Can someone get Saifedean the shitpanner on Nostr already?
Why is he still boomering on Twitter
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Shitpanner 😆💀
When I learned of his shitpanery I had to rethink everything I learned in the bitcoin standard.
I had to unlearn his shitenomics from The Fiat Standard
Not saying the guy is right about everything, but this quote loses a lot out of context. They are arguing he is wrong about the part he is right about and missing a couple paragraphs over where he is actually wrong.
Saifedean's argument is if I give a loan for interest it limits my upside to the interest rate. My downside risk is always 100%, I could get nothing back. It makes more sense to demand equity and get the much higher return potential of all growth from your venture. If someone didn't think they could do better than the interest rate they were willing to pay me, they wouldn't take out the loan.
The problem with the whole passage isn't that argument about an imbalance being wrong. It is that this imbalance of loan VS equity also exists with fiat, but it is worse. I pay you money. You build value creating business or assets. With bitcoin I get hard money back. With fiat I get money of unknown but definitely lower value back.
This is why you buy stocks instead of CDs.
What's the passage where you believe he is actually wrong?
It is this passage according to my memory, the whole argument is faulty. The point in the image is perfectly fine.
Zero interest rate is completely ridiculous
I just read that section. Didn't understand it either
Do you want cash or revenue generating assets? Bitcoin standard argues that in bitcoin land you would prefer revenue generating assets because bitcoin is different. I'm saying you would always prefer revenue generating assets, even more so with fiat since "cash" has a negative value over time.
I think you talked me into talking myself into changing my mind. 0% rates are dumb with hard money. All loans need to compete with equity stakes, so rates should stick around the level of productivity growth through new technology.
💯 Have you read any Eric Voskuil?
I'll add it to my ever growing list.
The entire book Cryptoeconomics is available on his GitHub. This chapter is a good starting point:
https://github.com/libbitcoin/libbitcoin-system/wiki/Savings-Relation
0% interest rate under a bitcoin standard doesn't mean money would be free. You totally missed his point.
ELI5 shitpanning
He needs a safe space where he can block en masse. Mute doesn’t cut it.
The signal is so strong in here! I love it 🔥
Did he position himself already?
What is shitpanning?