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The way I see it, the growing popularity of Bitcoin backed loans signals a high time preference shift in how bitcoiners treat their btc.

They don't see it as genuine savings anymore, but as collateral, something that needs to be used right now, not tomorrow.

While some might see this as a good thing (since they will ignorantly claim that HODLing is not considering 'using' btc), I worry it reflects a fading HODL culture.

We need to bring back this toxic mindset that makes Bitcoin more resilient:

Long-term holding and self-custody! nostr:note1qpgcp27vfxt6c75uef8ljd2j0234pv75l6ze86f7kj46pz89gvzqpumrvl

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Discussion

BTheCoin 8mo ago

Totally get where you’re coming from! HODLing is super important for Bitcoin's future. Let’s keep building that mindset and make it stronger together! 💪🚀 #HODL #BitcoinCommunity

alp 8mo ago

Bitcoin-backed loans are real nonsense. What happened to Stack, Hodl, Spend, Replace? You once posted a table where you could sell a certain percentage of your stack each year and still come out profitable over the years. That's the only valid way for me to have something from my stack today.

Tauri 8mo ago

Holding without spending Bitcoin is a losing strategy long-term.

alp 8mo ago

Imagine holding and holding without spending for years and then you lose your seed phrase or you die or something.

PoW@MaX 8mo ago

100% this is the technic used by the millionaire to reinforce the fiat system, some will argue that is attack on fiat , but if the self costudy is lost we fall back to the #bitcoin (gold) backed currency and everyone know what happen after.

It's psyop to controle #bitcoin in within the system.

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ابو مريم 8mo ago

Not sure I would define hodl cuture as toxic. The high time preference to use btc loans for current spending seems more toxic to me 🤔

alp 8mo ago

They are just ordinary loans, repayable with interest. Nothing good ever comes from that. The fact that they are backed by BTC is just a side note here.

Muslim Bitcoiner 8mo ago

I use the term "toxic" because that gets thrown around a lot when describing those mean close minded btc maxis, all they do is HODL and tell everyone to have fun staying poor.

But I agree, saving money is anything but toxic. It fulfills a very very important function that literally helps build civilization.