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204 - What is Bitcoin? with Robert Breedlove
Bankless
The Problem With A Fiat Money System
Under a fiat money system, private property becomes traceable and confiscatable, making individuals subjects of the state with no opt-out option. Unlike in the past, where irresponsible monetary policy could be countered by redeeming currency for gold in another jurisdiction, in a fiat system, individuals are perpetually subject to taxation through inflation. Holding dollars in a bank account leads to a loss of purchasing power as every printed dollar represents effectively stolen labor.
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