Hu₿ertus the Austrian

The more astute critics of #Bitcoin argue from two sides: 1. They are able to criticise some silly narratives propagated by some mistaken Bitcoin influencers. My article acknowledges these. 2. They criticise from an incomplete understanding of the total Bitcoin monetary system, as parts of it are still under construction. My article describes how Bitcoin's credit protocol invalidates the fiat criticism. blog.bitcr.org/p/michael-gree…

@EricChennells Emotional element present. Annoying at least.

@HubertusVIE Triggering

If stablecoins "on Bitcoin" can be confiscated by governments, they are not trustless. Calling them "on Bitcoin" seems ... (Looking for the right word.)

@TomerStrolight Yes. Misleading seems to fit best.

@HubertusVIE Inappropriate, misleading, deceptive, pointless…

@Jestopher_BTC Thanks, I thought it’s on RGB? Also, Victor of UTEXO went on today during a Space with Gate about how important regulators are and that they can censor payments. Seems we need to dig deeper here.

@HubertusVIE Bitcoin stablecoins on Taproot assets aren't able to be confiscated or frozen. The market value following a blacklisting is essentially voided.

@matteopelleg Which gives us: Those (A) who get it (B) don’t get it want BIP110 (C) to succeed (D) to fail. Options below. But is “want” is the right verb?

@HubertusVIE You’re absolutely right

The plebs want BIP110 to succeed The elites want BIP110 to fail In one month we’re gonna find out who control Bitcoin

Looking forward to recording a new podcast with @NikoJilch tomorrow. Now that Bitcredit Protocol has started its Open Beta phase on Bitcoin mainchain, should I onboard Niko before the recording?

@Puncher522 Indeed "nothing". Not sure what data that is. Official statistics show a trend reversal. Actually 0.7 % uptick for USD in Q1 2026. data.imf.org/en/dashboards/…

Probably nothing 😳

@WhalesSecret Off topic. Also, that's not a definition of money. Lots of things are accepted in the market and marketable. Bread, milk, apples. Does't make them money.

@HubertusVIE Money is defined by its current market acceptance and salability. If it is used as money today, it is money, even if it is not money tomorrow.

Predict: How many percent of Bitcoiners understand the difference between “money” and “currency”.

@gate_ventures A USDT stable "on Bitcoin" is still fiat crap. The real goal is for Bitcoin to stabilise as MoE. Perfectly doable.

@gate_ventures "Runes failed because most assets do not make sense, most were just memecoins", here I can agree with @VIhnatiuk. Not sure why a braindead concept should move to Bitcoin / RGB in first place?

@gate_ventures Will listen in because of the #RGB aspect. USD is inflationary fiat, though. Pig with lipstick. It should be made Bitcoin-redeemable, just like it was sound and gold-redeemable, once.

For anyone interested about the truth: Adam Back is absolutely, overtly and veritably lying about me *ever* supporting BIP110, or even being "a fence sitter" about it. I have always strongly, clearly and unequivocally opposed any similar fork proposal since the very earliest suggestions. I have always been, and remain, consistently opposed to: - using consensus rules to tackle specific types of onchain spam, - defensively addressing any kind of "illegal data" moral panic in any possible way (mempool policies included), - enforcing any controversial consensus change (including the ones I agree with, unlike this one) without clear full-ecosystem agreement. It's a bit unfortunate that a very influential voice in the industry is lying about me, since I have a smaller reach to debunk him. Maybe some of you can help me by spreading the correction. Thanks.

@f_wintersberger Such a classic example of Orwellian doublespeak. Turning true meanings into their opposite.

'We decide on something, leave it lying around and wait and see what happens. If no one kicks up a fuss, because most people don't understand what has been decided, we continue step by step until there is no turning back.' - Jean-Claude Juncker

@GhostofChad 1. It will be on RGB as soon as ready. 2. If you have any better proposal for a verifiable credit enhancement method, I am all ears.

@HubertusVIE yea because you use brc20 spam tokens for your IOU credit scam 🤡 you're full of shit

Irony: The "monetary maximalists" have minimal understanding of monetary systems.

@4moonsettler The inheritance problem will morph significantly once Bitcoin monetised. Once Bitcoin is money, people will only keep liquidity needs in their wallet for ready money. Everything else will be invested, because otherwise it carries opportunity cost.

had an interesting convo with someone not in #bitcoin. we were talking about "what is even the point to all this?" and then he slipped into the inheritance problem. tried to explain that since bitcoin is programmable money, you can make custodians a fall back option...

@naija_bitcoin @bodhicitta777 @basedlayer It doesn’t. It‘s trustless for end users.

@bodhicitta777 @basedlayer @HubertusVIE I went through the entire article on Hubertus page. I honestly don’t think that system will work because it requires a lot of trust.

IMO the hyperbitcoinization dream will remain a dream. We need fiat. We need the worthless liquidity machine. It funds wars and garbage government programs, yes, and it also funds every unprofitable startup that ever changed the world. On a Bitcoin standard everyone becomes so risk-averse that nothing gets built. We need dirty press-of-a-button money to actually make stuff happen. Bitcoin and fiat will coexist and that's fine.

@timmort_ @arcbtc @jabulanijakes @stephanlivera @adam3us @EliBenSasson I recently summarised it in the pinned article to my Profile. The Community section of bit.cr also has an Economics Section

@HubertusVIE @arcbtc @jabulanijakes @stephanlivera @adam3us @EliBenSasson what are some good books/articles that tug on this thread? or explain it. I like the austrian view that in a sound money world, prod grwth = lower prices.

Capping the supply of Bitcoin at 21M doesn't make sense. Beacuse over time, keys will be lost. In fact, as time goes to infinity, all keys will be lost. I strongly support a clear monetary policy with an absolute upper bound on the # of Bitcoins in the future. Say, fix a max issuance rate and you get that (a good choice is 4% a year, this is a reasonable upper bound on human population expansion). This way, you ensure there's enough to go around. And I'm not even talking about the security problem, looming large on the horizon.

@naija_bitcoin @basedlayer No. Any producer of self-liquidating goods can issue credit. It's FOSS. Same for mints, anyone can run one, just as anyone can be a miner.

@HubertusVIE @basedlayer Is there going to be a group of people in charge of issuing bitcredit? 😊