It means you are giving a gift to everyone who already has some, at the expense of future buyers, by reducing the supply and increasing scarcity. The bigger the amount of someone's hodlings, the more of a gift you give them.
This cements inequality.
Discussion
the value of money held out of circulation is called "hoarding" by socialist elitist pigs and the importance of it in an economy is ignored
as you say, 'reserve assets' - what are these? they are a pile of money you didn't spend so when the time came you needed to, for example, such as in place of using insurance to repair damage, or to back up a loan on a somewhat risky enterprise
a monetary system without a proportion of it held off the market has no resilience in the case of disaster, nor any capacity to seize opportunities that require a large startup cost but low risk of failure
think about it if it was instead seed
should you plant every seed you save from this year's crop, or should you save some extra in reserve in case the next crop is thin and you barely even produce enough to plant the next year's crop, and just consider that this year may be one of those outliers, the 1% of cases that are extremely bad, and the next year is average or good, as can probably be prudently predicted
so, it's the same thing, money that is not being spent has a critical role in an economy, of enabling responses to sudden changes
no savings, no resilience
I didn't say "no savings", tho. I am saying it should not all be savings. Some of the money must circulate, for it to count as a currency.
and i would argue that if you can't save it, it's not a money because without that resilience when all the things break at once nobody has got any way to stop it degenerating into lawlessness with starving borderline personalities
I think Saylor is taking a page from Satoshi, who mined 1 million Bitcoin then just let it sit there in plain sight, contributing to the scarcity and, therefore, value for everyone.
i think that it's not really money if you can't store it, that's the feature of durability
Oh goodness, don't compare Saylor to a man who never personally profited from his sats.
Saylor is leveraging his Bitcoin to live like God in France.
he is, and i am also using bitcoin i'm not spending to live better than i would otherwise be in this current up-trending market, it has already enabled me to effectively discount a lot of my expenses and actually save
The comparison only counts if Saylor actually follows through and dies with his Bitcoin.
That is irrelevant, as he uses it as a reserve asset to get cheap credit and then lives on that.
Exactly.
saylor's whole gimmick orbits around his finally grasping the importance of a money with strict supply control
and like you say, he just then abuses that as collateral instead of actually doing anything substantial towards ending the use of wibbly wobbly currencies and the keynesian economic bullcrap he claims to oppose
i hate saylor for running a software company that doesn't actually write any important software
He sells the software to the government and big corporations. One hand washes the other.
yeah, i don't like him... i like his no second best line but that's it
my main first impression of him had to do with those strange marks on his face... seems like it's probably related to drug intake, but i'm not familiar with it... either that or it's a genetic disorder but you'd think that with such an obvious deformity if he wasn't a narcissist he'd be open about it
odd, I'll have to check out his face... I only understood Bitcoin after all of his metaphors. I I figured that his sharing his understanding on podcasts was volunteering his time and energy, and that was a gift.
well, i pretty much agree with him on most points... i think it's great that not only is the record impervious to cheap manipulations, the protocol itself is also impervious to cheap manipulations
these are obvious good properties of bitcoin, and how it serves to be a common that eliminates the tragedy part
Good grief. This thread has spun into lala land. We’re critiquing his face now? 🤡
His point about the software is that change = new risks so let’s just be very careful if we want it to last 1,000 years. Otherwise, we end up with a vulnerable pile of spaghetti code, like Ethereum. I agree with him.
Listening to him orange pilled me, like thousands of others and I’m richer in every sense of the word because of it. So is everyone on the network, even the Saylor haters. Listen to the Saylor Series on Breedlove’s “What is Money” pod, then see what you think. Or don’t, idc 😆.
lol, uh, the marks are weird, i'm not saying anything anyone hasn't thought
it wasn't what made me say anything about him in the first place, and tbh i just think that he is a little disingenuous, that's about it
but everyone notices the odd marks on his face
didn't stop me liking Seal, but what does bother me is people not saying "yeah, i got this thing, birthmark, disease, whatever" that bothers me
if it's right in my face and everyone acts like it's not there, that's a red flag
Uh, or maybe it’s from spending lots of time in the sun on his yachts and he doesn’t give a shit what others think.
ok, so why does that get you so riled up tho?
i get mad every time i look at my now sagging chin because i'm old, i don't think i'm weird like this
it makes me uncomfortable to watch people with oddities when they don't make light about it and everyone is like that
everyone
i can't be the first to notice
and i've been around a lot of people with all kinds of diseases, disorders, drug problems, and psychoses
it's just dishonest to not deflate any innate anxieties such things cause once in a while
seriously, there's unusual, and then there is "ok what's wrong with this guy?"
oh yeah, let's raise the topic of the wealth as well then? but not ok to ask "what is the deal with your face?"
I’ve been consistent on my view in this. All that money but can’t get good skincare.
I’d happily drop a few sats getting some treatment.
Maybe he had really bad achne as a kid? Maybe he made a pact with the devil, all the money for bad skin.
see? people notice these things, and not stepping down from your elite throne and acknowledging it is just making it more obvious vanity
also, just to be clear, odell is very humble... lyn is very humble, she even regaled us with her trailer trash childhood and MMA war stories, jack is humble, he also sorely regrets not realising how they had coopted his project so hard
saylor, where is his downfall exactly? not conceded, no humility, it's all pride pride pride
at best saylor is like "i was wrong about bitcoin" yeah, you and everyone else.
Also, I truly do not understand Bitcoiners who complain about “the rich”, because let’s be honest about why we’re all staking.
Rich and secure are very different things.
Saving small amounts from a modest income into a system highly likely to outpace inflation isn’t a plan for riches.
It can make a huge difference when faced with unforeseen life events etc.
If riches were my motivation, I would be doing something entirely different in life.
just want to point out that you are unconscious of the fact you are using a false dichotomy, because you know for a fact that i can zap you right now with this currency and that inherently proves you wrong about it being a dichotomy
people use bitcoin how they see fit, and as a non-shitty money it is preferable not to spend it but it most definitely can be and is being spent
also, iron sharpens iron 😁 the sharper the words the less they can be confused
You can zap me because people like us are willing to zap and we are spending our own hard-earned money making a market for zaps.
Others mock us for doing so, while our doing so is making them richer. And I am tired of pretending that I don't notice.
first of all, fuck what people who enjoy mocking above all other social interactions think, they are snobs, elitists and mids
we aren't making a market for zaps, we simply can, and we like it, as the famous ODELL repeated post says "WE LIKE THE ZAPS"
we also like the reactions, nip-07 is also awesome
what people do with their money is their business
the character of their impact on their peers is a separate thing, and those who like to sneer and mock and pretend to be superior need to be mocked, ignored and sometimes muted, depending on how rabid they are with their ego disease
They make us all look bad, like money-grubbing psychopaths, and I just decided someone with a backbone should remind them that they keep missing excellent opportunities to remain silent.
looking good is not important, is it
It is. Money is not everything.
again, a false dichotomy
vanity and greed are both sins
And dismissing everything as "socialism" is to deny that humans have always despised hoarders and greedy rich people. They are unnatural monopolists.
Marx didn't have to invent that, he just tapped into it because the wealthy of the time ignored the plight of the poor and were grotesquely decadent. Same as at the end of the Roman Era, when Christ rose in a countermovement of personal sacrifice, community cooperation, the last shall be first, the rich will have trouble getting in to Heaven, but God hears the cry of the poor.
Christians have increasingly forgotten this lesson and now many love money more than God. How many would give up their Precious and follow Him?
envy is envy, no matter what the excuse is, it's a sin
making sacrifices for the betterment of others is a choice, and nobody has the right to judge others for withholding or storing up their resources, because it is a presumption to say that it is for their own amusement, you know full well and have recently even said "i stack sats to help others"
not being poor is important to being able to help others, ultimately someone has to do it because if we only focus on persuading others to give then we forget how that can even happen
Ah cool, we back to coveting oxen again!
😂 Looks like...
I live a relatively good natured life, I don’t steal, commit adultery, take another human’s life, nor do I live beyond my means or succumb to gluttony.
However, the moment my neighbour gets an ox I can’t help but covert the mofo.
Gets me every time smh.
yeah, it is such a yawningly tiresome subject
what i do with my stuff is my business and i take offense at the presumption that it is ok to shame me for my choices to be distanced from the world around me, especially now, as if it is really any different than any time ever
the whole canard of "hoarding" is a smear and an act of social aggression, because actual hoarding is a form of insanity, and i am pretty sure almost everyone has known or encountered someone in their life whose house is filled up with old magazines, news papers, or some other fetish object
we need saving AS MUCH as spending, that should be obvious, without saving there can be no charity, without saving there can be no ability to switch from one thing to another when the crops fail or the herd is taken by a disease or an enemy invades
If you have received a massive fortune FROM GOD (everything good is from God) and you are not putting any of it to good use, here and now, then that is clearly wrong. Christians are obliged to spend their talents.
We are not to put our faith in kings, but we are also not to fear the future and scrounge money, rather than being merely prudent. God will provide for us and our children. He said He would and I believe Him, even if they don't.
prudence is a virtue
Yes. Being as rich as Krösus no longer falls under prudence.
i can agree with this, it's a clear case of zorba or midas syndrome
a clear sign of worshiping money, and vanity
Some of the people on here, mocking those of us zapping, have that sort of Bitcoin stack.
I'm looking up the antidotes to Midas syndrome as I plan to be prescribed at some point
another way I think of this is as follows: he is the most visible CEO figure in Bitcoin, and selling his or donating it is akin to a CEO selling their stock. it rugs the shareholders and reduces our faith in the asset he promotes. but I'm relatively new here so he was the best marketer to me
enlightening
rich people might benefit from bitcoin, if they choose to learn about and buy it, but every poor person on the planet will benefit from bitcoin adoption, too.. nobody will be able to devalue their money anymore, they can finally save for their future
I mostly agree, but extreme income inequality could lead to them being turned into serfs by the wealthy buying up resources and forcing them to pay exorbitant prices for goods. Same as now, really, just a different currency.
This is the horror scenario, for me. That we all went through so much effort and end up where we started.
oh I see the concern, especially if the serfs are subject to usury on their fake money granted to them by the overruling lords who hoarded the hard money out of sight and mind.
I was thinking about the contrast of locking Bitcoin away forever with establishing foundations with wealth.
This may be unfounded conspiracy, but let's just say for example: in the early part of the last century, the Carnegie Foundation helped standardize medical education under the preview of the American Medical Association. That served to remove a lot of snake oil salesmen, as well as homeopathic doctors. The American Medical Association oversaw who was allowed to practice and conveniently cigarettes were advertised as even good for you...
so while I appreciate the Carnegie libraries, I'm worried about the zombie foundations by which well-intentioned dead donors could be piloting civilization
Bitcoin scrip, yeah, and you can only spend it at the company store. And another Soros or Kellogs foundation, but with Bitcoin.
Or buy up all the fresh water rights and then demand exorbitant fees in Bitcoin, for access to drinking water.
😂 That wouldn't work without the state declaring the stuff that falls from the sky theirs, which I suggest everyone ignore anyway...
There is no reason to assume that the wealthiest Bitcoiners will not align themselves with the state.
There is no guarantee of anything, except that there isn't the manpower to control everything everywhere.
Yep. Looking at moving a bit further out myself. I’ve never lived inside a city or a town but that urban sprawl catching up to me.
Yep, it does that, when someone figures out why people move away from things & then build the very thing they moved away from, let me know... 😂
They need to figure it out. They’ve basically turned this half of the county into urban sprawl for the state capital across the river and in the next county over the past 40 years.
Is that like the time some transplant from Pennsylvania was running her mouth about how she couldn’t believe we were all against paying higher slightly property taxes and a slightly higher county sales tax to improve the schools because they aren’t adequate and we didn’t know what high taxes were. Even with the increase they wouldn’t be anywhere near what she was paying in Pennsylvania.
Lady we’ve built a dozen schools in this district the past 25 years over people moving in. We didn’t need all that before you moved here. Want to know why there isn’t enough infrastructure and the current tax rates don’t allow for improvement? Look in the mirror. Nobody asked you to move here.
Then we’re the bad guys for asking if she needed help moving back to Pennsylvania since she apparently doesn’t like it here.
They can have the dry stuff, I've all but given up on it, when the last few ties are gone I'm seabound.
I question this. Yes 21 million fixed cap on chain but Blackrock already trading paper corn unaccountably.
Could be anything by 2030.
Truth is none of us know what the future holds, there are no easy options. Do the best you can with what you have available.