I like a lot of you’re saying, but I would like to have a few comments:
- Re the pizza anecdote, that’s true, but there’s a similar story with the graffiti artist that painted Facebook’s first offices and got options worth $200M for a day’s work, or the cook at Google’s. At the end these are transient stories, not fundamental.
- Of course an oppressing regime can outlaw bitcoin. But an oppressing regime can also bombard its citizens or throw them in a cell. The notion of an outlaw is somewhat void of meaning if a regime can arbitrarily define you as one. With bitcoin, however, you physically can store your assets regardless of what the regime does, and if you manage to flee (e.g. syrian refugees), you don’t have to start from scratch. There’s another, more subtle point, which is that in an oppressing regime, if you have an alternative to putting your money back into the crooked economy you live in, you’d prefer that, and so, you’ll invest less and the economy eventually will come to a halt.
- Deflation is definitely bad, and I think Bitcoin is really a lousy currency. But first, it’s v1 — and there are now thousands of iterations and some may be better than FIAT. In general, I don’t think of Bitcoin as a currency (hence the non-catchy title).
Thanks for the comment!