Bitcoin is Valuable Because it is Scarce - Perspectives From an Ex-Jehovah's Witness
How my journey out of the Jehovah's Witness faith helped me recognize something very important about Bitcoin
I used to be a Jehovah’s Witness.
Knocking on your door Saturday morning…offering you a Watchtower and a free home bible study.
Sorry I bothered you…
I believed it because I was born into it.
When you’re a kid you don’t have much of a choice. Mom and Dad dress you up for church several times a week and you go learn about God. When I became an adult, it was just the natural thing to keep on doing, until I finally had one of those moments where I really questioned what was going on around me.
Then my faith crumbled to the ground in just a few short weeks.
Most of it revolved around one of the core teachings of the Jehovah’s Witnesses.
That I would live forever in a paradise earth…provided I was a good boy and continued to follow ALL of the rules set out in front of me!
In the end, it all worked out for the best. In fact, I think it helped me understand a very important thing about Bitcoin — the idea that SCARCITY is important.
The Problem With Everlasting Life on Earth
At first glance, living forever sounds nice.
Plenty of food and water for everyone. Land, a nice house and like-minded people all worshipping God together. What could go wrong?
Well, let’s follow things through to their logical conclusion.
Everlasting life on earth means your TIME is abundant. So abundant, it slowly becomes meaningless.
I would be able to have as many pets as I wanted, even animals now considered wild would be tamed and docile, allowing everyone to be their own Sigfried and Roy. Plenty of food would also be available to all, unlimited fruit platters and vegetable spreads were the norm in Jehovah’s Witness literature.
While this all looks nice for a bit…it would get boring in time.
Maybe I would’ve enjoyed it for 50 years, or 500 years, or 5,000 years. But I was sure I wouldn’t be happy living for 50,000 years this way (or any way).
I figured out that there is a specific reason my time here on earth is valuable…
Because it is SCARCE! I have a limited amount of time to live, thus everlasting life lost all appeal to me almost overnight.
The same problem exists today in a different format.
The Problem With Paper Money
After I departed from the Jehovah’s Witness religion, my mind was opened.
Anything and everything was on the table. Lies would no longer be tolerated, truth became my mission in life, no matter the consequence. I was determined to not be fooled again.
Thus began a journey down the Bitcoin Rabbit Hole.
It doesn’t take long to realize the big problem with fiat currency.
It is unlimited, scarcity is not a factor in the production of paper money.
Oh sure, politicians and Central Bankers play the game of pretending they are restraining the production of fiat. But come any particular “emergency” the printer is fired up and currency units are produced to meet said need.
You only have to look at the Greenspan put, the 2008 bailouts, and finally the epic COVID money print of 2020/2021 to know that the guys in charge only have one tool in their tool belt - print the f*ckin’ money.
So because fiat is unlimited, it loses value each and every day. Sure some years you may only lose 2%, but some years you lose 20%.
That is why things with UTILITY like houses have become so overvalued. They are hoarded because they continue to absorb dollars that are printed.
Thus I discovered, like many of you, that fiat is absolutely worthless at its core.
It is only valued because of the mutual trust people have among each other and the governments issuing the currency.
And that trust is now rapidly eroding.
Bitcoin is the Solution to the Fiat Problem
This isn’t just an individual issue.
Nation-states around the world are wrestling mightily to get out from the oppressive thumb that is the weaponized dollar.
Gold has been a partial solution, especially for China and Russia over the last decade. They are stacking like never before, but it’s just a band aid. Gold can and will be manipulated as well due to some of its inherent faults. Storage and centralization are major issues hampering gold down to this day.
The real, and long-term solution will be Bitcoin due to several factors, but the one we are discussing today is ABSOLUTE SCARCITY.
Unlike fiat money, or the everlasting life promised to me by the leaders of the Jehovah’s Witness religion, Bitcoin has a cap on its supply.
21,000,000 coins for all to use, for all eternity.
This mind-blowing discovery has barely reached into the minds of humanity, but when it fully does a true enlightenment will ensue.
Cooperation rather than coercion will become the driving force for all humans, and no government, no matter how powerful will have to play by the rules.
It will be a beautiful thing, one which we cannot fully comprehend — yet…
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