If you’ve followed the recent news, you’ve certainly noticed the Federal Reserve telling EVERYONE, ” We have your back, no matter what!” Airlines, cruise companies, auto manufacturers, banks, all businesses good or bad.
Now that may seem very admirable and smart in these moments of crisis, but is it, really?
Do we want the U.S. Government to come swooping in with its Superhero cape and rescue us all from poor decision-making and risky behavior over the last decade?
Did anyone learn from the last financial disaster and modify their ways or at least not repeat the same mistakes? After all, who is really bailing out whom?
Ultimately, it’s the taxpayers and inflation that will be there to do the heavy lifting.
OK, you say, but there is no other way. However, during this ” black swan” of 2020, we have seen another way. And it’s with decentralized finance ( ” DeFi” ).
You see, both Bitcoin and DeFi underwent a massive hit to their platforms during this crisis, and arguably both have come out stronger.
They have proven that they didn’t need circuit-breakers to reign in panic-selling like the stock markets do.
They don’t need central authorities like the U.S. Government or Federal Reserve making crucial decisions that frankly are unprecedented with unforeseeable results.
Bitcoin and DeFi, on the other hand, have shown that they are ANTIFRAGILE, i.e., that the recent stresses to their systems have actually made them STRONGER. That is certainly NOT the case with our Government and its “unlimited” money printing and promised bailouts.
This, of course, has in the past, and will going forward, lead to continuing, improper risk-taking. If there is always somebody ready to bail you out, why not?
It is evident, then, why the government’s financial system and decision-making are fragile, rather than antifragile. It never really learns from its previous mistakes.
It’s a prime example of the time-honored definition of stupidity : keep doing the same thing over and over and hope for a different result!
We continue to believe that in America we are in a free market system. However, with trade restrictions and mass bailouts, we are anything but that!
More and more people are waking up to reality, and will grasp the obvious benefits that are already in place with Bitcoin and decentralized finance. They are already here, have proven themselves in these scary times, and are ready for mass adoption. They are the REAL AND ONLY TRUE GLOBAL FREE MARKET!
No Superhero with cape necessary!
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