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Michael Saylor about Bitcoin: These Engineers, Satoshi and all of these Satoshi compatriots, what they did they created an engineered monetary asset on an open permissionless network that anybody could participate in. Any country. Any company. Any individual. You don’t need a bank. You don’t need to ask permission. Right, it is the ultimate egalitarian system.
If you want to give property rights to everybody in Africa and South America, even in the face of a hostile regime you can do it with a 50-dollar Android phone and a simple download. What is your next best idea?
Go to Zimbabwe. Okay, you have a hundred bucks. How you are going to store your 100 dollars. One more metaphor: If you can’t store property – if you have no property rights. I mean you can’t store economic energy. If I took away every dime from your family – and you got up tomorrow – you will be worried – you will lose your job and you will go hungry right? You need a bank – you got a western world – you have western privilege – lucky you. You have stocks. If you have stocks, they go up 34% a year maybe you are keeping ahead of your inflation rate.
If I take away your stocks, and you have to store in your currency, you can’t stay ahead. If I take away your bank, you can’t even have your currency. The dollar is not the worse currency. The dollar is the best currency.
If I put you in Zimbabwe, you know it is much worse. If you are in Argentina, you have lost 14 to 15% of your purchasing power this year. If you are in Venezuela much worse. So, what does it mean to not have property rights or to not have a strong currency?
It is like being a type 1 diabetic. If you are a type 1 diabetic you can’t form insulin. Insulin converts excess nutritional energy as the fat. Fat is an organic battery. Fat will keep you alive 90 days without food. If you can’t form fat you can eat continuously non-stop and you will starve to death. So, diabetes before insulin – when it was a death sentence. If you live in a country with a collapsed currency – you are an economic diabetic.
In the two weeks, after you lose your job you can’t feed your family, you can’t feed yourself. You can’t plan for the future.
