Sublime

The problem with government‐provided money is that its hardness depends entirely on the ability of those in charge to not inflate its supply. Only political constraints provide hardness, and there are no physical, economic, or natural constraints on how much money government can produce.

So Bitcoin has a huge advantage over gold in transactions: clearance does not require a specific custodian. No government can control what code you have in your head.

Bitcoin constrains legacy states. Bitcoin is the next most important prerequisite for the network state. As a government of governments, it guarantees the sovereignty of both the individual citizen and the network state itself.

The fatal flaw of the gold standard at the heart of these two problems was that settlement in physical gold is cumbersome, expensive, and insecure, which meant it had to rely on centralizing physical gold reserves in a few locations—banks and central banks—leaving them vulnerable to being taken over by governments. As the number of payments and set

More importantly, fiat allowed governments worldwide tremendous leeway to bribe their current citizens at the expense of their future citizens by creating the easy fiat tokens that operate their payment networks.

Bezos-style invariants

Satoshi believed that his mining algorithm was mimicking gold.