Is Bitcoin the new reserve money of the world?

**Sherlock** · 11 February 2021, 7:42 am

https://t.co/fYaUVLNt4u
https://dailynewsarena.com.ng/centra...tch-to-bitcoin

if this is true it is the biggest even since bookies started to adopt BTC; central banks adopting BTC would be a total gamechanger

i do not believe it is true

**Strider1973** · 11 February 2021, 8:17 am

Unfortuantely, it seems to be fake news according to this reddit thread here:

https://www.reddit.com/r/Bitcoin/com...ch_to_bitcoin/

**Sherlock** · 11 February 2021, 10:26 am

Es kommt der Tag.

**PROFRBcom** · 11 February 2021, 10:48 am

A central bank, even a 3rd tier central bank, adopting BTC as a reserve asset would indeed pour kerosene on the Bitcoin buying frenzy.

I'm not sure I want the CBs owning BTC though, that would be a double edged sword.

**Sherlock** · 11 February 2021, 11:38 am

It is not what we want I am afraid. If central banks already own stocks and buy assets randomly, there is no reason why they should be short of crypto. Then it will be a completely different game.

If the cbs on the other hand somehow avoid that (and I think it is impossible now), the crypto will be quite likely not doing well.

The vector how crypto by cbs should be adopted is funnily enough like is written at the hoax I posted. Some f**ked up country will realize the potential and will try to buy most likely secretly like Elon did it last month. Then they will come with the news and just the surge and FOMO that will come after the news that CB of Argentina/Venezuela/Iran/NK/you name it will erase the national debt of the broken country.

I was considering to contact some people from central bank I studied with, but... it is too hot and the future will be what it will be.

**MMM** · 11 February 2021, 12:08 pm

Originally Posted by Sherlock

The vector how crypto by cbs should be adopted is funnily enough like is written at the hoax I posted. Some f**ked up country will realize the potential and will try to buy most likely secretly like Elon did it last month. Then they will come with the news and just the surge and FOMO that will come after the news that CB of Argentina/Venezuela/Iran/NK/you name it will erase the national debt of the broken country.

Actually surprising that none of those pulled that off. usually countries are very slow to adapt but with so much corruption going on, surprising that the politicians didn't take advantage of that. Or one of those Lukashenko types.

Btw, it is possible that some countries do hold some BTC without disclosing it. It's not possible in US and EU, but in case of Russia or China, no one would know.

**Azureus** · 11 February 2021, 12:15 pm

You know... the nice thing about Tesla and Musk is that this step put millions of people into a net long Bitcoin position!
If these people have a margin account, a mortgage or a credit card, they are short fiat at the same time.

- For a long time you had to actively seek out and research what crypto is and you had to have a good reason to actually research it (drugs, affiliate, gambling, whatever...).
- Then the narrative switched to ICOs and perhaps trading.
- Now Tesla forms 1.95% of the S&P500 index and it has a $828B market cap, out of which $1.5B is in Bitcoin. So every investor into SPY or another passive ETF, from a teenager with the Robinhood app to a grandma with an IRA account has 0.0035 % of their net worth / investment in Bitcoin.

Not a lot - but not bad either, I expect this number to increase - all that's needed is another tech like Apple or a few insurance companies to be convinced by Microstrategy and the trend will continue and the snow ball will grow bigger.

Of course there are also people who have 50%+ of their net worth in Bitcoin, that can be expected after rallies. It is ridiculous to think of all the bank advisors and wealth managers when something so stupid as 95% cash (or bonds) and 5% Bitcoin would outperform almost any other strategy in the past 10 years.

I know very little about central banks but I'd expect them to be the very last to understand what is happening. Perhaps governments and the executive branch will want to step in - some articles claim that Bulgaria seized 200k+ Bitcoins and USA seized a smaller amount (from Ross Ulbricht), the difference seems to be that Bulgaria is hodling while the US auctioned it for dollars.

If I were North Korea, I'd consider having some Bitcoin. However I see no justification for any country's central bank to actually buy Bitcoin. Imagine you're a small unimportant country with foreign debt of hundreds of billions in dollars and euro. You know you are ****** and your currency will lose value no matter what, even Bitcoin is too small to save you so you'll just announce default, remove three zeroes from your banknotes, declare bankruptcy and move on.

**Sherlock** · 11 February 2021, 12:41 pm

Small unimportant countries have debt more in tens of millions and not hundreds. The small countries with bad economy can borrow much less than big countries (not just nominally, but also as share of GDP). Also their fiscal cliff is lower. In case of Bulgary the debt is... googling... 30B USD.

Once BTC in theory is legalised by any central bank, I would not be surprised to jump the price in hundreds of percents (yes then there would be the energetic cirisis). If POS coin can be stabilised, later other CBs would jump in and price wuld go up in thousands of percents. So wise - but secret investment - might pay off the debt. But I used the debt payment just as an example. It is nearly certain that all debts will be likely erased soon and if BTC becomes the reserve currency the debts would be erased for sure.

The problem I see and problem why it is not possible to buy in secret: how to resolve the private key problem? Multisig 2 of 3: president - minister of finance - chief of parliament? Some combo like that? That would mean new shift of power and those people might not be allowed to meet ever

**Finlay Dixon** · 16 February 2021, 2:53 am

The world reserve currency plays a unique role in the global financial system. It is the currency that almost every central and commercial bank holds as a reserve. One also speaks of a “safe haven” - simply because it is the most liquid and most stable currency of all. But: Fiat money is not forever. The half-life of fiat currencies is shorter than some think. To be more precise, it only takes an average of a stupid 27 years for a national currency to abdicate and be replaced by another. With reserve currencies like the US dollar (USD), things are only partially better.

**hellokaitlynnn** · 1 March 2021, 7:14 pm

Britain and China seems to be challenging BTC as the world money. They are creating digital currency which will replace fiat. I do wonder how that will work for people with no cellphone. I guess alms won't be useful anymore.

**Sherlock** · 1 March 2021, 7:22 pm

They are not doing anything. They are talking about it and you repeat that.
Another fiat currency is not challenging decentralised money. Sick of reading this nonsense.

**gamblersconnect** · 12 April 2021, 3:41 pm

If we take into account that BTC has already surpassed the value of gold, it can easily happen that BTC substitutes gold as the main reserve money resource

**MMM** · 18 April 2021, 12:21 pm

Seems that's the latest ongoing BTC thread so will use it for a question.

I've been thinking about it before but now read that rumors of anti money laundering crack down is the reason for the drop today so decided to ask.

So, there are plenty articles that speak about how regulation and taxation going to crush crypto and so on. And I really don't understand why people say that. ( i don't mean situation when some country that is afraid of it's currency collapsing banning btc, but tax regulation).

I think it's actually the opposite.

First, it's inevitable. crypto will be regulated - i mean in terms how to treat it, taxation and so on. They didn't say "Death and Taxes, not including Bitcoin".

Second, it already happened/happening. Most of us here that live in taxed country/pay taxes - also pay for crypto income. I doubt there are many here that pay taxes but avoid paying crypto ones. Just that in current situation it's much more difficult (as in Xecutable thread). I do pay taxes for crypto earnings but banks don't know how to treat it and no one (where I leave) even knows how it should be taxed. So for me, making order in all that mess will be a blessing. As I will pretty much do the same, just without 100 not necessary obstacles.

So the way i see it: it will happen. soon. it will generate some drop just for the scare first and also as it will push some users out or to over cryptos. Maybe it will drop for a month, maybe for 4 years, but overall it's the next step in crypto becoming mainstream. Much more important and substantial than CB IPO.

So the question is: where i am wrong and what am I missing.

**Sherlock** · 19 April 2021, 1:37 am

Crypto, the real decentralised crypto, will never be regulated. That is the whole point. They can talk about regulation from left to right, up to down, they can indeed regulate a lot of things around the crypto. They can and will regulate centralised crypto - they just tested it on XRP. But decentralised crypto can not be regulated. It is a contradiction. Regulation comes from some central point. And decentralised crypto is made (or we hope that is made or will be made) in the way that no central authority can harm it.

You probably think that once everything around crypto will be regulated the crypto will be castrated into just another financial product that the old school investment bankers will put into the portfolios of their clients who are ranked from conservative to adventurers. Then we can go back to the old CNBC world. The narrative is such and people - thank god - believe that lie. And yes, it is great this story is here at least for crypto. But no, that is not where crypto is going and this is not how world is developing.

At some point crypto/most likely bitcoin or some BTC offspring will replace the money. That means that the infrastructure will be the blockchain of BTC and on the top of it will be built a lot of things that currently are emerging. Anything from LN and maybe layer3, to less sophisticated methods like official/unofficial/mafian crypto banks that will do normal offline crypto transactions and anything in between.

This was always the centre of gravity of btc. Restart of crypto-capitalism or rather crypto-feudalism that will be too brutal for the economics where states are just right trying to swallow everything.

Yes until then the small guys will pay their income taxes from crypto; but the other guys will certainly not pay it. Crypto is extremely unevenly distributed, so the vast majority of crypto holders can pay their taxes, but at the same time majority of crypto transactions can be untaxed, because simply the tiny minority of people in shadows + tax optimised organisations [in fact it is many times the same] will avoid the taxes.

Nobody ever will make order in the mess. Forget. Like that we see some order around with much simpler things... like vaccinacion in 21st century. How anyone wants to make order in crypto, when it is impossible even define what is the "bitcoin". If bitcoin has to be defined, then the law has maybe contain whole ever changing blockchain + the bitcoin code. Oh wait, then CSW is right and bitcoin would be BSV, because the code is the closest to the original code (and this is his dirty play here). Also is impossible to define whether BTC is money, property or security for good, because then the nature of bitcoin would cause a mess (e.g. you would have to recodify the tax law because there would be too many loopholes but once the law is changed, it would have big implications for economy). Please I do not want to talk here about just those two examples; I merely use those two to demonstrate why around BTC will never be order. The opposite is true: BTC/crypto will bring chaos into everything.

Until: the bitcoin takes over and will slash taxation to single figures in free countries or rather, because those countries will not be very efficient, the bitcoin will bring more efficient totalitarian regimes that will be able defend against crypto at least a bit (just like the technological advance brought our soft-totality which is a counter revolution for the freedoms that brought the technological development).

Banks: they will never know how to do this. Maybe in a decade they will learn what is basic blockchain analysis or they will outsource it. But the development in crypto finance - the miners, the exchanges, the defi, is running much faster. The banks are old institutions and they will die away, or their customer databases (maybe the only valuable asset if any) will be bought along with them by the new emerging companies. Again: see the thread you quote, what the banker who is not a small fry told me. It is over. My another banker who just few months ago was bitching how TSLA is too high and blockchain is a totally weird things is now gambling ADA vs BNB and studies BSC.

The legacy system feels that it is slipping out of hands, so they make just more KYC/AML/compliance restrictions but those restrictions are exactly the push for the real crypto, because people with money are becoming unbanked. This is why I started to buy bitcoin: when I was first asked, by luck by the same banker I quoted, to provide SoF in 2013, I got pissed off and finally jumped on it. It is the same effect of spiral of over-regulation that we see in the UK gambling. They push it, it does not work. Ok they push it harder, it still does not work. At some point, the critical point will be reached and the illegal betting will take over UK and it will be extremely quick. Same thing will happen with transactions backed by crypto/btc (again and for the record, it is absolutely not necessary that the small or mid transactions have to be written to the blockchain or to the blockchain that has super safe and expensive security like bitcoin).

Crypto will not become mainstream in the way how it is going now. Crypto is now becoming mainstream and hype only for the gamblers who call themselves traders. That will make some people rich, much many will be poor as a result. Curent hype and money transfers is not important, it is really just a gambling flash flood on earth. But deep from it something is surely emerging and I am terrified of it, because it is unstoppable. Until it arrives, yes, crypto will be more or less taxed and "regulated" and the businesses that will be able to avoid the regulation will flourish and bring the behemoth.

(Just look at the ******* defi and average US person that at the stupid coinbase pays the crazy fees, then CB gives the report directly to IRS and the person has to pay taxes from each movement of coins and everything in a huge chaos; now compare it with the defi, that is now a workable demo, which brings trades between parties, where tokenised can be anything and tracked can be nothing if done right. You can buy even the Coinbase shares already as a token without dealing any third party with coins that you can anonymise. Now it is all just about costs that have to be slashed down. Then we have a parallel universal marketplace. Once it gets traction you will maybe never need to get your money out of that parallel economy, because it will offer you nearly anything except tax forms and in the end this economy will be more efficient, so the oficial economy will die out).

Once crypto will be a real mainstream, nobody will see it or care much. Crypto will be the underlying asset and based on it will be extremely hard cash. Crypto will be also the critical information infrastructure. In the real world will be wars, famine, cruelty and low to zero taxes, so nobody will care what exactly the money is. As until now nobody cared what the essence of money is.

**tufty** · 19 April 2021, 8:13 am

Originally Posted by MMM

no one (where I leave) even knows how it should be taxed.

After Sherlock's excellent post, this reply seems very lightweight, but just on the issue of being taxed . . . In the UK it is crystal clear (at the moment and before they change it!): If you are a day trader, it is income tax. If you have another job and you have held and are now selling, it is capital gains tax. I cant speak for other countries.

Crypto is not some completely different product when it comes to taxation. If you make money buying and selling anything, and you don't live in a tax haven, then your government expects you to pay taxes on it, whether it is cars, bananas, currency exchange, horse manure or crypto.

**Sherlock** · 19 April 2021, 8:46 am

Since I am not tax expert, because my biggest tax problem is VAT when buying my 3 eggs, apple and a piece of bread, take this with a grain of salt: but the taxes are becoming a problem even in this era, when people still do not pay by crypto en masse (for the record you have to pay taxes even if you buy Tesla or gold by crypto - I wonder how many people who buy physical gold in some third country by bitcoin pay the taxes...).

The thing is the defi and loans. One can take a loan (for example in stablecoins) against his cryptoholding that serves as collateral. Then there is no tax as I understood even in the most tax totalitarian country: USA. Probably it will be more complicated, I did not study this, but how anyone wants to check this is unknown for me. Whole defi world is maybe on pseudonymous blockchain, but seems like a gigantic mixer to me. Just take Uniswap, which is pretty new. On the top of it aggregator 1inch for example. For both one can provide liquidity. If you provide liquidity for 1inch, you can do farming. WHen you do the f******* farming, you can harvest it at harvest finance. And at the same place you can autoharvest even the harvest, because of compound interest. This is not that you provide screenshots from 2 favorite exhcnages where you trade btc and 3 favourite shitcoins. And this is what is coming to us. Not just on ETH, but also on BSC and soon on many other networks, which will - if I see it correctly - not so important for network effect like BTC is for money. The important will be the platforms that provide the liquidty and there is the war for that right now. If you missed that, maybe do your homework, it is far more interesting than our dying affiliate world.

The implications for taxman will be severe. If most people, even on this forum, 5 years after bovada started to pay in BTC, do not understand what is a difference between an address and a wallet - I really want to see a tax employee, who will be a typical millenial brewed in homeschool and Netflix, with ADHD and PTSD, who is trying to understand all of this, once we are out of the demo phase. Good luck really. I want to be far from there.

Still this is just a demo, maybe in the end on the top of crypto will emerge something else. But the centre of gravity is to avoid the state, to avoid the taxes and to provide the free uncensed happy life for the thin strata of whales under which all will suffer (incl. the whales). It is unstoppable/long-term-unregulable just like a climate change. For now yes- the crypto narrative is that it is just another asset. Right after it was HYIP. And in the times of Roullete Zeitung it was the currency of drug dealers. The real substance of crypto will be yet revealed.

**MMM** · 20 April 2021, 6:07 am

Hey @Sherlock,

Will make an attempt to reply to your previous post.

I find it very hard to imaging such situation. Or to be exact, i can easily imaging that direction just with exactly opposite outcome. To explain:

1. Very likely that the banking/economic system will change/collapse whatever. Makes sense. There is less need for third party. Same as I don't need insurance agent or many other things of that sort.

2. Possible that the cash/fiat system will collapse/fully change. The way money flows between people will be completely different. Also makes sense, in a same way as you barely see kids or teenagers play outside these days. And almost no one hits on a girl in a pub (he is busy hitting on other girls on tinder).

But, if i understood you correctly, there is some "assumption" that the way we, as individuals will change. And that part i don't see happening.

I assume that we will both agree that we are all tribal. herd, People won't become smarter (most likely the opposite). Won't become more individual (most likely the opposite). That's why i think that if it goes in the direction you predict - the result will be the exact opposite.

It will actually generate increased, almost total control. You will have your bio identity and your crypto address (maybe on Musks chip

). In a same way that in 10 years you won't be able to go above speed limit you will also won't be able to do anything monetary which is not fully white. The grey will vanish. You will have white or fully black.

I don't have an example of the exact movie but there are those futuristic movies with some total control society and some underground resistance. Maybe i saw it in Cloud Atlas but even Matrix is good enough example.

And the thing is that most people are ok with that. 99.9% are not rebels. Not only they are ok with being controlled, they need it for their security.

Maybe there will be some underground society that will live the way you describe, but for me it makes more sense that for 99.9(9)% of people, crypto will bring much further level of state control (whatever state it might be, local or global).

**Sherlock** · 20 April 2021, 11:26 am

Hi MMM, it is a pleasure to have things summarised this way. When I say it is a pleasure, I mean really, it is nowadays so rare (I woke up few mins ago, still in bad, 2 people pissed me off that much that my back is now blocked with incredible pain). Normal herd people argumention is usually maybe some facts and opinions, but usually also some deceptive change of narrative, that is always drifing away from the topic. E.g. you brainstorm about house wall thickness and insulation, then one idea is that even the special white color of wall is helping the insulation. Then the people incl. me sadly "discuss" in the way well what about the grey color and insulation specifics. And ten comes the twist and suddenly someone says "but the wall should be red, because red is my favourite". Then the topic is lost.

But you are engifted with ability to stay exactly at the topic even when you do not agree with anything and that is f****** rare and I hope that by some miracle you will not lose that ability. Enought flattening.

1. Very likely that the banking/economic system will change/collapse whatever. Makes sense. There is less need for third party. Same as I don't need insurance agent or many other things of that sort.

2. Possible that the cash/fiat system will collapse/fully change. The way money flows between people will be completely different. Also makes sense, in a same way as you barely see kids or teenagers play outside these days. And almost no one hits on a girl in a pub (he is busy hitting on other girls on tinder).

But, if i understood you correctly, there is some "assumption" that the way we, as individuals will change. And that part i don't see happening.

I assume that we will both agree that we are all tribal. herd, People won't become smarter (most likely the opposite). Won't become more individual (most likely the opposite). That's why i think that if it goes in the direction you predict - the result will be ....

I agree.

It will actually generate increased, almost total control. You will have your bio identity and your crypto address (maybe on Musks chip

). In a same way that in 10 years you won't be able to go above speed limit you will also won't be able to do anything monetary which is not fully white. The grey will vanish. You will have white or fully black.

I don't have an example of the exact movie but there are those futuristic movies with some total control society and some underground resistance. Maybe i saw it in Cloud Atlas but even Matrix is good enough example.

Cloud atlas I did not see.

Matrix I saw and most people refer to the first part, because they first time saw the cool movie tricks. When the third part appeared the tricks were no more cool, but widespread. Also 3rd part was not some lonely hero against the system, but the opposite. The trilogy is ending by nearly total anihilation of the rest of the resistance of "free people". At the same time Neo finally understands that whole his trying to be "free" is a nonsense. He is deliberately taking the interface and inserts it into his own brain. This ending people hate so much that they totally ignore it. People love to take Matrix as something from the outside world, but Zizek long ago in Perverts guide to cinema of course states that the Matrix is nothing from outside. Matrix is our conscious part. We need the Matrix to exist, because the subconscious part which is also "the real reality" or in other words "the god" is simply too rough for this world and we can be there only on LSD or when the death or birth is near or special situations like that. So Matrix is not saying that there must be some total control! In Matrix Neo is not blending to the world of machines - he is not becoming a machine, but Machines (the mechanic world with chips) also need Neo to progress. The matrix is ending as utopia not dystopia. Both worlds are finally in harmony. The chaos (Neo and resistance/human subconscious) and the order (the world of machines and agents) can find a way how to live together for common good.

But there is a better movie and maybe you meant that: Equilibrium. Came at the time of matrix and I loved it much more. It also divides the society into two parts. One is robotic and pure dictatorship, where people are foced to take shots*, because the daily vaccine is erasing their emotions. The goal of dictatorship is to erase emotions (just like in radical buddhism), becaus ethen there will be no suffering, no wars etc.
I will not spoiler here the movie - watch it. But the message is there not utopian like in Matrix, but dystopian - the chaos (that is needed) is in human history changing with the order (that is also needed). Hiter said something like that war(=chaos) is needed for people to progress and he was right. Your favorite politician will say today that order is needed for people to progress and they are right as well.

Are human beings going to solve this war between order and chaos into convergency of Matrix or will it be forever divergence as in Equilibrium?

Why this long intro? Because I believe in the divergency from Equilibrium. All wise books from Siddhartha to bible say the same message:

9 What has happened before will happen again. What has been done before will be done again. There is nothing new in the whole world.
10 "Look," they say, "here is something new!" But no, it has all happened before, long before we were born.
11 No one remembers what has happened in the past, and no one in days to come will remember what happens between now and then.

We are somewhere between inflection point and extreme point of the order/totality curve. At some point it will change rapidly downhill (same discussion here is about the bubble of crypto, where we are at the same point of the 4 year supercycle). It is not that I just believe in it. I am just forcing myself to believe in it. Indeed if you live in the 1st world between people, you must just believe that there will be the chips in brain and then brains in chips and cryptos will forever go up (when the curve is rising) and that cryptos will go forever down (when the curve is falling). Because yes, we are herd, we just copy whatever the others do. I am now locked in Andes mountains and here is nobody, so thank god I can follow only people online and they vanish when I switch off the laptop.

So in short no: no totality will come, because totality will always eat up itself. Just like people get bored with chaos and when the horror of chaos is too string the stable structures in society emerge.

-----------------------------------------------------------

Now what is money? Money is a universal symbol of human trust and interaction. Whatever economists say to you - whichever definition of money they use - do not trust them, I am one of them. They do not know what the money is. Money is just a symbol and proxy of trust and in broader sense it represents the whole society.

Now what is fiat money. It is kidnapping the narrative of money but also it is an attempt to make some order in human relationships. It kinds of vags the dog by the tail. The fiat money were gradually invented during last millenium. They are still progressed further - the change when we are becoming the cashless society when money is now only the digital numbers - occured during last years and during that change the fiat currency became even more "fiat". The essence of money (spontaneous trust) was not there even before, but now is there even less.

Anyways I am not anti-fiat or pro-crypto at all. Fiat from the industrial revolution opened gate to our society. Only because fiat governments can do the income redistributions and the society is what it is: even the biggest loser is in many way equal to some other person. In the richest countries like Norway the difference between the rich and fiat subsidised poor is disappearing. Everyone is driving small Tesla there. This is because the fiat exists. You can walk on the street and you are totally safe (unless you meet Breivik ofc, who is looking exactly like the character from Equilibrium).

So, after this very long write-up. What was my point?

It is impossible to believe that the crypto will topple the fiat and that this will bring just more order and not chaos. Fiat is the essence of the order. This is why they are doubling down on fiat, because they are not so stupid after all. They know once crypto is "mainstream", it is end game for this system and for the world they believe in. It does not matter the narrative that will be / is used for crypto. It absolutely does not matter. The important is what the crypto is really bringing. If you are giving a gun to some guy like Breivik, you can tell him that he can scratch his nose with it and after all he might do that just to please you, but that is really just a story for yourself. Crypto as underlying asset will not allow even 1% magic with the money they are doing. And only because we do not see the magic they are doing with money on top level of monetary policy, it really does not mean that they do not do the magic with fiat. The bankers see it and they are mad of it, literally. For other people nothing changes - yet.

Crypto is a weapon of mass destruction. Crypto will directly or indirectly implode the fiat. And we can not do anything else with that than to buy it for ourselves just like with nuclear weapons. Crypto is also the Apocalypse horseman - people wrote this story to bible simply to remind us (at least the few receptive ones), that the change of interdependent systems like human society always occur, when we are caught with pants down and everything points out to stability.

The society as you know it and as you imagine it rised and will fall with fiat. Even harder totality than nowadays is only possible with fiat. But if you see crypto coming you are saying that there will be less (far less) totality. The totality will be only possible at islands that will somehow be able to avoid crypto into some extent. Just like Cuba is avoiding capitalism, but ofc not fully.

Not only they are ok with being controlled, they need it for their security.

This is indeed true. But you are somehow caught in thinking that the society is exactly what people want. It is a mistake. Even when 99.9% or maybe even if 100% of people "want" something that does not mean that the society itself will do the opposite. In fact the more there is the consensus on something the more likely the opposite will occur. We do not control even ourselves, the less the society. When we (consciously) "want" something, we in fact (subconsciously) "want" the opposite as well. The more we want something, the more we want the opposite. I loved some article where the same women who strongly criticised Trump for being a misogyne voted for him. It was not for some other reasons, like that Trump is a pig, but he can do good international politics. No. They voted for him, just because Trump is exactly Trump and they hate him. This is not just typical women side - it is typical for all people.

You are hopefully familiar with Jungian bi-term persona-shadow. The more some person has some significant appearance called "pesona", the more it has some dark side. This is why the bosses of corporations love to eat poop of their dominatrixes. This is why the good old mammas/grandmas are bossing whole families. This is why Stalin, while killing millions, loved musicals and cars.

The same principle persona-shadow is applied on whole society. The more the society presses itself into the white part, the more - absolutely automatically - appears the black part. That is the rule of the world and it seems to me that you are omiting it. (I think you are intelligent enough in fact to know all this and here you came with your post just to sort things out.)

The crypto itself is the black part that appeared as reaction/twin to the digital totality. I have usually doubts about many things, but this is where I would bet both my testicles on. The funny fact is how now crypto is not taken as totally black. The narative by crypto is that it is whitening up. This way is crypto sneaking in normal reality. It is incredible and I am terrified how it works. If someone is talking about the black part of crypto, it is always drugs and money laundering, but that is NOT the real black part of crypto.

The real black part of crypto will be revealed once is adopted; once the crypto is the underlying financial layer. Then fiat does not exist. You will not be able to create money from thin air, so you will not be able to do constant transfers from rich to poor; in other words the poor will not be corrupted by the rich (this was the narrative of Marx who was pissed off that the capitalists are giving too good conditions to labourers, so they do not want to make the revolution, because they are held just above the line of material struggle). The human rights as we know them will stop exist. Everything will be just about money and power and p2p trust. There will be smaller and bigger centres of power (with smaller and bigger feudals) that will have smaller and bigger chaotic wars and proxy wars.

TL;DR

Every person has a shadow. Every coin has two sides. The more is one part shining the more is the other part in darkness. That is the rule of this universe. We tend to omit the dark part and focus on the white side. (Until we are caught in darkness and then we do not see the white part.)

* Here I am just half-making fun of conspiracies.

**chaumi** · 20 April 2021, 11:54 am

Well the word 'thanks' seems totally inadequate, but (and I know this wasn't written for me specifically) thank you Sherlock.

**MMM** · 22 April 2021, 12:43 pm

Hey Sherlock,

Thank you. Will need to think about it a bit more.

Just watched Equilibrium. I understand the point (although I do find Matrix more deep as I am taking it as some type of metaphor/take on Siddhartha).

You know the funny part - eventually it will go in some completely unpredicted way. I remember reading that at some point someone predicted that due to improvement in medicine and economic growth, in 50 years (from then) the streets of Paris will be covered with 7 meter layer of horse shi*t.

. I think many times we can predict the trajectory but then something else enters.

The less funny part, is that i think no matter where it takes, it's not going to be a nice world to live in. Makes me kind of grateful to be born in 20th century.

Thread: Is Bitcoin the new reserve money of the world?

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