the Hasu is an independent author, Ex-poker Pro, and Evil Morty in a personal Union. He conducts research on Bitcoin & co., and published the results on his Blog uncommoncore.com he operates together with Su Zhu. With over 12.400 followers on Twitter Hasu is one of the most distinguished Bitcoinern in the German-speaking countries. BTC-ECHO has met him for an Interview.

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6. April 2019TeilenFacebookTwitterLinkedInxingemail

We spoke with Hasu on free markets, the Cashless Society and why it is not bad that your not able to pay for coffee with Bitcoin.

BTC-ECHO: What intrigues you about Bitcoin?

Hasu: money is an insanely important asset. Since everything is traded against money, half of all transactions. And yet we know not at all precisely what money actually is. This is, in my opinion, to the fact that consumers have no choice, what money you wish to use. Because in General money is not a monopolistic Good, issued by governments or Central banks, as competitive as other goods exists.

And since it uses Bitcoin: There is the attempt to create a currency that can function without the consent of States and banks. If you believe in the free market, it is also the Belief that the products are in free competition better. And that is why I also believe that free markets can bring better money than the [monopolistically active] Central banks.

to offer forms of Private Money, however, is not a new phenomenon. The innovation of Bitcoin is, however, that this Form can hold the money due to its decentralization the resistance of nation-States.

BTC-ECHO: Bitcoin is a complex construct that is cognitively difficult to penetrate. Where was you the point at which it „clicked“ and you realized that Bitcoin is here to stay?

Hasu: As indicated, this Moment was when I tried to question what money actually is. I have found that money is a commodity like any other, and also from the free market determines it should be. It is also quite interesting to look at what properties good money, what are the properties of people of money value and which are no less advantageous.

What, for example, makes the Euro better than the old Turkish Lira? If you think about it, from the beginning, the characteristics of good money: the breakdown of. In free markets would prevail, then good money, because the consumer has more money, whose properties he considers to be advantageous.

Through the choices of the consumer benefits to individuals arise to take advantage of good money – a more robust world economy, for example – and, of course, for investors who can benefit in this early Phase of investing in Bitcoin.

„, Bitcoin can be described as the rarest Asset in the world.“

BTC-ECHO: Bitcoins properties differ from Fiat money to the part enormously. What are the properties of Bitcoin make good money? What is the most important feature is Bitcoins?

Hasu: I would say that bitcoin’s most important feature is its censorship-resistance. I also think that the 21 million Cap of bitcoin adaptation was probably quite helpful. In the world there is no other Asset that is undetectable at last – so you can describe Bitcoin as the rarest Asset in the world. And this is interesting: If you consider that there could be a true rarity in the Digital, contrary to the Intuition speaks. Because files can be copied, the rules can be changed.

on the Other hand, you can make only in the digital domain the rules so absolutely, that something as shortage can mathematically prove.

So if you are looking for the most rare Asset in the world.“Every person should have the freedom to decide for themselves what money he uses.“

BTC-ECHO: In countries like Venezuela is a Bitcoins value proposition on Hand. There, Bitcoin would work now better than the national currency. You see, even for industrial countries such as the USA, have a sufficiently well-functioning currencies, a Use Case for Bitcoin?

Hasu: philosophically, the BTC is also in countries with comparatively stable currencies, its justification; for the sole reason that I think that every person should have the freedom to decide for themselves what money he uses.

You have mentioned good reasons why the Bitcoin adaptation is to go in first world countries is much slower than elsewhere. Because here [in industrial countries] has to win simply less, if you use Bitcoin. This is also the reason why we have to deal much less with money. There is no need.

Someone who lives in a country where his money is losing on a monthly basis ten percent of its purchasing power – as is currently the case in Turkey – the need to actively think about how he protects his assets. There you will discover a lot faster, the meaningful Alternatives.

But also in countries such as Russia or China, there are Bitcoin Use Cases for the so-called High-net-worth Individuals, so very rich people. For such people, it might be worthwhile to save a portion of your money in Bitcoin, to expropriations prevent.

For citizens of industrial Nations should not be the benefits of BTC, however, still large enough for a wide adaptation.

I would go even deeper and say that Bitcoin is competing with nation-States, not Central banks. Nation-States are the true gatekeepers of the existing financial system. Central banks exist to act in their interest.

BTC-ECHO: not in the long term?

Hasu: When we think in the very long term, then. Currently, the volatility is the biggest cost factor for Bitcoin investors and slows down the adaptation. Bitcoin is still pretty small in comparison to other currencies, the biggest part of its value comes from speculation. And ensures that the course is relatively volatile. The present course contains Yes, not only the current adaptation, but also the market’s expectations for future adaptation and is subject to a large degree, the optimism or pessimism of speculators.

The bigger Bitcoin, the more the ratio of current size to the remaining growth potential is changing. Thus Bitcoin is becoming less volatile. Once Bitcoin is stable, I need to make me worry about real assets losses on exchange rate fluctuations. Then, the advantages compared to the conventional money system [of censorship resistance, PERMIS Sion lessness], and I’m much more willing to hold Bitcoin. In the long run Bitcoin as a kind of Pacman could absorb its competitors. Only small, weak currencies such as the Turkish Lira, but with increasing size could compete with Bitcoin and the Euro, the US Dollar or the Japanese Yen.

„, Bitcoin is a completely new kind of money.“

BTC-ECHO: On your Blog you also write about the so-called Cashless Society [a phenomenon, which is based on the Disappearance of cash from the company]. How could be Bitcoin is a kind of hedge against the cashless society?

Hasu: I have the impression that today, efficiency is increasingly important – and so is increasing the importance of the middle men. The disadvantages are displaced. In each digital transaction with a middle-man, we need to be clear that this data can be recorded about us, and analyzes transactions to block or even freeze accounts.

The cashless society is said – simplified – especially of three powerful groups desired: payment service provider like Visa or MasterCard and earn on each transaction a small fee. Advertising giants like Google and Facebook want the additional data to our attention in a more targeted way to sell. And States and secret services dream of seamless Surveillance, to prevent crimes before they happen. So these are powerful Lobby groups that can speak with a United voice, while cash benefits only the Individual.

the origin of the question: The efficiency of digital payments is something Great. However, it must be clear to us what we give up in order to sovereignty. Therefore, it is interesting to explore how one can receive both benefits. Here Bitcoin comes to my mind in the game, because it is a completely new kind of money. Bitcoin is not a Revolution but rather a Evolution of money. With digital payment and cash it combines two types of money that were previously incompatible.

Also, the Rai stones were used on the Yap Islands of the Ulithi Atoll, as money. Value transferred to the residents by entering the ownership in a cash book – which is reminiscent of Bitcoin.

BTC-ECHO: Who assumes to have Bitcoin understood, is generally convinced, that the currency exists in 20 years. There are, in your opinion, good reasons to the contrary? What are the biggest risks to Bitcoin are from your point of view?

Hasu: This was actually the method I used initially. I have tried, me reasons to imagine why Bitcoin could fail – and then refuted. And to be honest, I find that pretty hard. In the beginning, I’ve seen much more, but have lost their effect.

Many see the risk that Bitcoin will be banned. But even then, you could use Bitcoin yet [radio waves, block-stream, Peer-to-Peer platforms such as bisq or local bitcoins would also allow for Forbidden trade]. Also bans would be pretty costly. Because in the case of Bitcoin there is no Central point of attack.

A second point is the scaling. All the local systems do not scale slowly, as Bitcoin is. Bitcoin scales, as well as it goes – but it is slower than centralized projects. Nevertheless, I would say that Bitcoin is the Blockchain, which is one of the most easily scalable. Nowhere else can you transport with as few Bytes as much value as is the case with Bitcoin. The power of the Blockchain „easy,“ and provides for a potentially faster scalability than in the case of projects such as Ethereum.

A third point is that Proof of Work would be. Bitcoin uses Proof of Work to make Changes in the Central Ledger artificially expensive so that only honest Miner can afford it [and for your honesty in the Form of BTC payouts will be rewarded, Anm. d. Red.]. This is a key aspect, without the Bitcoin is not working, and thus in the eyes of the Bitcoin users, of course, no waste (you pay for the consumed electricity). However, it will be understood by many skeptics miss, and is thus politically, a point of attack.

„didn’t do Whether I pay my coffee with BTC, Bitcoin.“

BTC-ECHO: one often speaks of the proverbial Cup of coffee. Do you think in ten years we can buy coffee with Bitcoin?

Hasu: I think the debate, to be honest, a little tedious. Because this is the part of the payment transactions, it has the least necessary to get competition. There are incredibly many solutions to pay for coffee. Since we are already much closer to the Optimum. Bitcoin can attack hardly or a better Alternative.

Bitcoin is competing with the lower levels of the [base money, M1]. A new Fiat currency, you can’t offer as easily as a new payment system for coffee. If I pay my coffee with BTC, it has nothing to do with Bitcoin. That would be a tragic waste of potential. Sometime the can come; to optimize it, but it would be completely the wrong way.

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