A lot of people don't understand Bitcoin. Most, though, don't have an armchair obsession with being wildly wrong about the topic.
Keynesians have no chance at understanding the point and role of Bitcoin, because they fundamentally aren't into cooperation and fairness.
If something is conducive to fairness and to nobody having special privileges, this defies their instincts about how life and economies work. It doesn't rub them in a warm and fuzzy type of way.
Their instincts are to be conniving and manipulative, and whether or not they'd admit it to themselves, they think those are the qualities that make the world go 'round.
Cooperating on even terms is of course actually best long-term.
Even short of Bitcoin being the default, commonly used currency in whatever glorious anarchist vision of what the world looks like hundreds of years from now...
Bitcoin will eventually just start to be used by nation states who want a practical way of keeping score fairly between each other. (Gold is okay for this, if we're talking about super large reserves where the friction of passing it back and forth doesn't matter too much. But Bitcoin is more seamless and easier to store and account for, and eventually they'll get used to it being more valued, and they'll expect it to be a better thing to hodl for decades.)
This idea we have today where the US is essentially the trusted central source... may have served a purpose in the mayhem following the world wars. But it's wildly lopsided and just not a thing that can or should continue into perpetuity.
The "stability" of the fiat currency to me seems totally moot when you consider that you need an all powerful source behind it. Essentially, all the wars and chaos and uncertainly that flow out of the US empire and its global military presence is the trade-off. (And good luck to fiat currency lasting a week if it's not de facto backed by military muscle.)
It's really just not fair that the US has gained tons of value for nothing, simply for being perceived as the trusted party of issuing currency units.
And in the long-run it hurts the US the most, because she grows to be dependent on this behavior and on the current perception continuing, and not to mention picks up some enemies. The sooner we start working for our value, the better.
But in the mind of the armchair Keynesian, one party having an upper hand (backed by violence and the willingness to use it) makes total sense. They believe this is the bedrock of how economies form and how human beings coexist. One side being randomly special and the other side not being special makes sense to them.
They're demented.
Keynesians, as I see it, are basically ugly people who tend to want to manipulate others as their way of doing things, and they've been "taught" an upside-down version of economics that matches their ugly mindset and ugly qualities.
(I don't think it's like they're decent people who have read too many screwy text books. They're screwy people who are naturally drawn to these theories because they're anxious to hear why using violence and getting things unfairly is a good thing.)
Problems to them are solutions, and solutions are problems. And of course they'll be wildly off about what Bitcoin is and why it matters, while the people who understand it -- or at least the people who have better instincts and take a chance -- will get rich and continue to laugh at them.
p.s.
I'd say the extreme PC-culture, SJW type is actually very redeeming relative to the Keynesians. They at least have a valid underlying thing, of wanting people to be accepted and wanting to highlight where language can divide and offend. Their problem -- at least, the loud ones among them -- has to do with going too far to the point of hysteria and not making sense anymore.
The Keynesians though are just bad from inception. Essentially, they're interested in advancing the story lines of big banks and empire. They're people who fundamentally crave control and authority.
Throwing a brick thru a window because you're mad Hilary Clinton lost to Trump at least has some childish zest to it. Being an armchair Keynesian feels just so uninspiring and lifeless. Oh, please, could you tell me another boring theory about QE and why it's good that a handful of bankers control so much of the economy? ๐
Congrats Keynesians -- you win. You are the most demented of the leftist psychologies. ๐๐๐๐
Do you think Keynesians donโt get Bitcoin because they see deflationary currencies or naturally occurring market cycles as slow and detrimental to people?
I think that's a part of it. I think it's chicken/egg essentially. I think believing the theories about why a deflationary effect is bad (and why we need a few people constantly tinkering around with the supply) is a belief that manipulative, busybody type of people are more susceptible to.
And being anxious to try to patch over market corrections is a thing that short-term oriented people are more susceptible to.
So I guess my belief is that -- with the occasional exception I'm sure -- people who believe Keynesian theories tend to have flaws that lead them to those beliefs. And if they had a better heart and soul, it would be hard for them to believe those things about deflation and stuff.
In my experience "debating" or talking with them, it's always the dirty tricks of strawmans etc., always trying to distort what the other person is saying rather than engage fairly and see how their arguments stand up. So I've come to see them as kind of lousy people lol.
Plenty of people I think don't care much, and might passively assume that the truth is somewhere in the middle or something. Or they took a college class and have some ideas in their head, but they aren't attached to it or particularly interested in it. Those people are fine. I'm talking more about the people who study all the theories and actively try to pass along the kool-aid. ๐
Haha, I completely agree about passing the kool-aid. No thank you. ๐
Good thoughts. That was helpful, thank you. Good to speak with you, btw!
Likewise!! Was super cool to see you show up! ๐ Hope you're doing great. Gonna have a look at your blog in a little!