The #Quran is correct about riba. It is correct when it says that #God will declare war on usurers. We're about to see it. I'm a Christian, and I can see that this is correct.
I just listened to nostr:nprofile1qqsyx708d0a8d2qt3ku75avjz8vshvlx0v3q97ygpnz0tllzqegxrtgppemhxue69uhkummn9ekx7mp0appv40 talking with Saylor. TBH, it might be better if the big shots aren't thinking about an economy without credit. That will scare them. They won't get it.
But... Bitcoin is going to bring Islamic finance to the world. They won't call it that, that's for sure. Maybe they'll convince Muslims that they've actually adopted Bitcoin finance. But it won't matter - its the same thing.
I really liked Saif's explanation of why the cost of capital should approach zero. I only got a standard Keynesian education, and only undergrad, so I haven't heard that before. It sounds correct to me. Basically, as savings accumulate, you're willing to accept lower and lower yields because you have more and more savings over time - this is imperceptibly gradual, a generational shift. Its the utility curve applied to savings. I'd add that accumulated capital in a country can also count as savings - meaning buildings, machinery, improved land, etc.. The lower yield in that sense is visible in companies pursuing lower yielding operations as well as speciation of niches the economy supports.
Bitcoin's killer feature is immutable scarcity. If the whole world is using #bitcoin, and there's bitcoin loans that can't be repaid, well, too bad. The lender is shit outta luck. The borrower also has the option to abscond, if they think they can get away with it. Oops, shit outta luck. So, in the short run, the cost of capital is going to be high. Too high. In the long run, countries that continue the debt-yield model are going to find themselves with no money. Then you get the bad kind of anarchy, which maybe might turn into the good anarchy. No anarchy is good for governments.
There's a fork in the road in front of us. If we take the left path, the path of credit, we get the Mark of the Beast (again - not the first time). It won't matter if we dodge the CBDCs. Why? Because borrowers won't be trusted, and some mechanism will be required to basically enslave them. Probably everybody. Could be government registered wallets that interface with tracking implants. Maybe some other arrangement. They'll hermetically seal the bitcoin into the country via surveillance and checkpoints. Not good... Probably the beginning of humanity's extinction.
The right hand path is Islamic finance. That sounds scary, but it really just means that people have an alternative to debt. Instead of borrowing 5k sats to "buy" a car, your rich uncle buys the car and leases it to you, with the car as collateral. The lease might not be periodic payments, but simply a payment at a future date, for a different amount than you bought - the market will have to determine how amortization affects the return payment. This is really very simple - much simpler than our current system of monthly payments for three times as long as the car retains any value. Instead of enslaving the human, as in the path of credit, the material possession is enslaved as collateral. The bitcoin gets to flow freely, and no surveillance is required.
I expect both paths to be tried simultaneously. Countries that try to replicate credit on bitcoin will not survive. The Quran says that God will declare war on them, and I can't remember if it also says society will go insane or if that was an interpretation by a scholar, but we can already see that happening. Its a good thing God is merciful - we do have a chance, if we repent and actually understand. If you think none of this matters because its not from the Bible, think again. The Bible constantly compares sin with debt with interest, starting from Genesis, if you read it in Hebrew, or Greek in the NT. Our English versions have been edited. Go to a synagogue and ask, if you have the balls. Being a real Christian takes work. What, you thought it was gonna be easy? I'm not your pastor, I get no financial gain from telling you sweet nothings.
Here's the discussion between Saif and Saylor. And thanks nostr:nprofile1qqs9336p4f3sctdrtft2wlqaq5upjz9azpgylhfd3dplwf005mfrr9spzamhxue69uhkummnw3ezuendwsh8w6t69e3xj7spz3mhxue69uhkummnw3ezummcw3ezuer9wcq3qamnwvaz7tmwdaehgu3wwa5kueg6g89xw for causing me to listen to this.
