"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution"
"Payments" appears in literally sentence #1.
Give the man a break: he was a visionary but he could not predict the future exactly, and in hindsight, something that takes 10mn to confirm a transaction was likely never going to be used as a currency, at least not until layer 2 tech (lightning) delivers.
payments = replacing bank wires and ACH payments, not buying coffee
He/she/they meant bitcoin is a bearer instrument like gold and not something that has to be redeemed. It doesn't represent debt the way a federal reserve note (a.k.a. a dollar) does.
Most of the white paper could have been boiled down to this:
Bitcoin is a non-sovereign, hard-capped supply, global, immutable, decentralized digital store of value. Itβs an insurance policy against monetary and fiscal policy irresponsibility from central banks and governments globally.β@Travis_Kling
>The FEDs of the world, that pump up the monetary supply have all agreed on the same game plan: It's call UP is the only way out. The only way to deleverage the economy is to inflate away all the debt. The Governments of the world are all on board with this policy. Why do you think they're all so desperate to create high inflation (3%-4%)? That's how you reduce the debt burden.
You know, if the central banks actually did their job properly you wouldn't want to hold BTC at all because the income of workers would rise faster than the value of your BTC. They are not desperate just incompetent (well, in theory they are unable to solve the problem).
Also kinda corrupt: https://breedlove22.medium.com/masters-and-slaves-of-money-2....
somehow i don't think they're going to spend trillions of dollars for beanie babies.
Bitcoin is a STORE of VALUE, like gold or Bonds.
We're currently in an age of unprecedented Fiat currency devaluation the likes of which we've never seen before in such a developed country. And we're only going to see much much more of it as the younger generations have made it clear they want much more from government in the way of fiscal and stimulus than they want taxes. Hence deficit spending will continue to expand and expand. The Fed will keep printing money until inflation runs super high: 2 to 4%, they said they would be happy with! and lets not forget the CPI is undervalued by at least 1%.
the monetary supply this year has expanded at a record pace, just look it up. Assets have been exploding over the last 10 years, both in the US and worldwide.
What all this means is that there is an unprecedented need for a stable STORE of value. It's not about bitcoin. It's about having a store of value that's guaranteed to not be inflated and the world has a huge burning need for it. this is why bitcoin will expand from 700Billion today market cap, up to 10Trillion or 20T or more over the next 5 to 10 years. maybe not in a straight line but it will get there and even exceed it maybe. Bitcoin may be the new bonds, in about 30 years time from now.
The FEDs of the world, that pump up the monetary supply have all agreed on the same game plan: It's call UP is the only way out. The only way to deleverage the economy is to inflate away all the debt. The Governments of the world are all on board with this policy. Why do you think they're all so desperate to create high inflation (3%-4%)? That's how you reduce the debt burden. 10 years of 5% inflation can reduce your debt almost in half, right along with anyone's savings. And by keeping interest rates at 0 or less, they want to make saving as painful as possible, so people will go out and spend their entire retirement savings on consumables to keep the economy going in the short run. the only way to protect yourself from this is to own: Stocks, real estate (not scalable or viable for most), and Gold. That's all there was. Until now. Now there's bitcoin, another way to diversify and not put everything into super high stocks.