In the real world there are thousands of banks & millions of borrowers. The banks are continually making new loans & retiring old ones as they are repaid. In the aggregate, the debts owed to banks are increasing with the mere passage of time, because interest accrues over time..
The money available to repay those debts, however, can be created only by the banks as they make additional loans. The net requirement, then, is that banks must make new loans faster than they retire old loans, that is, there must be a continual expansion of credit money…
If there is not, the result is depression— increasing numbers of defaulted loans, greater numbers of bankruptcies, expanding unemployment— & all the human misery that comes with it.
Money: Understanding and Creating Alternatives the Legal Tender by Thomas Greco
Behold… the new #Bitcoin Stock to Flow model without Dollar prices to distract people.
The problem with the #Bitcoin Stock to Flow model isn’t the Stock to Flow part.
It’s the Dollar price on the Y-axis part.
Trying to model things with a unit of measure that you can’t measure like the Dollar has… inherent limitations… to put it politely.
#Bitcoin is a sound unit of measure that will make all of our models more useful.
$ Price of #Bitcoin is an oxymoron.
What if I told you that Faith is a reflection of Works and Works are a reflection of Faith, and that it is foolish to separate the two?
Then what if I told you that #Bitcoin = Faith + Proof of Work
Fiat Accounting equation:
Assets = Liabilities + Equity (Fiat Clown World does a shitty job balancing this equation)
#Bitcoin core protocol Accounting equation:
Assets = Equity (#Bitcoin balances this equation every ten minutes)
Other #Bitcoin things
Fractional Reserve Banking distorts market prices
Bailouts distort market prices
The Difficulty adjustment helps us regularly course correct to measure the opportunity cost of Work
Time is an emergent property of Work.
#Bitcoin is Work.
#Bitcoin things to keep in mind
Jubilee Spirit
Patient Ferment
Verification engenders Trust
$ price is a philosophical oxymoron
Free Trade & Price Discovery
Abolish Income & Cap Gains Taxes
Bitcoiners are made not born.
Dollar maxis are made not born.
5 Loaves & 2 Fish is all we need.
End the Fed
Abolish the 16th Amendment
Abolish the IRS
Abolish Dept of Education
Abolish Dept of Commerce
Abolish Dept of Energy
Abolish HUD
Embrace #Bitcoin & Free Trade
What else am I missing?
₿ombadil 2024
Judging the true utility and merits of #Bitcoin in today’s Fiat Clown world is like judging Michael Jordan’s ability to play basketball with one or both hands tied behind his back.
#Bitcoin Plebs need to do a better job countering disingenuous arguments.
All that is gold does not glitter,
Not all those who wander are lost;
The old that is strong does not wither,
Deep roots are not reached by the frost.
From the ashes a fire shall be woken,
A light from the shadows shall spring;
Renewed shall be blade that was broken,
The crownless again shall be king.
— J.R.R. Tolkien, The Riddle of Strider, The Lord of the Rings: The Fellowship of the Ring
The #Bitcoin Beacons are lit.
Fractional Reserve Dollars are "you can have your cake and eat it too" Money... a childish mindset that defies the laws of nature.
#Bitcoin is "you can't have your cake and eat it too" Money... an adult mindset that submits to the laws of nature.
If a Man can be a Woman, then #Bitcoin can be my Religion.
And if you don’t like it, then you can fuck off.
Satan: Stop trying to change the hearts & minds of politicians, you simps!! You know I have all the politicians in my back pocket mooohahahahah! Just give up!😈
Some #Bitcoin Plebs: You’re right, Satan. We’re being simps. We’re sorry. We’ll just give up.😔
Other #Bitcoin Plebs: Not today Satan.
Perhaps the #Bitcoin Wallets are to the Body as #Bitcoin Miners are to Adenosine Triphosphate Phosphate as #Bitcoin Nodes are to the Brain.
#Bitcoin is like ATP (adenosine triphosphate) in the human body… biologists even call ATP the “molecular unit of currency”
Basketball is not backed by anything. It’s merely an abstract game brought to life by humans.
#Bitcoin is… and that’s all that matters.
You're not too late to #Bitcoin. Why?
Because the Early OG Adopters aren't getting any younger.
The OG Adopters will either have to spend their #Bitcoin before they die or take them to their graves.
Either way wealth distribution will discover a healthy equilibrium.
Every piece of #Bitcoin you own is like a bottle of wine or whiskey. If you store it properly, it will probably age well... but eventually you probably want to drink some of those bottles if you want to enjoy the fruit of your Patient Ferment.
#Bitcoin is a Patient Ferment.