Hacker News Reader

Comment by gitfan86 | Hacker News Reader

Ironically, BTC has been very successful at scaring some government officials into thinking that people may abandon their fiat money if fiat printing doesn't get under control.

Because of this threat fiat printing will be never get to the point that BTC is a good store of value. It has been a huge success at what Satoshi was railing against, but will be a huge failure for the Michael Saylors of the world.

View on HN

The reaction of stock and bond markets is something approaching 100% more important than Bitcoin in changing government policy.

If Bitcoin was inconsequential all the worst people wouldn't be coming out against it and governments across the globe wouldn't be actively trying to stop it.

I have no idea if Bitcoin will ultimately be successful, but it is telling to look at the powerful people who are the most vocal against it.

Except in this case it was enforced in a top down manner by an extremely corrupt president. No doubt he himself holds a huge bag and intends to funnel the wealth of his nation into pumping it.

You ignore the obvious for some farfetch conspiracy

Both things can be true. This politician can be corrupt and looking to enrich himself, and other politicians can see Bitcoin success as a threat to power.

The first step is realizing that the central bank fiat systems are designed to be corrupted for the benefit of the people issuing the currency and their associates. Bitcoin may or may not successfully counter that, and Bitcoin may not necessarily be less corrupt.

> Ironically, BTC has been very successful at scaring some government officials into thinking that people may abandon their fiat money if fiat printing doesn't get under control.

Weren't much the same things said about gold pre-Bitcoin?

Reply on news.ycombinator.com