Michael Pettis @michaelxpettis argues that it is not always obvious who (China or the U.S.) adjusts best to "turbulent changes."
Bitcoin answers that question.
Thread:

World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
Bitcoin, with its easily measurable money supply, has the potential to provide an objective assessment of the value that economic actors attach to government statistics.

Bitcoin is currently flashing serious warning signals that something is very wrong.
/6
For Bitcoin to continue to function as a warning signal, there must be forces in place to counterbalance "fractional reserve Bitcoin" providers such as PayPal, Bitcoin ETFs, other rehypothecation tools.
/7
This implies the need for increased use by private sector actors of multi-currency tools.
These include the Lightning Network, store of value payment systems such as BCH and BSV, and privacy coins. /8
In short - if America allows free market currency features to thrive, it will adjust better than China.

But America clamps down and incorporates Bitcoin into its existing Surveillance Coin system, China (which has far more experience in totalitarianism) will dominate. /9

More from Crypto

You may be wondering why @bristoliver rather cryptically RT’d a chart that I posted last night. The answer is not just that he loves quadratic fits on log axes, but that this chart may –and I stress may– hint at a vaccine effect amongst the over 80s THREAD


WARNING: this is a long thread, and it’s a bit of a roller-coaster. We find some apparently strong patterns in the data, and then start to unpick them a bit. So if you start getting excited half way through you might find you’re less excited at the end. But we’ll see…

First we first have to go back a bit. @bristoliver posted a thread a few days ago explaining why, with a constant vaccination rate, a log plot of cases should show a quadratic form. In other words, it should fit an equation like: a + b.x + c.x^2

I meant to link in the model thread there - here it is


the quadratic coefficient – the ‘c’ in that equation – gives an estimate of the % of the population who are being newly protected by the vaccine each day. Please note ‘protected by the vaccine’, not ‘vaccinated’ – as we don't expect 100% protection after the first dose

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