So many people stuck in the wrong paradigm of what is happening with #Bitcoin adoption due to thinking through a reserve currency bias and the corresponding logic of how a debt based system works on top of that reserve...... versus a monetary network with a bearer instrument that has unlimited velocity in the technology stack….removing the need for that debt.
Two completely different models with the latter slowly repricing the former.
The CNBC-types are in denial today. HARD. Guest after guest calling an end to the rally.
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measuring it by available supply makes much more sense for something so absolute in its predictable scarcity than measuring it against something so unpredictable and rapidly decreasing in purchasing power 🧡
> removing the need for that debt
Where there are people with money, there are lenders.
Where there are people without money, there are borrowers.
Interest accumulates, and the borrower becomes a slave to the lender.
The type of currency does not change this. It is fundamental to human nature.
*The rich rule over the poor. The borrower is slave to the lender”
-- Proverbs 22:7
Dave Ramsey often quotes this verse. It's one of my favorite quotes, but Ramsey does not understand that USD cash is also debt.
A savings account is not saving.
You're better off making monthly payments on an interest free credit card than saving up to buy things using a savings account. You'll spend less due to inflation and you will earn more by using credit cards than you ever would in a savings account.
The money printer rules over the poor.
The holder of dollars is slave to the lender.
Yes, it's true for dollars, but even in the "utopia" where everyone sees the light and uses their lord and savior Bitcoin (at least, that seems to be the attitude around here), there will be lenders and borrowers of Bitcoin, with the same old antics surrounding it.
By, "... versus a monetary network with a bearer instrument that has unlimited velocity in the technology stack…", do you mean:
We don't need visa or mastercard anymore?
We don't need banks?
We don't need "reserve currency?"
We don't need any of those things anymore, do we?
It’s difficult to think of a reason to take out a long term loan at any interest rate on ₿itcoin. Everything keeps falling in price relative to it.
Yes, slow but steady 👍🏻
Another bad paradigm is to think that people need to be maximally employed. Technology should set people's time free. It's no business' goal to employ people, it's 'charity' lies in delivering more value for less. The fiat system has obfuscated this reality through the green lenses of the dollar.
#emeraldcitysyndrome
They don’t understand lightning. They don’t understand being able to trade with the raw asset on daily basis instead of trading with virtual representations of the asset that some authority needs to enforce.
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Can you explain what you mean by no need for debt? I have always wondered what would happen to the credit markets after hyperbitcoinization
Light bulb moment.
