Stuart Bowman on Nostr: My old mental model was that gold was used throughout history because there was no ...
My old mental model was that gold was used throughout history because there was no alternative and that fiat was necessary to match credit availability to the higher rate of growth in the 20th century enabled by technological advancement. The main thing that cured me of this illusion was becoming educated about how historically the misallocation of credit has been far more destructive than lack of credit. The other thing was something that
TheGuySwann (npub1h8n…rpev) said about how deflation is a signal that growth has already occurred. That sent me down a rabbit hole of just thinking from first principles, and seeing the connection between technology and price deflation. This seems obvious once you realize it, but I can distinctly remember this not being obvious to me back in like 2019. It's interesting that bitcoin is a technology that is upstream of an intellectual movement.
Published at
2024-04-24 21:38:29Event JSON
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