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I’m writing this because I keep getting asked to comment on Saylor/Saif video even though my position hasn’t changed.

The natural state of the free market is deflation which means all prices fall forever in Bitcoin (assuming it stays decentralized and secure)

Free market economies are more productive meaning faster deflation (or real wealth gains by falling prices)

That system is incompatible with an inflationary monetary system meaning one of those systems must fail.

Either:

1) A system based on truth, hope, and abundance for all 8 billion people on the planet driven by a free market economy and all prices fall relative to bitcoin forever. This means Bitcoin is used as a medium of exchange and freedom tech spreads to the world through lightning, Liquid, Fedimint, Cashu, etc.

2) A control system. An extractive rent seeking system that is NOT the free market (similar to the one we have had for 5000 years that resets every 100 or so years through war) continues to centralize by having you believe price of bitcoin is going up in fiat which makes the surveillance state stronger. This eventually centralizes Bitcoin - custodians, media, regulation (funded from the same manipulation of money) where it is attacked from layer 2. (Similar to gold)

While these ideas may “seem” compatible in the short term because you want Bitcoin to go up in fiat. What it really means is that you are giving your energy and strength to the system centralizing the world by converting Bitcoin to Fiat….to then measure prices.

Quite simply - If Bitcoin is only a store of value, it fails as a store of value.

Ps - It won’t fail. #1 is inevitable in time because too many (and more each day) have seen behind the curtain and are determined to build path #1.

Many of you here - the people that inspire me every day. You make a difference with every word, thought and action.

Almost did that in all caps per nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx because it’s so important.

Referring to # 1 above…..There is no second best.

Starve the beast 1y ago

I think saylor understands this deep down. His actions reflect this and are incongruent with his words.

@saifedean is calling a spade a spade regardless to who’s listening

@saylor objective might be to not create added barriers to adoption. If the bankers know they’re doomed if Bitcoin wins they might fight it.

If they think it’s a great investment (in fiat terms) and that they can co-exist with Bitcoin, then they might support it to the detriment of their fiat banks but to their gain in Bitcoin terms. A Trojan horse with a net win for everyone.

The harm I see in saylor’s rhetoric is his support of Bitcoin backed US dollar. As @jeffbooth mentions, this will allow the fiat games to continue in the same way that has been done before with US dollar & gold.

Regardless it won’t matter in the end. Bitcoin will win. Because the human spirit will never accept oppression. It never has but it had no choice.

But now, as long as Bitcoin exists and for the first time in history, it gives every single person on earth an exit from oppression.

@bitdoc

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Discussion

Anchorite 1y ago

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.

Mohammed 1y ago

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”

Anchorite 1y ago

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.

Mohammed 1y ago

Absolutely. Charity will become the norm in a world of abundance especially if your charity will fortify your community which you aspire to improve. It will then feel like win/win.

TkayAR 1y ago

لماذا لا تعتقد انه الزكاة مناسبة لك، هل انت معجب بأي من الضرائب الحالية؟