The vanishing of low time preference.

In a world where instant gratification and short-term thinking are the basis of society, the concept of low time preference is fading away and leaves many lives without hopes. Delaying gratification and prioritize long-term goals over immediate desires has always been considered as the cornerstone for the development of society, but such values have melted away.

In such a hyperconnected world we live in, we have never felt so lonely. We are driven by #consumerism and by the willingness to show who we are (not) in exchange for a few likes and some acknowledgment that we look cool. We always strive to have more: travel more, dress more, dine more and show more!

#Patience, prudence, and foresight are being overthrown by impulsivity and instant satisfaction. People don’t invest time in meaningful relationships. The concept of family has faded away: parents don’t try to fix things in their relationship but take the easier route of finding a new partner, leaving the education of existing kids to single parents and their new couple.

The erosion of low time preference has profound implications for economic stability and prosperity. If consumption is always prioritized over savings and investment, individuals become trapped in a cycle of debt and insecurity that does not allow to build wealth. Without sacrificing present #consumption for future prosperity, innovation disappears and economies stagnate.

As a #Bitcoiner and supporter of #Austrian economics, I am a believer that the fading of low time preference is due to the lack of a #hard #money standard. Having a finite, scarce asset as the basis of how and when currency is produced, changes everything regarding long term planning, financial stability and the empowerment of individuals.

As hard money requires a certain investment of time and resources to procure such asset, it removes incentives for governments to create currency due to the need of backing it with real world resources.

Hard money leaves a certain degree of predictability and stability in societal activities. If individuals know that their money will buy them more over time, they’ll be less incentivised to consume and they’d be more focused on saving for the future. #Saving should be the basis of capital accumulation and creation, as savers can allocate their unspent resources into productive activities. A supportive and stable economic environment would encourage entrepreneurship, foster job creation, and favour technological advancement.

#Debt accumulation would be disincentivised and people would live within their means. Natural #deflationary forces brought by #technology could finally play out and let everything become cheaper over time.

As purchasing power increases over time, people would have more time to dedicate to eat healthy food and practice sport, cultivate meaningful relationships, educate kids and think about the future.

Is it such an utopic world the one based on hard money?