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Intro
This chapter explores a recent paper by the European Central Bank on Bitcoin's potential to disrupt the financial system. The speakers critique the ECB's views on wealth redistribution, shedding light on the evolving dynamics between Bitcoin and traditional fiat currency.
"Panic is rising. Bitcoin, the way out of their giant Ponzi scheme, does not want to die, but the survival of the fiat system depends on the lack of an alternative. The entire system is therefore in danger."
— Alexandre Stachtchenko
The ECB is at is again with a new, 20 page "research" paper on the economic dangers of a possible future in which Bitcoin survives. Yes it's just another pile of drivel from the same authors who have decried Bitcoin as a useless, empty bubble destined for a quick and embarrassing death. Yet the embarrassment seems to turn the other way when the bubble still doesn't pop, and Bitcoin still doesn't die.
Despite the obvious intellectual dishonesty permeated throughout the paper, is there a more fundamental capitulation in their framing? Have they actually conceded something critical despite their careful attempt to show no signs of any possible benefit to Bitcoin whatever? Is there a sense of panic in their words?
Check out the original article at The Great Capitulation by Alexandre Stachtchenko (Link: https://tinyurl.com/3sczkspe)
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"He was giving me enough rope to hang myself with. Apparently he didn't realize that once a noose is tied it will fit one neck as easily as another."
— Patrick Rothfuss
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