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I love the idea of BTC and other cryptos, and I own some. But how do we stop the banks and governments from regulating commerce such that we can only use their favored currencies? What good will it be to be a Bitcoin millionaire if I can't spend my money?
Re halving effect: it's always seemed to me the halving is *primarily* psychological. Yes, the supply reduces, and yes the impact of reduced reduction of supply means less supply reduction effect, but the psychological effect - the "talking point" effect - of the halving has helped dramatically drive interest, which is top of funnel marketing, really. That effect hasn't lessened. Every time the halving comes, the news cycle returns focus to bitcoin, reaching new newbies. Top of funnel refilled. Perhaps as adoption spreads the marketing character of the halving becomes less pronounced, but I don't think we're there yet. Got another cycle or two, at least, of good marketing from the halving event as a newsworthy (commentariat) event.
Lyn Alden proposed a unified theory of money in her book, Broken Money. If one views money as fundamentally a LEDGER that keeps track of who owns and controls it, then both commodities (physical-based ledgers) and credit (time-based ledgers) can be seen as two sides of the same coin (ledger).
I don't think gold-as-money began as jewelry. I think jewelry was a way to carry gold as money/store of value back when folks were mobile and un-vaulted. You can still see this in under-developed regions of the world. And turning precious metals into jewelry to transport it across national lines is still in vogue. (It's fascinating how easy it is to carry gold (or platinum) across borders as bracelets or necklaces, no questions asked.) Gold is not valuable because it was/is made into jewelry. Gold jewelry is valuable because it's made from gold. What depends from what matters.
There is a new a new Soveriegn country/government out there in the world. It has no borders and anyone can get in . It has strict rules, but with no rulers. It's rules are enforced by math, electrical current, democratic consensus, human consent, annonimity, and privacy. No one can invade this country with violence because it can maneuver at the speed of light, the assets are largely invisible, and the people are often anonymous. This country's citizens are inviting, nondescriminatory, and think long term. It's free to go into this country and it's free to leave. This cyber/pseudo country has no physical existence but does have one of the largest economies on earth and growing fast. Theis country sounds like magic. So did tue internet when it first arrived. Bitcoin has arrived.
