Agreed, it's Saif's fault for thinking he could get Saylor to agree that Bitcoin will kill credit. Saylor made it clear, and Saif should know, that he partners with big banks and therefore would be insane to claim his approach will obsolete their business model.
I'm still not sure how a world without credit would look. Hard to imagine.
Well the Muslims did it back then and it was a success. If you're rich you lend interest-free with cost/gain sharing model. Why would you do that? Because your nominal stack of money will be depleted every year by 2.5% because of the obligatory Zakat (wealth tax). So you are encouraged to make your money work for you, hence the circular economy. If you are poor you are a recipient of that wealth tax. This was done in a gold/silver standard.
There's a famous story of a Muslim leader named ʿUmar ibn ʿAbd Al-ʿAzîz who ruled Muslims for just thirty months. During this time, rich men used to come to the state Treasury, Bayt Al-Mâl, with great amounts of money, saying: “Spend this on the poor.” But they would return to their homes with their charity in hand, for it was said to them: “There are no poor that we know of”
It's a nice story. The Zakat does not sound ideal to me, however it is at least more honest than inflation.
The Christian Bible agrees. I do believe people would find ways to spend their money which create opportunities for others. And anyway, less opportunities would be needed.
Charity itself becomes more powerful when the government is leaching less and pretending to help the poor less.
Saif should have just listened.
I hate when people invite people like Saylor or Jeff and try to lecture them...
