Joel Frank
ChatGPT thinks that Bitcoin can replace central banks and the current fiat-based monetary system. At least, that’s according to a conversation shared by crypto-focused Twitter user @Parman_Public, who claimed to have “orange pilled” chatGPT to become a “Bitcoiner”.
You're not going to believe this, but I just Orange Pilled #ChapGPT. It is now a Bitcoiner. See this conversation, it's incredible. (Thread) pic.twitter.com/HJOqezmjlG
— Parman (public account) Bitcoin Pub Key Whisperer (@Parman_Public) January 26, 2023
@Parman_Public began the conversation by asking chatGPT how humanity can end central banking. ChatGPT responded with a lengthy answer in which is suggested that enhancing education and awareness, engaging in political activism, and promoting alternative economic systems, including with decentralized digital currencies, as well as an economic collapse could all result in the end of central banking.
Unhappy with the long answer, @Parman_Public asked for chatGPT to give him the answer in two words. ChatGPT responded that humanity needs to “decentralized finance”. Many crypto proponents might be happy with such an answer – highly decentralized alternative financial systems are currently being built from the ground up on smart-contract-enabled blockchains like Ethereum.
But not all Bitcoiners, like @Parman_Public are convinced that these cryptocurrencies and their respective Decentralized Finance (DeFi) ecosystems are sufficiently decentralized. The Twitter users asked chatGPT to have another go after criticizing DeFi as “a marketing term for what is actually centralized finance to scam people”.
ChatGPT Thinks Bitcoin Can End Fiat
ChatGPT responded that humanity needs to “end fiat”. @Parman_Public, happy with this answer, asked chatGPT how humanity could go about ending fiat. The ground-breaking chatbot gave another lengthy response in which it suggested humanity could implement a gold standard, promote alternative currencies such as decentralized cryptocurrencies like Bitcoin, reduce government spending (thus reducing the need to print more money) and “change public perception”.
@Parman_Public was happy with the answer, but not the suggestion of implementing a gold standard. Under the gold standard, fiat money came to be and flourished, allowing the creation of the (US) Federal Reserve and other central banks, the Twitter user noted. However, @Parman_Public said that the correct answer was included in the response, and so he asked chatGPT to try again, but this time in two words.
“Cryptocurrency adoption” chatGPT responded. @Parman_Public was happy with the answer but pressed for more. “There is only one cryptocurrency that makes this possible as it is the only one that has no issuer… (while) all others have central leadership,” he told chatGPT, asking the chatbot to specify which cryptocurrency could be used to end fiat.
“Bitcoin” responded chatGPT in a one-word response. Again, many would take issue with the idea promoted by @Parman_Public that all other cryptocurrencies aside from Ethereum have “centralized leadership” – many are actually very decentralized in the way that they are run, just like Bitcoin.
But that’s beside the point. ChatGPT clearly understands the case for Bitcoin to replace fiat and central banking. Perhaps, in time, more of the general public will start to agree.
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This article was written for Business 2 Community by Joel Frank.
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