Thread by @ObiWanKenoBit

1/#Bitcoin is an organic response to fiat's attack on society. Satoshi Nakamoto's design opens the door to monetary freedom and a banking paradigm free from state mandate. Why is this important? Read on👇

2/The pre-fiat world used a variety of commodity monies. Over time the world chose gold. Periods of prosperity (Belle Epoque) were corrupted by fiat experimentation/greed and war financing. Though imperfect gold served as excellent money.

3/However, the gold standard had been systematically weakened, paving the way for non-commodity money. In 1971 U.S. President Nixon effectively abandoned the gold standard, establishing a global fiat regime envisioned by bankers in the early 1900s.

4/Nixon explains why the U.S. decided to abandon the gold standard.

5/Fiat regimes have fed historical and modern boom/bust cycles. Central banks create money/credit which unevenly permeates through the economy disrupting normal market cycles. They have inordinate control over the economy.

6/eg-1 The first US depression of 1819 was preceded by an explosion in the money supply much of it for speculative ventures in the West. The 2nd Bank of the US (effectively a CB) sparked the downturn by rapidly contracting loans to mitigate inflation.

wiki.mises.org/wiki/Second_Ba…

7/eg-2 In retaliation for President Jackson's push to eliminate its charter, the 2nd Bank contracted money supply/credit leading to widespread economic disruption and protests in the 1830s.

federalreservehistory.org/people/andrew_…

8/These early machinations were crude, gave pause and governments returned to commodity monies (early US). But they learned, fused banking and politics, directed public discourse normalizing the language of inflation, spending, and high time preference living.

9/Fiat gives us the appearance of prosperity yet has sapped generations of wealth.

10/Central banks and like entities are designed to enrich a few at the expense of many. Through socioeconomic engineering they outright erode wealth via inflation, bailouts and interest rate manipulation. Govt enforces fiat's legitimacy and suppresses monetary competition.

11/The Great Recession "cost" is code for wealth theft.

12/Gaming the system creates a false sense of wealth and prosperity, duping citizens into believing that rising stock markets, real estate and other assets are making things better. Instead they fail to realize this is a fiat fever presaging a financial collapse.

13/The Federal Reserve aims for 2% annual inflation. Enough to stimulate spending and avoid popular resistance. Yet since adopting fiat, other forms of inflation have taken hold and threaten our social fabric.

14/We live in an era of wage stagnation. Homes are no longer affordable. Despite advances medical costs keep rising. Employees are increasingly bound to employers for healthcare coverage limiting job mobility. Food and gas prices keep going up. College fees are skyrocketing.

15/"Americans owe over $1.56 trillion in student loan debt, spread out among about 45 million borrowers. That's about $521 billion more than the total US credit card debt"

src studentloanhero.com/student-loan-d…

16/Cost of living has exploded under the fiat regime.

17/These struggles manifest as social angst. We face an uncertain, dark future, struggle to survive and increasingly rely on and look to the state for basic needs. We are overworked, exploited, and state sponsored wealth theft forces most into near servitude until death.

18/Bitcoin corrects fiat's induced nearsightedness. It clears the fog and reveals a global oppressive fiat regime designed to rob law abiding citizens and control every aspect of their lives. Bitcoin realigns the relationship between money and society.

19/As economic free speech, Bitcoin gives citizens the right to save and accrue wealth without resorting to distorted capital markets. It transfers monetary policy from fickle and corrupt government agencies to a math driven protocol.

20/As a scarce commodity, it rewards low time preference allowing humans to preserve for the future and reduce frivolous, wasteful spending induced by fiat's inflationary mechanisms.

21/As a trustless financial system, it eliminates the need for blind faith & belief in central authorities to imbue monetary value. Bitcoin deleverages the state's ability to manipulate currencies at the expense of the public. The public controls the value of a bitcoin.

22/As sound money Bitcoin disrupts fiat induced perpetual war, economic malaise, protest and political instability. Humans are imperfect, fiat is designed to maximize our faults.

23/Bitcoin doesn't care who you are, where you're from, nor how you use it. As transparent agnostic money, Bitcoin unlocks fiat's shackles and frees individuals to express monetary self-determination.