#Bitcoin #art:
A Burial At Ornans (1849–1850) - Gustave Courbet
Why Peter Schiff is right… about our system
We often tease Peter Schiff for sticking to #gold while its replacement #Bitcoin has already arrived.
And rightly so because by advocating for gold he is doing neither himself, nor his followers a service.
But credit where credit is due: his analysis of the problems in our current financial system are spot on!
He probably influenced countless Bitcoiners in their thinking about the financial system.
In his recent conversation with Jordan Peterson, Peter Schiff made some really good points:
Here's what you need to understand about inflation
“Inflation is a bigger threat now than it has ever been because of the fiscal predicament the major governments have put themselves in.”
Government debt is increasing exponentially, and it seems nobody can stop it.
There are just three ways to decrease this debt:
Spend less (which most governments seem incapable of doing),
Increase taxes (which people don't like) or
Reduce the value of money by printing more of it (this makes the debt seem smaller).
The threat Peter Schiff refers to is option 3) because it is the easiest way for governments to get out of their fiscal predicament.
And most people won’t realise it's happening.
Gold kept governments honest
“With the gold standard the only way for governments to get money is through taxes or spending less. It couldn’t print it, because gold had to be mined. And was a way to keep the politicians in check.”
Fiat allows politicians to print as much money as they want and use it however they see fit.
This gives them a lot of power to interfere with our lives. The extreme measures taken during the Covid crisis are a recent example.
The problem is, because there's no limit on how much money can be printed, a lot (if not most) gets misallocated.
With the gold standard, governments had to be careful about how they spent their money, which led to better decisions.
CPI numbers are being manipulated
“Governments keep their own scorecard on inflation and while the basket of goods to calculate it used to be the same always. Now the basket changes and the government can add and take out products from the basket. And it is no surprise that usually they take out the products that went up in price.”
Because the basket keeps changing, CPI is a terrible way to measure inflation. Its “flexibility” makes it easy to hide the fact that money is being devalued.
Until they can't hide it anymore, even with the changing basket - a situation we're currently in. This is when you'll start to hear talk about changing the basket formula to "more accurately reflect the real situation".
People are going to leave
“The trajectory of debasement and money printing we are on means people get less and less benefits from the government and at one point (young) people will simply leave.”
Countries are in competition with each other for capital and the best talent.
Those with good fiscal policies and strong currencies will draw talents (and their money) from countries with bad policies and weak currencies.
What I find hard to believe is that @schiff really thinks they will be taking their life savings in gold. Instead of using a 24-word sentence they memorised…
The US’s main export is money
“Where the rest of the world has to produce stuff to import stuff, the US can just print dollars and export these. Therefore Americans leave above their means while the rest of the world lives below their means.”
Most Americans are probably not aware, but the rest of the world is very aware.
This causes a lot of anger towards the US and is an important reason why other countries are trying to find ways to stop using the dollar as their backup money.
I’ve been so stupid to lose my NOSTR private key and had to start a new account.
For content on #Bitcoin , #geopolitics and #geobitcoin, please follow me at:
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Thanks.
I’ve been so stupid to lose my NOSTR private key and had to start a new account.
For content on #Bitcoin , #geopolitics & #geobitcoin, please follow me at:
npub1c8vuqfy3xshsxskyjgvr53hdy3c9jgcdxh3f8zvj0gt4hel8rumsz3e2ls
Thanks.
I’ve been stupid enough to lose my NOSTR private key and had to start a new account.
For content on #Bitcoin, #geopolitics and #geobitcoin, please follow me at: npub1c8vuqfy3xshsxskyjgvr53hdy3c9jgcdxh3f8zvj0gt4hel8rumsz3e2ls
Appreciate!
#Bitcoin is not only revolutionising finance but will also transform customer experiences.
Starting with loyalty programs, it will tackle the most common customer-centric issues.
Shopping will be more fun and rewarding than ever before!
#Bitcoin will turn around the business models built on data...
Instead of the brand owning your data and making money of it..
You will own your data and make money of it.
Only weak countries will have to choose.
Strong countries like Russia and India. And the EU and Japan in the future (if they play their cards right) can and would do best by staying neutral.
#geopolitics
https://www.foreignaffairs.com/china/myth-of-neutrality-choose-between-america-china
Guys, just cut the crap and adopt #Bitcoin already.
If BRICS wants to take a swing at the US it’s only chance is the world’s best monetary technology.
Loyalty points expire b/c they are a cost on the balance sheet of companies.
Sats that do not get redeemed are assets on the balance sheet.
They don't have to expire...
https://damus.io/note19las25u9cw9wj2jt9pva9my9surth3jfw0e2ddr0kduw8c3s3elqgg0g3j
Why would you wait until you have accumulated enough loyalty points..?
And redeem them for products the brand has chosen for you..?
Why not earn sats and spend them right away?!
https://damus.io/note19las25u9cw9wj2jt9pva9my9surth3jfw0e2ddr0kduw8c3s3elqgg0g3j
Central bureaucrats are often acting with the best intentions. But know is smart enough to grasp the complexity of our social & economic systems. Therefore the consequences of central planning are often disastrous.
Chinese central planners had the best intentions when they ordered birds to be killed to increase agriculture yield. Unknowingly setting a process in motion that killed 10s of millions… 😰
It’s hard.
And it’s also hard to build the habit…
Hahaha...
Top #fiat in 18th century Britain.
Hire a hermit for in your garden…
Can’t wait to see this one…
https://www.smithsonianmag.com/smart-news/napoleon-ridley-scott-trailer-180982506/
Phone call between El-Sisi and Bukele in 1, 2, 3…
She say 2 years, but this is just a random number she pulls out of her hat to give the appearance of control.
Truth is that they have lost control with their gigantic money printing operation and now have a problem.
Better get some #Bitcoin.
#Bitcoin: The Future of Customer Loyalty Programs
Loyalty programs, when well-implemented, allow us to save money, enhance our shopping experiences, receive relevant offers, earn rewards for consistency, and make us feel part of a community.
Unfortunately, many programs fall short and fail to meet customer expectations:
🕒 Slow Reward Accumulation: Many loyalty programs require you to spend significant amounts or make frequent purchases before you can redeem any substantial rewards. This often leads to a feeling of slow progress and delayed gratification.
💔 Expiry of Points/Rewards: It’s frustrating when hard-earned rewards disappear because you didn't use them within a certain period. It feels like watching your hard work evaporate.
🔒 Data Privacy Concerns: Joining a loyalty program often requires sharing personal data, leading to potential data privacy risks. Who has access to your information, how is it being used, and is it securely stored?
🔗 Limited Choice & Availability: Reward options often don’t align with your preferences, or are only available at inconvenient times or locations. This takes the whole idea of rewards away and dampens the experience.
💸 Increased Spending: There's a fine line between spending for necessity and for earning points. Realising you overspent can be a downer.
Sounds familiar? Enter #Bitcoin, the game-changer that will set a new standard for customer experiences. Brands won’t have an excuse anymore for offering inferior loyalty experiences.
Here's how #Bitcoin will tackle these loyalty program issues:
1️⃣Slow Reward Accumulation
With your rewards as satoshis (smallest unit of #Bitcoin), the value of your rewards grow as the value of #Bitcoin grows. You're not just accumulating points; your points are gaining value independently!
2️⃣Expiring Points
#Bitcoin makes your rewards timeless. Satoshis in your lightning wallet stay with you indefinitely. You can spend them with the brand, with other brands or you can send them to another #Bitcoin or Lightning wallet.
3️⃣Data Privacy Concerns
Your wallet is your identifier, reducing personal data exposure. If you choose to share data for extra satoshis, you do it on your terms. Plus, envision a future where you, the customer, own your transaction data (Nostr style) and can choose to share it for data analysis and personalised offers. In exchange, of course, for a few satoshis! Privacy redefined…
4️⃣Limited Choice & Availability
As #Bitcoin is globally accepted, satoshis earned through loyalty programs can be spent anywhere. If the brand’s choice of loyalty rewards is underwhelming you can spend it on regular products, take it to another brand or save the satoshis for future appreciation.
5️⃣ Increased Spending
#Bitcoin turns spending into an investment. Your satoshis, appreciating over time, make today's spending tomorrow's profit. Even if you regret a purchase, you won't regret the earned satoshis.
#Bitcoin is not only revolutionising finance but will also transform customer experiences. Starting with loyalty programs, it will tackle the most common customer-centric issues.
Shopping will be more fun and rewarding than ever before!
