Stuffy stuff.

evangelism/episodes/ideas_for_next_episodes.md

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+- Discuss the following quote from the Fiat Standard
+
+    > While many
+	people would be tempted to exit fiat debt entirely and shift to holding hard
+	bitcoin savings, the continued existence and wide availability of fiat debt
+	will offer a strong incentive to borrow fiat and use it to accumulate bitcoin.
+	One of the smartest and most far-seeing analysts of bitcoin, Pierre
+	Rochard, had identified this phenomenon as early as 2013, outlining how
+	bitcoin allows investors worldwide to carry out a speculative attack on all
+	national currencies similar to what George Soros and beneficiaries of low
+	interest rate lending have been doing to weak national currencies for
+	decades, with spectacular success. The speculative attack strategy is to
+	borrow the weak currency, and use the proceeds to buy the stronger
+	currency. As the borrowing of the weak currency causes an increase in its
+	supply, selling it to buy the strong currency causes a decrease in demand
+	for it, and results in the decline of its value next to the stronger currency.
+	This reduces the value of the loan the attacker owes, and increases the
+	value of the currency he holds, a highly lucrative combination. With bitcoin
+	a harder currency than all national currencies, it could serve as the perfect
+	launchpad for attacks against national currencies. It is a natural evolution
+	of the interaction between the two forms of money: hard bitcoin is
+	optimized for appreciating as it is held, while fiat is optimized for devaluing
+	as it is inflated and lent. The likelihood of speculative attacks casts doubt
+	on the monetary upgrade scenario discussed above. How long can fiat
+	survive if people can keep inflating its supply by borrowing it to buy harder
+	bitcoin? We have never seen a similar situation and it is hard to estimate how this will unfold.