Bitcoin's cultural mythos celebrates the HODLer as a paragon of deferred gratification, a being of superior moral fiber who resists immediate consumption in favor of future reward. "Have fun staying poor," they tell the uninitiated, certain that mere possession of an appreciating asset proves they have mastered the ancient virtue of patience. They invoke the concept of time preference, borrowed from Austrian economics, to frame their inactivity as civilizational achievement.

The framing contains a fundamental error that reverses the meaning of the very concept it deploys.

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