Trust Is A Problem

Throughout history, every monetary system has shared one fatal flaw: the requirement to trust someone — a ruler, a bank, a government — not to abuse their power over money.

The Trust Paradox

Money requires trust to function, yet this very trust inevitably leads to its corruption. When you hold any form of money, you're trusting the issuer not to debase it, the custodian not to seize it, and the system not to collapse.

In the history of the world, the temptation to inflate the money supply is omnipresent and inescapable. Every civilization has suffered from it at one point in time.

The Pattern of Betrayal

This pattern of monetary betrayal repeats throughout history:

• Romans debased their coins until they became worthless
• European colonizers manufactured glass beads to steal African wealth
• Governments worldwide confiscated citizens' gold
• Argentina converted citizens' dollars to pesos overnight
• Modern central banks quietly erode savings through inflation

The False Choice

Authorities face a constant choice: either tax their citizens directly or print more money. History shows they inevitably choose the latter. Why? As Saylor explains, "It's a lot easier to print money than it is to tax people."

Consider these manifestations:

• Wars are funded through money printing rather than direct taxation
• Economic crises are "solved" by creating more currency
• Government spending increases while taxation remains politically difficult
• The burden is silently shifted to future generations

The Property Problem

When money requires trust, it fails as property. History shows us countless examples:

• Jews in 1930s Germany could only escape with 10% of their assets
• Spanish Inquisition victims lost everything when fleeing
• Modern citizens in failing states watch their life savings evaporate
• Bank accounts can be frozen, seized, or converted at will

The Inevitability

The problem isn't bad people — it's human nature combined with the power to create money. When given the ability to print money instead of collecting taxes, or to debase currency instead of defaulting on debt, humans invariably choose the easier path.

This brings us to a profound realization: we don't need better rulers or better rules — we need a monetary system that doesn't require trust in the first place.