Why do I feel like this will be the greatest novel in history.
I agree with this completely.
I think it’s going to take a long time.
And I think if/once BTC completely displaces fiat no one will accept yield denominated in fiat at all.
And this is where I think during that conversation they were each talking from the perspective of two totally different worlds.
I agree with what Saif said, capital will only be able to be resisted through equity. Why? Because the produce of a business can always expand. So ”yield” can come from production and sharing in that production, regardless of what the prices of the produce are (going down).
So in a sense, the nominal yield in Bitcoin terms will be negative. But the real yield will be positive.
🫡 Super fiat to think the solution to every one of my problems can be conjured up from somewhere else by someone else.
I don’t know, but I do know that when my kids get their first house I am going to flood the bathroom, leave all the lights on, and swing on the railing until it busts off 😂
Can you block bots on Nostr?
I have a nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a and nostr:npub1ahxjq4v0zlvexf7cg8j9stumqp3nrtzqzzqxa7szpmcdgqrcumdq0h5ech imperators following me.
I see mute. I need to do a better job of keeping my Nostr network clean than I did my Twitter network.
Is mute the same thing?
That’s deep bro. That’s deep.
🤙
Fairly new to Nostr. What is the advantage of adding more relays?
Should I be adding any I see?
Bitcoin is for anyone!
Nice Bro!
Being 🙏 for your first day.
💯
We want, classically, something durable, fungible, divisible, portable, and scarce.
For myself I would then say that a medium having those properties will lead to said medium being selected by the market as the chosen money, which will in turn lead to said money maintaining its purchasing power over time, or, “holding it’s value”.
Saying the same thing at the end of the day 🤝
Another great concept from The Bitcoin Standard by nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak
"As money is acquired not for its own properties, but to be exchanged for other goods and services, its purchasing power is important, not its absolute quantity".
🎯
The money - itself - is not the thing of value.
Money merely REPRESENTS that which has value in economic activity.
So the question is not “what’s the most valuable money?”
The question is “what medium best fills the role of representing that which has value?”
It’s a great question. It would seem to me that it corresponds to reality that there IS an objective point of reference out there somewhere.
I do not believe any human can fill that role.
Perhaps it’s a clue to the necessity for something transcendent.
Finally, an interesting Bitcoin podcast!
It’s been a while since I’ve seen people argue in Bitcoin but nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak managed to pull Saylor into an interesting conversation about credit and lending in Bitcoin.
Saylor apparently hasn’t fully thought through the implications of 21M and remains wedded to his fiat ideas.
He expects there to be yield on Bitcoin in future, but never says where it will come from in a completely fixed supply money.. “They’ll have to sell their assets to finance themselves!” - yeah no shit Michael!
The only way to generate yield in Bitcoin terms is to mismatch duration - literally run a Ponzi scheme. But Saylor expects that because the US Government will back the banks that this can’t go wrong 🤣🤣
Saif takes nostr:npub1sfhflz2msx45rfzjyf5tyj0x35pv4qtq3hh4v2jf8nhrtl79cavsl2ymqt line that capital will flow but HODLers will take equity rather than yield. This is the correct logical conclusion.
I’m not saying Saylor is completely wrong - I do see a future where banks will get into this space and lend and pay yield on Bitcoin.
But they WILL blow up. I don’t give a fuck if they’ve got their own nuclear arsenal let alone the full faith and credit of the US Government behind them, they WILL get out over their skis and they WILL be unable to fulfill their obligations at some point because they WILL greedily try to rehypothecate it in the meantime and no Government will be able to save them.
Saif and Allen both know the economy doesn’t require interest to function, that the world won’t grind to a halt without it - people will still spend money. Saylor just isn’t ready to let go of his statism (as evidenced earlier in the conversation) because he’s become accustomed to Billionaire privileges.
This is why I love #Bitcoin. You can be the CEO of the most successful public company of the past 4 years, all thanks to Bitcoin, and you will still be totally humbled by it unless you fully embrace the system as it is because it won’t be changing for your fiat games!
I don’t think Saylor was saying, or thinks, that Bitcoin itself will be lent and paid back at interest.
I could be wrong of course.
I think he envisions a world that looks a lot like today. But instead of manhattan real estate being the best collateral and property, Bitcoin will be the pristine and most desired property. But still with all things fiat surrounding it.
Whether he is right or wrong or whether that is an ideal future or not aside.
But I agree was a thought provoking convo!