Bitcoin, The Land Amongst the Sinking Titanic
This thing (Bitcoin) that emerged out of nowhere in 2009, invented by someone(s) who has no identity, is Bitcoin. We're now at a point where it has become worth several hundred billions of dollars. It's not like in 2017 when this price was fragile, Bitcoin has never been stronger. How ridiculous is it that the world is turning to this esoteric form of money in favour of their government sponsored money? The answer, in my estimation, is quite ridiculous. Yet, here we are.
The Titanic is Sinking
In the latest episode of Go Full Crypto, Mrugakshee and I explore an analogy that both explains our situation as a global economy, and articulates the fundamental difference that bitcoin represents. The analogy is that the world economy is a bit like the Titanic, doomed to inevitably sink in an ocean of inflation. Bitcoin in this situation, is not another boat. Bitcoin is land. The reason why bitcoin is not a boat is because it is not susceptible to sink due to inflation. Instead, it is a perfect solution on which to plant roots, and build the future world infrastructure upon. This analogy points out a fundamental flaw in our current monetary system. Its centralized to one boat (US Federal Reserve), and it is a boat floating on the ocean, headed straight for an iceberg. We can tell that we're headed for an iceberg, and there is little we can do about it.
Exchanges are a Life Raft
Right now, there is an opportunity to make it to the land of Bitcoin. That opportunity is the life rafts that are currently taking passengers off of the sinking ship of the Titanic. Exchanges such as Kraken, Crypto.com, and ShakePay (in Canada) are currently onboarding users to the world of cryptocurrency by carrying them safely to the land of Bitcoin. In this analogy, it is inevitable that the ship hits the iceberg, and begins to sink. Some may argue that the ship is already sinking, and that the opportunity to escape the sinking ship is dwindling. There will come a time when the citizens of the world are thrusted into the icy cold waters of inflation and must swim to the land of Bitcoin. That is why there is a certain degree of urgency with respect to preparing oneself for the coming impact. Whether or not you've taken steps to use a life raft is entirely up to you on an individual level.
We're All on Different Parts of the Ships
Just like the Titanic, the world is structured in hierarchies. There are some among us that are on the sinking part of the ship already. These people are already half submerged in inflation (Turkey, Venezuela, Zimbabwe). While the rest among us dry for the time being. To ignore the sinking ship is to feign ignorance. There are blatant attempts by the captains of our ship (world governments) to fix the sinking ship, and convince others to do the same. All the while, the ship continues to take on more water, sinking the weakest (countries with weakest currencies) parts first, and saving the wealthiest among us for last. To be sure though, the sinking ship will not discriminate who will drown. The ocean is the ultimate equalizer. Those who had millions before the submergence of the world economy will be on the same economic level as those who had none to begin with.
The Land of Bitcoin
The reason why bitcoin is land, is because it is not susceptible to inflation. At all. You may not drown while standing upright on land. That is not to say you are out of harms way, as the land presents its own plethora of challenges that are different than those experience while sailing the open sea. The world embarked on the FIAT ship that is the titanic in the early 1900's. In 1972, the captains of the ship charted a direct course for the iceberg that would doom us all. In an absolutely stunning turn of events, Bitcoin exists today offering us salvation in this dire situation we find ourselves in. It is ridiculous to think of Bitcoin in this way, but here we are. We are presented with the facts, as ridiculous as they are, and we may choose to use the facts to our advantage or not. Imagine standing on the Titanic, and having people choose to stay on the ship, as they simply don't see the life rafts as a reasonable way to save themselves. This is the frustration of a bitcoiner. We want to help, we think we have a reasonable solution to the problem, yet we are faced with ridicule. Truly, the only person that is able to save you, is yourself.
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