When fiat is inflated it slowly goes to zero.When it is frozen it temporarily goes to zero.And when it is seized it instantly goes to zero.But hard money cannot be inflated, frozen, or seized. ...

Crypto Services - Binance enables near-instant crypto-to-fiat conversion for EU users [1] - Binance enables withdrawals to Mastercard for EU users [1]

Bitcoin Fundamentals & Philosophy - Bitcoin is presented as a solution to the problem of fiat currency debasement, offering a parallel system where money cannot be inflated [8][9] - The core issue is a lack of understanding of money, leading to participation in a system that individuals don't comprehend [8] - Bitcoin is portrayed as a superior savings technology, enabling individuals to store economic energy and reduce uncertainty about the future [16][29] - The discussion emphasizes that Bitcoin is not merely an investment but a tool for storing wealth and exchanging value [16][18] - Bitcoin's finite supply of 21 million coins is highlighted as a key differentiator from fiat currencies [23] Economic & Societal Impact - The current fiat system incentivizes spending and consumption due to the constant devaluation of money [9] - The debasement of fiat currency can lead to anxiety and heightened uncertainty about the future [9] - The housing market is being distorted as people use houses as a store of value due to the devaluation of fiat money [14] - Millennials face challenges in achieving traditional life goals due to the current economic system [9] Bitcoin vs Altcoins - The report suggests that many altcoins are tech startups searching for product-market fit, while Bitcoin addresses a more fundamental problem [8] - The speaker expresses skepticism about the long-term viability and use cases of many cryptocurrencies besides Bitcoin [7] Practical Advice & Resources - Individuals are encouraged to study Bitcoin and understand its underlying principles [28] - A curated list of six videos is provided at startwithbitcoin.com as a starting point for learning about Bitcoin [33]

Bretton Woods System Overview - The Bretton Woods system aimed to establish a stable international monetary system to foster global trade and economic stability after World War II [6] - The system placed the US at the center of the economic universe, with the US dollar pegged to gold at $35 per troy ounce, and other countries pegged their currencies to the dollar [21][22] - The International Monetary Fund (IMF) and the World Bank were created to oversee the system, promote economic development, and ensure adherence to the fixed parity system [25] Systemic Flaws and Challenges - The system's reliance on a national currency (the US dollar) as the primary source of international liquidity contained an inherent contradiction, known as the Triffin dilemma [32] - The US's persistent balance of payments deficits led to a flood of dollars, eroding confidence in the dollar's convertibility into gold [36] - The US did not actively manage its exchange rate, placing the burden of adjustment on other countries and creating an "exorbitant privilege" for the US [28][31] Demise of Bretton Woods - Countries began swapping dollars for gold, leading to a depletion of US gold reserves [41][42] - On August 15, 1971, President Nixon ended the convertibility of dollars into gold, effectively ending the Bretton Woods system [44] - The end of Bretton Woods led to a system of free-floating exchange rates and a terminal decline in the value of many currencies [47] Legacy and Implications - Bretton Woods institutionalized the dollar's global role as the dominant reserve currency [21] - The system's flaws led to the erosion of the US domestic manufacturing base and a growing net international investment position deficit [39] - The end of Bretton Woods marked the birth of fiat currency, backed by nothing but the issuer's monopoly on violence [46]