@pre@boing.world2025-11-22 10:39:50
Despite much opinion to the contrary, the government money we use is crappy.
I'm at bitfest in Manchester to find out if Bitcoin could be a better money.
It could hardly be worse.
The mood is still good, people are joking about recent devaluation rather than crying. Those who aren't all in are trying to buy more at the discount.
After an introduction by Mad Bitcoins, Joe Bryan explains the problem with government money.
He imagines an island on which two types of money are tried, with a dividing wall between them.
When economic problems hit, government can just print more money on the fiat side. Everyone now using money which is worth less. Distorting prices, inflating asset prices, making the rich (who hold assets) richer and the poor (who have to pay inflated prices) poorer. Driving wealth inequality.
On the hard money side, government must tax properly. Take in more from the rich rather than inflating to take it from the poor. Reducing wealth inequality.
On the government money side, the wealthy monitize houses, stocks, resources. Saving in money is impossible, its inflated away. So they save in assets and hording resources. Capital is misallocated. The youth can't afford houses. Poverty traps are caused. The only way out is printing more for benefits. Making it all worse. More economic crises, more printing. More government debt.
Eventually, the wall is broken. Government money people can save in the hard money instead. It reduces the value of government money further. More printing. More inflation.
Eventually, war. Funded by printed money.
The dollar is the best of a bad bunch all other government money is falling in value even faster.
I wonder, is bitcoin really this better money though? It's limited, hard, and can't be printed without energy investment.
I'm still unsure that fixing money fixes the world.
--
Note: "crypto" is mostly more like government money than bitcoin. It can be printed indefinitely by it's makers, does not cost it's makers to print. Crypto is usually just a scam people to get more bitcoin. Bitcoin is not crypto.
#bitfest #bitcoin
@hex@kolektiva.social2025-11-17 08:52:05
The implications are interesting enough when we apply this to systems like capitalism or national governments, but there are other very interesting implications when applied to systems like race or gender.
Like, as a cis man the only way I can be free to express and explore my own masculinity is if the masculinity I participate in is one which allows anyone the freedom to leave. Then I have an obligation to recognize the validity of nom-masculine trans identity as a necessary component of my own. If I fail to do this, then I trap myself in masculinity and allow the system to control me rather than me to be a free participant in the system.
But if it's OK to escape but not enter, that's it's own restriction that constrains the freedom to leave. It creates a barrier that keeps people in by the fear that they cannot return. So in order for me to be free in my cis masculine identity, I must accept non-masculine trans identities as they are and accept detransitioning as also valid.
But I also need to accept trans-masc identities because restricting entry to my masculinity means non-consensually constraining other identities. If every group imposes an exclusion against others coming in, that, by default, makes it impossible to leave every other group. This is just a description of how national borders work to trap people within systems, even if a nation itself allows people to "freely" leave.
So then, a free masculinity is one which recognizes all configurations of trans identities as valid and welcomes, if not celebrates, people who transition as affirmations of the freedom of their own identity (even for those who never feel a reason to exercise that same freedom).
The most irritating type of white person may look at this and say, "oh, so then why can't I be <not white>?" Except that the critique of transratial identities has never been "that's not allowed" and has always been "this person didn't do the work." If that person did the work, they would understand that the question doesn't make sense based on how race is constructed. That person might understand that race, especially whiteness, is more fluid than they at first understood. They might realize that whiteness is often chosen at the exclusion of other racialized identities. They would, perhaps, realize that to actually align with any racialized identity, they would first have to understand the boot of whiteness on their neck, have to recognize the need to destroy this oppressive identity for their own future liberation. The best, perhaps only, way to do this would be to use the privilege afforded by that identity to destroy it, and in doing so would either destroy their own privilege or destroy the system of privilege. The must either become themselves completely ratialized or destroy the system of race itself such being "transracial" wouldn't really make sense anymore.
But that most annoying of white person would, of course, not do any such work. Nevertheless, one hopes that they may recognize the paradox that they are trapped by their white identity, forced forever by it to do the work of maintaining it. And such is true for all privileged identities, where privilege is only maintained through restrictions where these restrictions ultimately become walls that imprison both the privileged and the marginalized in a mutually reinforcing hell that can only be escaped by destroying the system of privilege itself.
@pre@boing.world2025-11-23 20:40:43
The conference is over now. I likely wouldn't have come for just a bitcoin thing, but I am very interested in redecentralizing the web, so it's attachment to the nostr day pulled me in.
Everyone I met was friendly and interesting and seems much more interested in making a better money system than in making money for themselves.
Our government and bank money systems are dysfunctional in all kinds of ways which are often less visible than they should be too people using them, especially to those in Europe and America who benefit from the way those systems exploit the global south.
I'm not convinced that fixing that would end wars and fix broken government as some seem to think, but I am sure our money is the source of many problems.
There are many bright, well meaning, and intelligent people building to improve bitcoin in fascinating ways with the hope of having a parallel system to transition to. With lots of work still to be done.
Can it work?
I'm sure I don't know, and I'm sure even if it's a better system it'll come with it's own unfairness and cruelty. Money will continue to be a source of suck and worry.
I'm told that the bigger conferences are often full of shitcoin scammers and suit wearing banksters who are in fact all in it too get rich and rip people off, but I found none of that here.
Here there is a real community of people trying to make the world a better place and improve the lives of their neighbours and governance of their countries.
And in the end building community is the most radical and effective way to change the world regardless of the problems of it's money system.
I had a great time. Thanks to those organising it.
#bitfest #bitcoin
@pre@boing.world2025-11-22 10:59:21
A panel of people from a few different countries.
The UK, where the event is, and the US currently have money which perhaps is good enough that the people there don't see much need to replace the money. Running global reserve currency helps exploit other poorer countries. The problems are fairly invisible.
But in other countries, poorer countries with even worse money, countries more exploited by debasement of the global reserve currencies, the problems with government money are more evident. They see the need for an alternative more strongly.
Adoption is important though. Money is only money if it's widely accepted. So given the choice of more users or higher price, the panel would all pick more users.
#bitfest #bitcoin
