigged that system was:
– The SEC is a revolving door with the banks, with no incentive (or ability) to police them or the securitized mortgages they were selling).
– The banks sold (& were pricing) the swaps that insured against the downside that they faced, and for months fraudulently refused to price them correctly, trying to force out (via capital calls) the people betting against their own structural insolvency. This capped Baum and others’ upside because if they waited too long to sell their insurance contracts – NOBODY WOULD BE LEFT TO PAY THEM.
– The government was always going to step in & bail everyone out, because the system the banks created effectively held hostage the only real financial asset most Americans owned: their homes. The system allowed them to win more when Americans won; it should ALSO have meant that they lost proportionately more when housing crashed, but they knew that the government would never allow this to happen, so gains would be privatized and losses socialized.
Think about this world: the banks controlled the regulators, the ratings agencies, & the Congress. But even worse: the banks were the only way to bet against the banks!!
The banks won when We The People won, & they won when we lost. They were the House & everyone else is just players in the casino. We couldn’t get out unless they let us out, & they sure as shit weren’t going to ever let us win if it means them losing.
This is why #bitcoin is such a massive, MASSIVE idea: as the only independent asset not synthetically created by a bank or controlled by a government, actually HELD by the people who own it, & not native to any one country – it is, effectively, a limitless Credit Default Swap on the entire banking cartel-operated fiat system, insuring against the insolvency, not just of any one bank or government, but the entire financial world with nobody to cap the upside or police the exits.
This is why I am a #bitcoin maximalist: because the 2008 financial crisis left an indelible impression on me, as it did when it motivated Satoshi to write the White Paper & embed that famous FT headline from this era in the Genesis Block. I, like Mark Baum, was the hopeless disappointed idealist sitting on that balcony, cynically despondent because the entire system is fucked and there was no way out.
Until #bitcoin created the only Hope we have to ✨fix this ✨ & create a better, fairer world in its place – one in which we cannot be held hostage by the gatekeepers of the financial system as they leech our wealth and labor.
Ethereum & other cryptos are, if anything, the moral equivalent of those toxic mortgage-backed securities built on a blockchain. Issued by the House, controlled by the House. Wholly owned by the House. They, if built upon, would create a world WORSE than the one Baum was lamenting – not better.
Only #bitcoin allows the people to rise with one voice & bring the entire corrupt system from which Baum saw no possibility of escape crashing to the ground for good – as in the depths of that same despair his brother had come crashing to the ground in the opening of the film.
#bitcoin is the most important & most powerful idea in your lifetime – because you still live in the corrupt fiat world of 2008. Even if you dont realize it, you are a Mark Baum sitting on that balcony.
Only #bitcoin can fix this.
Only #bitcoin is a way out.
Only #bitcoin is Hope.
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@stackhodler
You haven’t met the real #Bitcoin yet.
93% of its supply has been issued over the past 14 years.
What you think of as “Bitcoin” is what you have experienced as 93% of all Bitcoin that will ever exist was dumped onto the market.
But during the next 14 years, buyers will fight over new issuance that is a mere 6% of the total supply.
And after that? Less than .5% of new supply will remain.
Bitcoin’s true scarcity hasn’t even kicked in yet.
What happens early next year when it becomes the hardest money that humanity has ever known?
And what about when understanding of this new monetary technology grows at the same time new issuance goes from a flood to a trickle?
People are terrible at projecting into the future.
They don’t understand just how rare 1 #Bitcoin is.
There will come a time when all the mining power in the world won’t even produce a single Bitcoin in a year.
There are 60 million millionaires in the world.
If BTC were evenly spread amongst them, they could each have .35 BTC max.
Except ~5 million BTC are already lost forever…
Which means .26 BTC max per fiat millionaire.
And that’s forgetting the corporations, insurance funds, pension funds, sovereign wealth funds, and nation states that will permanently remove millions of BTC from the market.
It’s also assuming that current individual holders who refused to sell despite years of ridicule will suddenly decide to trade their entire stack for fiat.
Bottom line: Bitcoin is ridiculously scarce.
Even 0.1 BTC will be considered a fortune one day.
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