Critics of bitcoin often cite its costs – notably in the form of electricity used in proof-of-work mining and its perceived impact on the environment – as reasons why it will never be a sustainable alternative to fiat currency. traditional. These detractors often believe that Bitcoin is fundamentally unscalable, or more likely, stems from the power structures that fiat currency has enabled, such as the government or centralized financial institutions.
In his presentation on the main stage of Bitcoin 2022, Dr. Saifedean Ammous delivered a presentation intended to highlight the invisible costs of fiat currency and how it has been used for centuries to economically oppress the average citizen of a cash-based economy. the trust. Dr. Ammous has been a long time supporter of Bitcoin and has written “The Bitcoin Standard” and “The Fiat Standard”, both of which have helped educate many people about the benefits of Bitcoin and the corruption that is ingrained in most Trust States.
Dr. Ammous began his talk by focusing on inflation and how the use of fiat money helps sustain an inherently unequal system. Dr. Ammous specifically cited how fiat inflation is used primarily for government purposes, saying that “the cost of fiat is currently 3.5% of all global wealth and is used to finance government parasites, wars and monopoly bankers”.
He went on to cite how fiat currency often helps those who are already wealthy and have the ability to store their wealth in durable assets such as real estate, and often preys on the poor. He added that “fiduciary parasites who always talk about inequality, like Elizabeth Warren, Thomas Piketty and the world leaders of the WEF, never mention it.” It certainly seems that the very politicians and leaders who preach for a more egalitarian system instead promote and support an economic model that is predatory of the very people they pledge to help.
Dr. Ammous then discussed a little-discussed consequence of the use of fiat money: its impact on the health and nutrition of its users. He argued that governments often encourage their citizens to “eat their godfather’s industrial waste” as a cheap alternative to high-quality, organic staples. He also cited the impact of fiat in scientific reporting, particularly in the field of energy, saying that “fiat scientists tell us that wind turbines, a sixth century technology, are what we will need in the future. It’s just an inflation hedge. Of course, it is often these same fiduciary scientists who attack Bitcoin for its sustainability, especially on ESG grounds.
For most Bitcoiners, myself included, it was the allure of using a currency independent of centralized authority and oversight that got me down the so-called rabbit hole. However, I had neglected to think deeply about the extent of the detrimental impact that fiat currency was having on my life and on the lives of billions of people around the world. Fiat is not only controlled by the government; it is activated by the government. The use of fiat currency fuels a system that funds unhealthy food, economic oppression and more. Dr. Ammous, as always, managed to open the eyes of hundreds of orange pill Bitcoiners at Bitcoin 2022 with his creative and original thinking.
Dr. Ammous concluded his speech by rebutting criticisms of Bitcoin that focus only on its computation and electricity consumption: “If you think a machine and electricity are not worth bitcoin, get rid of it. of all your machines and use primitive alternatives.”
Bitcoin 2022 is part of the Bitcoin event series hosted by BTC Inc, the parent company of Bitcoin Magazine.
This is a guest post by Archie Chaudhury. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or bitcoin magazine.