Fiater thinks bitcoin is a bewildering bubble while living in a world where governments owe $100t+ of low & negative interest rate debt while locking their people at home & arresting them for working.
Everything in fiat world is a bubble propped up by fake money: bonds, stocks, governments, education, housing, credit markets, etc...

But if you listen to fiat media & education, there are only two bubbles in history: tulips and bitcoin.
Tulip mania basically didn't happen, but fiaters use it as the bubble bogeyman because real bubbles are all very similar to modern fiat.

Example: John Law's Louisiana Purchase assignats were a devastating bubble, and functionally no different from QE.
smithsonianmag.com/history/there-…
Bubbles can only happen as a result of monetary manipulation, which distorts entrepreneurs' economic calculations, resulting in clusters of errors where new fake money is mistaken for real growth, spurring malinvestments.

mises.org/library/econom…
Under hard money, with no coercive expansion of money, capital has a real opportunity cost & as soon it's deployed in something unproductive, the investor goes bankrupt unless they stop investing in it. Economic calculation based on hard money ensures all errors are individual.

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More from @saifedean

21 May
The latest podcast:

Elon Musk: The Fiat Rockefeller

Under gold, the richest man in the world, Rockefeller, transformed the lives of billions.

Fiat's richest man trades carbon & shitcoin scams & gets govt subsidies to build expensive toys for the rich

saifedean.com/podcast/57-elo…
To become the richest man in the world under hard money, Rockefeller, born in poverty, built the foundations of modern industrial society by providing billions with the infrastructure that allows them cheap & reliable energy for heating, cooking, production & transportation.
Under hard money, there's no alternative to providing people value to get them to give you money to get rich. The richest man in the world will be the man who provides the world with the most value & Rockefeller transformed the world.
Read 6 tweets
15 May
Bitcoin consumes so much energy because it uses a fully mechanical & digital process to ascertain truth. It doesn't rely on the authority of anyone.

It isn't a more energy-intensive way of doing consumer payments; it's a less energy-intensive way of achieving consensus than war.
All attempts to compare bitcoin energy consumption with banks, consumer payment technologies, central banks, or gold completely miss the point of bitcoin's real opportunity cost. Bitcoin doesn't replace these & they can, in principle, coexist with bitcoin.
Bitcoin replaces the need for strangers to have to be subject to the same government & central bank in order to trade internationally, which necessitates one government imposing its will on the rest of the world, which can only be done with war. Image
Read 7 tweets
15 May
Carbonhysterics coming after Bitcoin will be the end of carbonhysteria. Nobody does their homework as thoroughly as bitcoiners, while climate hysterics are either scammy careerist grifters or unthinking simpletons who believe marketing press releases.
Carbonhysteria is science by press release and intimidation. You can't keep a career in fiat unless you are hysterical about CO2. Bitcoiners can't be cancelled because they have hard money savings. You'll have to run the numbers & show the receipts to convince them. Good luck!
Here's a sample of what sane people who aren't making a living from spreading hysteria have to say on CO2 & climate:
@AlexEpstein: The Moral Case for Fossil Fuels.
@ShellenbergerMD: Apocalypse Never.
Steve Koonin: Unsettled.
@ClimateAudit: climateaudit.org
Read 4 tweets
12 May
The fiaters' mental gymnastics to rationalize this away are going to be spectacular!
"Akshully, this anecdotal data of rising prices is not enough to prove inflation. You need to look at the entire basket of goods, like the CPI does, and the CPI finds very low inflation, so your anecdotal data is DEBUNKED"
Read 6 tweets
8 May
"Rising CO2 will cause the oceans to acidify and kill the fish" is another mythical tale from the folklore of fiat scientists:

sciencemag.org/news/2021/05/d…
Fiat scientist takes fish from the sea and puts them in fish tank and reports they were scared. He blames CO2 and establishes an entire field of study. And he would have gotten away with it if it weren't for...
...these badasses who went to the sea instead of playing with fish tanks and found that fish don't care about tiny increases in CO2 levels, because they're smarter than many humans.
Read 4 tweets
5 May
Hundreds of US banks will soon allow their customers to buy, sell, and hold bitcoin in their existing accounts, thanks to @NYDIG_BTC

cnb.cx/3nW3kNd
Read 4 tweets

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