The creation of a decentralized monetary network provides an escape from the flood of fiat inflation.
Imagine all of the people who laughed at Noah when he was building his ark to save his family from the inevitable flood that the Creator was going to unleash on Earth. Noah's faith was greatly tested as he spent month after month building a monstrous ark for an event that had never happened before. Passersby would have mocked him with such questions and comments as:
- Why are you building such a big boat if there is no water in sight?
- You are wasting your time!
- Where is the flood?
- You are a fool to think that a flood is coming
- Just rest, eat, drink and be merry. No need to worry about a flood!
- You are crazy!
These are the same questions that Bitcoiners get from digital passersby as they build their own arks for the inevitable flood of fiat that is coming (arguably it is already here)!
Just as the Creator told Noah that a flood was coming, Satoshi warned the whole world of the impending flood of fiat with a message encoded in the genesis block that read, "Chancellor on brink of second bailout for banks."
Satoshi went on to build the amazing Bitcoin protocol that provided the building material for Satoshi's arks: bitcoin the asset. In the same way, the Creator created an amazing Earth that provided the resources for Noah to build his ark. Satoshi's arks would enable the whole world to save themselves from the impending flood of fiat.
The only difference between Bitcoiners and Noah is that the fiat flood started before Bitcoiners could even build their arks — and it is about to get much much worse!
When Nixon depegged the U.S. dollar from gold in 1971, he essentially enabled all fiat currencies to be printed in a perpetual flood. We are living in a once-in-a-lifetime moment in history where all countries that can flood their own economy with fiat are doing so at a rapid pace.
The flood waters of the world's fiat currencies are quickly inflating away the value of human time and stealing our livelihoods. Those select few that listen to the message of Satoshi are building their arks by replacing their ever-inflating fiat currency with satoshis. For every dollar, euro, yuan, rupee or any other fiat currency that Bitcoiners replace with satoshis, their ark gets a little bigger.
The size of everyone's ark has a direct correlation to how well Bitcoiners understand the dire circumstances of the world's monetary system, how big their family is and how much of their fiat savings they are able to save from being flooded away.
Satoshi created Bitcoin to cleanse the earth of dirty fiat currencies that rob people of their precious time. Satoshi understood that a dirty fiat world could be fixed with a monetary system that:
- Is decentralized.
- Is trustless.
- Has rules but no rulers.
- Has a fixed money supply.
- Has capitalistic incentives for miners to protect the Bitcoin network through an ingenious difficulty adjustment.
- Has no bias towards the rich or the poor.
- Has the ability to force authoritarianism to bend its knee to the free people.
- Values and properly compensates the time energy expended by humans.
- Requires proof of work.
- Perpetuates prosperity through free market incentives.
As Bitcoiners prepare their arks for the huge wall of fiat floodwaters that continue to consume the world, they are also diligently trying to teach and convince their loved ones to build their own arks. As frustrating as it is for Bitcoiners to teach newcomers about something that only the Bitcoin rabbit hole can teach them, they patiently and steadfastly coax precoiners closer and deeper into the rabbit hole.
After the flood of fiat has receded, the Bitcoin Standard will bring back life on earth and Satoshi's beautiful timechain will forever remind humans that fiat will never flood the Earth again.
This is a guest post by Jeremy Garcia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.