New wiki article on usury.
https://wikifreedia.xyz/usury/
nostr:naddr1qvzqqqrcvgpzphtxf40yq9jr82xdd8cqtts5szqyx5tcndvaukhsvfmduetr85ceqyw8wumn8ghj7argv43kjarpv3jkctnwdaehgu339e3k7mf0qqzh2um4wfusqlmfj6
Discussion
Do you know there's a markdown format for reference links? It's not implemented yet but it might be good to use in wait for it to be supported. Or you might want to keep a list of articles you've put reference links in so you can convert them when support is implemented.
I'm not trying to nitpick, I need your thoughts on how you'll want to handle this because I'm working on my NIP-157 for agreeable formatting standards
They want to move to asciidoc, away from markdown.
https://github.com/nostr-protocol/nips/pull/1298#issuecomment-2161445391
markdown tables are hell
y'all nostr devs are too much perfectionists and here we are no DMs, no auth...
I don't like this. If it has to change, why not wikitext for compatibility with existing wikis? Is asciidoc easier than markdown to convert back and forth with wikitext? NIP-23 is at least staying markdown right? Please reassure me 😢
it's my opinion that variable interest rates are the usury, because they are unilateral renegotiations of the terms of the contract
that puts fiat money and all fiat finance squarely into that category, and thus haraam and evil and wrong
Interest-bearing money is insane, at any rate. Just bonkers, really. Forces you to have permanent inflation, just to keep from going broke.
I don't find that insane. To me, it's ultimately a promise to defeat thermodynamics and reverse entropy someday in the distance of human achievement.
the hubris of fiat in a single note
Paying interest has no effect on the money supply. Defaulting on loans is what causes inflation. When the government takes loans, it never pays it back and this is why it causes inflation. Paying interest on loans only causes circulation because that is what banks use to cover operating costs.
Defaulting on loans in a debt-based currency shrinks the supply and therefore causes deflation.
You have it backwards
>>The essence of debt deflation is that when prices and wages fall with the price level, but the nominal size of debts and interest payments are fixed, then borrowers face increasing pressure on their ability to repay. This in turn leads to a leap in loan defaults, which in turn can cause bank insolvencies.
The commonly assumed danger of debt deflation is that it can lead to a deflationary spiral, as defaulted debts lead to write-downs by banks and other creditors, which constitute a reduction in the overall volume of money and credit in the economy, which spurs further price and debt deflation in a vicious cycle.<<
and this leads you to the topic of reserve assets
Debt deflation is from people paying off loans and this decreasea the money supply, so yes this causes deflation. Debt deflation isnt caused by defaults, its from people not taking more loans out and this is generally controlled by the interest rate.
The surge in consumer debt defaults causes the banks to tighten their lending standards and this slows monetary creation through lending and this is why they associate defaults with deflation, but in reality its an overall compression of credit through lending standards and through lowered consumption capacity because of the economic drawdown that causes the deflation. This is why government spending is rampant with calls for "infrastructure" to prevent price deflation which can lead to collapse of the commodity cartels pricing structures