Thread by @chowcollection

.@michael_saylor calls this analysis by @saifedean "Unique, seminal, brilliant":

"It's why everybody is in debt, because every time you get into debt, you're allowing somebody else to mine fiat, effectively. So if you want to buy a house for $1 million with cash—that's one thing

but then if you take the cash from a bank, well the bank gets to create $100,000 or $200,000 or $300,000 of new fiat out of this process. So, they're gonna give you a better deal on it than if you buy it with cash, and that's why you get into debt for your house and for your

business, and for everything. You know, individuals and corporations and governments—everybody is up to their eyeballs in debt because getting into debt is mining fiat. So I think this might be the most vivid way in which #Bitcoin fixes the world, this might be the most powerful

way, because this allows us to monetize something other than debt. We don't need to keep mining debt in order to have money, we can start mining a hard asset that has no counter-party liability, and that is much more solid, whereas, you can build a financial system on it because

you know that the value of this Bitcoin is not dependent on counter-parties making this financial obligation. But currently, the choice that you would've faced with your reserves before #Bitcoin was, you had to put them either in cash and watch them get robbed of purchasing power

every year, or you had to put them in debt and then take on the counter-party risk of the governments or the agencies or all the bonds that you're using, and primarily it's government treasuries that people use the most. The interesting thing to think about is that if #Bitcoin

leads to a reduction in the demand for debt, a reduction in the demand for treasuries—because people like you are using #Bitcoin as a reserve asset rather than holding bonds, then I think there's another factor that goes in, because Bitcoin is: (a) it's leading to a reduction in

the demand for dollars, but (b) it's also leading to a reduction in the supply of newly mined fiat dollars because it's reducing the demand for debt. Or at least if it increases significantly, you know —we're gonna see a hundred @MicroStrategy (s), that means less demand for

government bonds. So in a sense it kind of cancels each-other out: #Bitcoin is not just taking the demand away from the dollar—it's taking the demand away from the dollar and reducing the supply of the dollar, which I think is an optimistic way of saying we don't have to have

hyperinflation. We can witness this thing continue, whereby, the supply of the dollar declines and the demand for the dollar declines while the value of #Bitcoin rises and the demand for #Bitcoin rises." - @saifedean

Start from [47:59]: spreaker.com/user/bitcoinpo…

The full transcript of this seminar is here and will be completed later today, currently 50% done:

chowcollection.medium.com/the-bitcoin-st…