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Issue #1342: Bitcoin doesn't come out of thin air

Issue #1342: Bitcoin doesn't come out of thin air

May 10, 2023
Marty's Ƀent

Issue #1342: Bitcoin doesn't come out of thin air

Every once in awhile those in power take their masks off and show the world who they really are. Representative Brad Sherman from California did just that today when he admitted that the US government prints money "out of thin air". This came after what he probably believed to be a sly comment about "crypto bros" conjuring $1 Trillion worth of value out of thin air over the last 15 years. Sherman's comment makes it obvious that he believes two things, that bitcoin is created out of thin air and that the US government is supposed to be the final decision maker on what money people can use.

Rep Sherman's comments highlight how truly disconnected politicians have become from their duties as civil servants. These people truly believe they rule over us. The concept of them working on behalf of the American people doesn't even register in their minds anymore. They view themselves as rulers to be respected and obeyed. And they deserve neither our respect or our obedience. These people should be ridiculed incessantly and referred to as predators who feed on an unwitting public that has been slowly but surely forced to bend to their will.

When it comes to Rep Sherman's direct comments about bitcoin conjuring value out of thin air, nothing could be further from the truth. Bitcoin was created to combat the problem of governments and central banks abusing their ability to print dollars out of thin air to paper over their mistakes.

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. - Satoshi Nakamoto

Unlike fiat currencies, bitcoin isn't conjured out of thin air. To produce a bitcoin an individual has to do some work by plugging in a computer running the hashcash SHA-256 algorithm to find a provably-hard-to-produce hash below the network's current difficulty target. This process involves a lot of capital, logistical planning, and execution. One doesn't pull bitcoins out of thin air. They must work for them and that work comes with a lot of costs and risks.

This is the exact opposite of how fiat money is created, which is more appropriately described as producing something out of thin air. The central planners go onto their computers, hit a couple of buttons, and "Voila!" there are new monetary units introduced to the banking system. There's no denying that Mr. Sherman is right about the production of US dollars.

This is the current state of things. American politicians are so utterly stupid that they don't even have the self awareness to realize when they are self-owning themselves. It is astonishing that we are asked to bend to their will. That they believe they deserve our respect. Luckily for us, bitcoin is here to de-fang their ability to debase our savings and self-fund their sadistic war mongering across the world.

Final thought...

Parker Lewis will change his Nostr tune by Q1 2024.

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