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Is hyperinflation inevitable? Jack Dorsey says it will “change everything”


The world listens when Square boss Jack Dorsey talks about hyperinflation. And Twitter responses. Since the so-called advanced economy is now experiencing the pain that inflation brings, the idea is on everyone’s mind. Every human being has a front row seat to witness the consequences of relentless money printing in the United States. And, since the dollar is still the world’s reserve currency, they are all feeling it.

Related Reading | Bullish for Bitcoin: US inflation expectations emerge from decade-long downward trend

This is Jack Dorsey’s tweet:

You see, he’s not just talking about inflation. He went for “hyperinflation,” which caused a backlash in replies and cited tweets. They accused him of intimidation and quoted official numbers from him. And non-speakers probably have a point here, because the United States is far from the reality of what this term means. However, one thing is for sure: the Money Printer is … and it hasn’t stopped working since the Covid hit.

Negative and moderate response to Jack Dorsey’s tweet

This is an example of an unnecessarily abusive response from a traditional financial person.

This guy obviously didn’t do his homework related to Bitcoin, so his argument is invalid. And a response is not required. Also, he’s insulting to get attention, which he’s got. So, good for her and her dopamine levels. Let’s hope he enjoys being poor.

This is a Venezuelan economist with a moderate answer to Jack Dorsey.

Since Venezuelans have first hand experience with hyperinflation, let’s consider what he said. The US is just feeling the effects of inflation. The so-called developing economies live with that idea on their backs every second of every day.

BTC price chart for 10/23/2021 on Bitstamp | Source: BTC/USD on TradingView.com

Informative response to Jack Dorsey’s tweet

Alex Gladstein of the Human Rights Foundation, a notorious bitcoin maximist, wanted to tell Jack Dorsey.

He is not lying. Hyperinflation is “Already one of the biggest humanitarian crises in the world.“However, the United States is far away.”Turkey, Nigeria, Ethiopia, Iran, Lebanon, Venezuela, Cuba”, And the situation in Sudan. And, since the dollar is still the world’s reserve currency, they have a comfortable cushion to withstand the effects of constant money printing.

Balaji Srinivasan, a serial entrepreneur and former Coinbase CTO, answered Jack Dorsey with a complete idea. A “Censorship-resistant inflation index.

In the project, he brings out some difficult facts:

“If inflation is a government-caused problem, then we cannot necessarily rely on official statistics such as CPI To diagnose or remedy it. In fact, in places with high inflation, censorship and denial are the rule rather than the exception. “

If you are technically capable, there is still time to send your proposal and monetize. “পুরস্কার 100k reward for a decentralized inflation dashboard“Beware of it”If you use Chainlink’s Oracle technology in your project, the best dashboard LINK token will be eligible for a $ 100k grant.These tokens are in addition to the original prize.

Poor understanding of terminology

In a Twitter spaces room dedicated exclusively to Jack Dorsey’s tweets, the infamous podcaster Preston Paish concludes.

“I think the perception of the people about terminology, inflation, inflation is completely misunderstood. And so, when you say that we are going to get these inflationary events that will then lead to more QE, which will then lead to more inflationary events. I totally agree with you, but we are saying that so much information is lost in a simple word like deflation and inflation. So the thing about inflation is that this whole system is made up of credit. “

When he says QE, Preston refers to quantitative simplification, which Investopedia defines Such as:

“A form of obsolete monetary policy where a central bank buys long-term securities from the open market to increase money supply and encourage lending and investment. Buying these securities adds new value to the economy and also works to reduce interest rates by bidding on fixed-income securities. “

Related Reading | Jack Dorsey plans to create a decentralized exchange for bitcoin

That being said, Preston asks:

“How many people in the United States or around the world have that context when it’s not their skill, right? They didn’t get majors in macroeconomics, or money, or whatever. So, it’s just all the buzzword that people throw around. And, in the meantime, no one really understands what these definitions even represent. “

For more information about See Inflation, Bitcoinist Book Club Siphedian Amuse’s analysis of “The Bitcoin Standard.”

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