In 2010, Hal Finney cited economist @GeorgeSelgin's work on free banking as a path to scale Bitcoin.
In this @CCNDotComNews interview, we return to that same economist to explore what a 'Bitcoin-backed free banking' system might look like.
Full article and video 👇
https://t.co/YPONtCtCK5
@francispouliot_ Assuming you mean youre talking about the future, then sure, when bitcoin and fiat do those things consistently, people may presumably switch over.
@francispouliot_ Can you agree that in the past at least my statement isnt entirely ridiculous. US fiat attempts to have 2% inflation for a long time now, and certainly never loses massive value inside of a month. Bitcoin has certainly had bad months.
@francispouliot_ When you live paycheck to paycheck, you cant necessarily withstand short term drops in value. Is it any more complicated than that? Losing 2% a year is predictable, but losing 10% in a month could be a missed rent payment.