Let's talk about the recent market. BTC may not plummet as fast as last time in this wave of market.

A big variable in this wave of market is war. Most overseas regions are not peaceful now. When there is force majeure natural disasters or wars, traditional finance will burst like a bubble.

Speaking of this, I have to talk about something off topic. What is currency?

In [The History of the Development of World Currency], it is mentioned that currency is the value given by political power and military power, and it is a product of extreme centralization.

I will stop here and say no more.

Therefore, the endorsement of traditional currency is the embodiment of power. Even in the smallest kingdom, the national currency can be circulated in the country, because the king has absolute discourse power and troops, and he can attach the value of this paper and make credit endorsement.

However, when war comes, some weak kingdoms cannot be defeated by themselves. When they are defeated, the national currency will plummet, because it is just a piece of paper. The reason why it has value is that the king's power gives it value. However, after the kingdom changes, there is no political power and military power to endorse this piece of paper. It is conceivable that it will be worthless.

Thinking about this, I have to mention another side topic [the origin of Bitcoin]. It is precisely because of the above example that Bitcoin was born, because any currency issued by a central institution may be worthless due to the change of kingdoms or the collapse of credibility. ① If the war fails, then everyone's wealth will become a real blank paper. If you lose the war, what use is the currency you issued?