September 24, 2020
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Coin Fugazi Podcast 9 showcases the Bitcoin Cash (BCH) argument as primed for this moment in history, for 2020 and immediately beyond. BCH is singular in its focus upon earning hard money, sound money status in the digital space by emphasizing itself as a store of value and medium of exchange. COVID-19 pressed governments to spend, print, and involve themselves into every aspect of life in unprecedented ways. Something has to give. No one can say when, but there does appear to be an opportunity for alternatives opening, a time for options, and especially in the realm of economics. Lead developer Amaury Séchet of BCH reference implementation Bitcoin ABC takes us through what is increasingly looking more like the Bitcoin Cash moment.
00:00 The history of money and its evolution
06:20 Fiat is superior to gold
08:00 What has Rome ever done for us?
10:40 The dark side of fiat money
13:35 The moral hazards of politicians controlling money
18:15 Inflation has its limits
20:25 COVID-19 and unprecedented monetary times
22:20 Expecting a correction
24:35 2020 is 2008 all over again
27:40 Bitcoin (BTC) seemed like an ideal solution at first
28:50 Cryptos are no longer trying to solve a main problem
32:25 Medium of exchange is just one property of money
35:00 What makes a good store of value in crypto?
38:15 The window of opportunity is now
40:45 Bitcoin Cash is the goldilocks coin
Amaury Séchet is one of the least dogmatic, most interesting thinkers in cryptocurrency. I never walk away from a Séchet discussion without some new mental nugget to chew on. He always gets me churning over ideas in my head, questioning cherished beliefs.
He's also something of an arm-chair economic theorist who just happens to lead one of the world's most popular cryptos, Bitcoin Cash. In only three years, BCH managed to carve out a case for medium of exchange usage, demonstrating the power of peer-to-peer electronic cash.
Séchet was early to warn about too much emphasis on spending, and I remember conversations with him where he lamented how so many BCH enthusiasts were poo-pooing the importance of digital money becoming a store of value. It was a trend in danger of almost dooming Bitcoin Cash, as spenders ruled the day while savings and attracting real investment was sidelined.
Somewhere along the way, as folks tired of the medium of exchange idea due to the coin's inability to hold value, many left BCH for other, sexier projects. Since seemingly no one could figure out the medium of exchange + store of value riddle, why bother? Onto DeFi! Onto Yield Farming! You get the idea.
And then COVID-19 happened, ushering a new interventionist age. Governments have seized upon the chaos and crisis, and it only takes an incentive model to work out why: the more they spend, the more they print, the quicker they're insulated from problems of their own creation, and the more ordinary folk learn to rely upon their benevolence and largess.
To long-time economic analysts like Séchet, 2020 is 2008 on steroids. Can Bitcoin Cash take advantage of learning from past mistakes? Is this the Bitcoin Cash moment?
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C. Edward Kelso is CEO of Coin Fugazi
CONTACT: cedwardkelso@gmail.com
It's nice