One of the most extraordinary things about the entire Bitcoin mythology is that they don't understand the meaning of what Satoshi wrote on the genesis block.

They think it is about "fiat debasement" - central bank money printing. But it's nothing to do with that.

It's about the fragility of banks and the payments networks that depend on them.

In 2008-9, the Chancellor bailed out the banks to prevent the payments system collapsing. When RBS failed, Britain came within half an hour of losing the ATM network.

The genesis block was mined just as the Chancellor was about to bail out the banks for a second time. That's what Satoshi wrote on the block.

The whole point of Bitcoin was to eliminate the need for fragile banks in the payments network. To create a robust decentralised network that didn't have single points of failure like the existing system.

Satoshi's comment on the genesis block is a permanent reminder that Bitcoin's mission is to eliminate the fragile banks that had to be bailed out by government to prevent them blowing up the economy.

So it is nothing to do with "fiat debasement", central banks or QE. It is all about the need for a payments system that isn't dominated by fragile banks.

To its eternal shame, the Bitcoin cult has forgotten what Bitcoin is really about.

Bitcoin is dominated by people who don't know anything about the financial crisis in the UK. They don't know how close we came to losing the entire payments network. That's why they don't understand Satoshi's comment.

So they've reinterpreted Satoshi's comment as referring to something that they DO understand, namely their fear that Fed QE could cause dollar hyperinflation. And this has become the centre of their mythology.

Here is the actual London Times article to which Satoshi was referring in his comment on the genesis block. https://www.thetimes.co.uk/article/chancellor-alistair-darling-on-brink-of-second-bailout-for-banks-n9l382mn62h#:~:text=Alistair%20Darling%20has%20been%20forced,failed%20to%20keep%20credit%20flowing.

The article talks about "pumping money into the economy", but that wasn't QE, it was government borrowing. The Bank of England didn't start doing QE until March 2009.