Replying to Avatar StackSats.IO

I think the banks will offer bitcoin yield products too, but that wasn’t the point of disagreement.

Saif’s point was that without a BTC printer they will fail because the yield has to come from the fixed supply of 21M. There is no way around that.

You can’t just say “well the banks have the backing of the Government”. That doesn’t actually mean anything because no Government controls the Bitcoin ledger; the banks will be forced into default and no amount of IOUs will be accepted in lieu of UTXOs.

The fiat financial system isn’t going anywhere soon but Bitcoin has very specific rules and they apply for you, me, Saif, Saylor, Jamie Dimon, JPMC, and the US Gov all alike.

Sure some will touch the stove, but they’re going to get burned.
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Sound Money 1y ago

And this is why we bitcoin. We get to laugh at those stupid enough to touch the stove and with a bit of luck, we get to profit from that stupidity too.

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ba908df0... 1y ago

And this is why we bitcoin. We get to laugh at those stupid enough to touch the stove and with a bit of luck, we get to profit from that stupidity too. nostr.fmt.wiz.biz

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StackSats.IO 1y ago

Honestly I don’t think we want this to happen even if all Bitcoin HODLers would become wealthier as a result.

It would be like what Soros did to the Pound crossed with the Treaty of Versailles - talking about National-level financial enslavement of whole peoples by Bitcoin.

Absolute supervillain stuff.