The following came from twitter where a fellow called "Check Engine Light Maximalist" stated bitocin collateralized loans suck and the future ones will suck more.
I am not picking on the guy or calling him out. I think he's a good dude and will give the link to the entire thread at the end. But I though this may make some good Nostr discusison on the topic. Here is my final response in the thread to him.
His comment preceeding this response was....
"Well you wouldn’t open a bitcoin short position right? Why would you get a bitcoin loan on a bitcoin standard? It’s the same thing. I’d just spend some bitcoin before I did that. I’m just trying to understand your perspective"
As you can see he is not ill informed and he has a solid base, we just disagree on what will happen in the coming years in the macro. Here is my response.
"""I would not take a Bitcoin loan on a "Bitcoin standard" but there isn't going to be a "Bitcoin standard" the way you mean it here, not anytime soon, likely not in my lifetime.
The most valuable scarce assett that is imutable and 100% verifiable and uncensorable is not EVER going to be used as currency to the exclusion of the state printing "currency".
Lightning will allow us to use some of our stash for the time in side markets, gray markets, etc. Paralell economies, etc.
This idea that in say10 years we will have no euros, no dollars, no pesos, etc is just Poly Anna bullshit. Sorry the accounting alone is not tennable to the entire global system. It would take more than a decade if the G7 were on board with doing it.
We will have some form of fiat toilet paper for a long time, I am 51 so I will likely die before that changes. So would I borrow say 3% of the value of my BTC in fiat (a depreciateing asset) to be paid back in fiat later instead of spending an appreciating asset?
Yes and anyone with a moderate financial IQ would do the same. Keep living in your fantasy land about the "death of the dollar". Oh it will die but it has "died" 5 times since the constitution was signed. FIVE.
The next rebasement is coming but we will still have a form of fiat toilet paper to conduct the majority of transactions.
I know people think this makes me like some sort of anti-maxi but it just makes me logical and a student of history. No one gives up great power easily and the power to print money is the ultimate power. It may fall but dont' bet on it, not in the coming 5 decades.
I say "Bitcoin is 7th generation thinking", well we are generation ONE and I am not saying it just to sound cool, I am saying it because it is the only way this works."""
Here is his orginal thread, be nice to the guy he is clearly a good dude if you happen to engauge with him.
