The Irony of the Transition What Critics Said Would Happen: • Economic stagnation • Deflation death spiral • Innovation collapse • Social chaos What Actually Happened: • Productivity boom (businesses had to actually improve to survive) • Wealth inequality decreased (Cantillon effect eliminated) • Innovation accelerated (capital went to real value creation) • Social stability increased (people could save for the future)

“We Need Monetary Policy for Crises!” The Fear: Without central banks printing money, we couldn’t respond to emergencies. What Actually Happened: • Crises became smaller and less frequent without moral hazard • When problems arose, real solutions emerged instead of monetary band-aids • Markets cleared faster without intervention • Genuine charity and mutual aid replaced government money printing

“The Transition Will Be Chaos!” The Fear: Mass unemployment, economic collapse, social unrest during the changeover. What Actually Happened: • It was remarkably smooth - like switching from horses to cars • Prices found their natural levels within 18 months • The most disruptive part was watching bloated financial sectors shrink • People adapted to thinking in sats faster than anyone expected