yopyop
Local Pack Strategist
2
MONTHS
2 2 MONTHS OF SERVICE
LEVEL 1
300 XP
I see a lot of people mentioning that the current global pandemic, which results in the government printing money to pump into the economy, is what bitcoin was intended for. It’s not false that you can use bitcoin as a hedge against the resulting fiat inflation the government’s actions cause, but the current situation also makes it very clear why a decentralised currency would fail to serve the people during something like a global pandemic.
If we would not interfere with the economy right now, businesses would go bankrupt very fast. People would not get paid anymore and would be unable to buy food and basic necessities. The whole system would come crashing down resulting in absolute mayhem which would mean even more deaths. But because fiat is centralised, we can prevent this from happening. The side effect is inflation which sucks a bit for people with savings, but since a global pandemic affects everyone, we all lose a bit here.
If we would not interfere with the economy right now, businesses would go bankrupt very fast. People would not get paid anymore and would be unable to buy food and basic necessities. The whole system would come crashing down resulting in absolute mayhem which would mean even more deaths. But because fiat is centralised, we can prevent this from happening. The side effect is inflation which sucks a bit for people with savings, but since a global pandemic affects everyone, we all lose a bit here.