100 years ago there was a devastating hyper-inflation in Germany and Austria. Prices doubled every year after the first world war between 1914 and 1921. "The Austrian currency 'Krone' was delivered in washing baskets, people lit their cigarettes with worthless banknotes. Smart people invested their money in tangible assets or moved it into foreign currency."
Antisemitism grew. Banks collapsed, economic scandals were numerous. Villages printed their own "Notgeld". Let's hope that this doesn't happen again. It reminded me that my grandparents were born in that time. Living through the Austrian civil-war in 1934 and WWII, which was followed by the Bretton Woods agreement manifesting USA as the global financial hegemon. We are living through the next change.
In this article Feb 2021 I describe why THIS is the moment for individuals to front-run corporations acquiring bitcoin.
Bitcoin competes with central banks and base money. Liquid Network competes with SWIFT. Lightning Network competes with Visa. - Vortex
This week on the Bitcoin Magazine Podcast, host @ck_SNARKs sat down with long-time Bitcoin podcaster and advocate @AnitaPosch.
— Bitcoin Magazine (@BitcoinMagazine) February 23, 2021
The two talk about a new podcasting technology being built on top of the Bitcoin Lightning Network, and more.https://t.co/Sw7ewsA1ez pic.twitter.com/pgdwcWEKBO
In Nigeria the inflation rate in 2020 was ~20%. Imagine having 120 Euros or USD at the beginning of the year and at the end of the year your purchasing power is only 96.
Central bankers in our so-called developed world are telling you that the inflation rate is kept at 2% per year. We do not feel that, it's a slower decay. I took a look at statistical data about inflation in Austria. From 2011 to 2021 you can see that consumer prices increased 19% on average. Everything got more expensive except communication.
In the last 10 years we had about the same amount of inflation as Nigeria in 2020. We are all losing purchasing power. In one region faster than in the other, but the system of money creation is flawed everywhere. Source
In Q1 2018 80% of Coinbase' trading volume was from retail investors. In Q4 2020 only 36% of trades where from individuals. That's because, as I mentioned in my article, institutions are flocking in and individuals still do not dare or trust bitcoin enough. We will see, if this picture changes within the next months.
Coinbase dropped some great customer segment data today in the S1. If this chart doesn't make you bullish then you are a lost cause and HFSP. Volume top in Q1 2018 - 80% retail Volume top in Q4 2020 - 36% retail pic.twitter.com/EaqAiZRDTS
— Larry Cermak (@lawmaster) February 25, 2021
Central banks of China and the United Arab Emirates join digital currency project for cross-border payments.
Taking $USD out of the equation Press release: Central banks of China and United Arab Emirates join digital currency project for cross-border payments https://t.co/BcPWL1Mkt7
— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) February 23, 2021
... and the energy consumption of Bitcoin
The current financial system is built on oil. Hence it's called Petrodollar. You know how much damage the oil industry and wars do to the environment, right? Now come again and tell me that a financial sytem on #bitcoin powered 30-70% by green energy is an ecological disaster.
— Anita ✊🏼🔑🏳️🌈🏊🏻🚴♂️☮️ (@AnitaPosch) February 21, 2021
Which leads to my current podcast interview with Philippe Bekhazi: Bitcoin Mining in Practice
https://youtu.be/FlSfryXNqg8
Subscribe for my weekly newsletter. It's free.
If you want to check, here is today's Bitcoin price.
No financial advice. DYOR.
Based on: Learn Bitcoin
The Bitcoin Whitepaper as published by Satoshi Nakamoto on Oct 30, 2008
My guest is Adam Back, inventor of Hashcash, cited in the Bitcoin whitepaper, and CEO of Blockstream, discussing his contributions to cryptography and building future internet infrastructure.
My guest is Andreas M. Antonopoulos, addressing common misconceptions and FUD surrounding Bitcoin, including volatility, energy consumption, wealth distribution, and risk of failure.
Subscribe to my weekly newsletter: The Orange Journal
Join my Bitcoin learning platform Crack The Orange and I'll give you all the tools and knowledge you need to use Bitcoin in a secure way.
Read my book (L)EARN BITCOIN