Thoughts on Jeff Booth's hypothesis?

Jeff Booth is a famous Bitcoiner, and as far as I understand it, essentially argues that technological advancement increases the productivity of a society. That is, through technological progress things get cheaper and easier to make. His second point is that in a free and open market, prices should always fall to the marginal cost of production, because competition and market forces will attack them until they do. He then puts these together, to say that as technology progresses, the prices of everything around us should be getting cheaper. There's a lot here, but he then says the reason they aren't is because our current system is being manipulated in order to prop itself up, because the system itself is insolvent, and if there were deflationary forces (which makes debt more expensive), the entire system would collapse on itself.

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He also says that humans should not be working 40 hours a week, and that it's unnecessary anymore due to technology and the increase in productivity, but again, persists due to the manipulation of the system. Finally, he says and predicts that the prices of everything will continue to fall against Bitcoin, because Bitcoin has a fixed supply, therefore no inflation, and therefore as productivity and technology continue to progress they will drive down prices of everything in comparison to a scarce asset like Bitcoin.

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What are your thoughts on this?

Submitted May 10, 2023 at 04:25AM by Treebune https://ift.tt/2Cwoy5W