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Competition In Currencies
Resolves The Peer-To-Peer Cash Dilemma
Since I am on the panel discussing What Is Competition of Currencies? at the 2021 Bitcoin Standard Conference, it is appropriate that I outline and clarify my thoughts so that both attendees and other panelists will know my position and where I am coming from. Since each panel is limited to 60 minutes followed by a 15 minutes cross-examination by attendees, this means each panelist has the floor for about 10 minutes to expound views.
I will briefly outline what is Competition in Currencies and proceed to describe how we are seeing it work with bitcoin and The Lightning Network.
In The Crypto World, there is a concerted effort to paint Bitcoin Standard Bearers as opposing free markets and currency competition to legitimize the existence of their pet project.
What the Crypto World is really saying is those competing money standards are the same as currency competition. It is not.
The opposite of THE BITCOIN STANDARD is not currency competition. The opposite of THE STANDARD is competing standards which is the sad state of affairs in the Keynesian Crypto World today.
