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We kick off a multi-day immersion into Bitcoin's role as a strategic asset for Texas resilience, high-density compute, and innovative energy solutions.

From CEO forums and case studies to panels on infrastructure and field trips to active Bitcoin sites, this event unites leaders in O&G, renewables, and crypto to explore synergies like repurposing stranded assets for mining and data centers.

Network with visionaries, gain actionable insights, and position yourself at the forefront of digital midstream evolution.

Checkout this Meetup with Fort Bitcoin: https://meetu.ps/e/PqHdC/TS8gK/i

bitpetro 8mo ago

Checkout the 45th #Bitcoin #Meetup with #FortBitcoin: https://meetu.ps/e/P3hl8/TS8gK/i

bitpetro 9mo ago

Going to share my fav lines as a teaser:

Debt isn't just old, it's older than the coins in your pocket or the paper bills in your wallet. It's primal, a thread stitched into the very fabric of human exchange, predating money itself. A primitive of math in the real world. The negative number.

bitpetro 1y ago

https://meetu.ps/e/NHBb5/TS8gK/i

You coming out tonight?

bitpetro 1y ago

#Orange and #Purple pills delivered at #TCU Neeley today at the #Fintech Club.

#Bitcoin #MSTR #Education

#FortBitcoin #GrowNOSTR

bitpetro 1y ago

Join us at #FortBitcoin #38 Texas Premier of @DirtyCoinDoc at @TCU Next Tuesday for the #Texas Premier of #DirtyCoin a #Bitcoin #Mining Documentary https://meetu.ps/e/NDHTR/TS8gK/i

Replying to

bitpetro

The Prequel to Why Bitcoin?

Prologue

In the dynamic confluence of technology, finance, and energy, understanding the nuances of money—its history, mechanisms, and potential for future transformation—is not just a scholarly pursuit but a strategic imperative. As we stand at an inflection point, with digital currencies like Bitcoin poised to disrupt our traditional financial paradigms, delving into the historical milestones, such as the pivotal year of 1971, the principles behind the gold standard, and the intricate mechanisms of money creation, debt, and credit, is critical. This exploration is not just about understanding these concepts in isolation but about envisioning how they could intersect with cutting-edge technology to redefine our world. This guide is an expedition into these complex territories, drawing insights from the past and present to navigate the uncharted future.

Summary

Our expedition into the financial realms underscores the intricate dance of economic forces and human ambition. The year 1971 was more than a historical marker; it was the genesis of a new monetary era that set the stage for today's economic theatrics. The gold standard, now a relic of the past, continues to hold lessons for the future, especially in discussions around financial stability and autonomy.

Money creation, a privilege of the banking elite, is a process shrouded in complexity and controversy, a magic trick with profound implications. Meanwhile, debt and credit are the lifeblood of our economy, sustaining growth yet also planting seeds for potential turmoil. These forces, seemingly mundane, hold the power to ignite economic booms or trigger devastating busts.

From the lens of Austrian economics, our current financial architecture is a precarious one, teetering on the brink, sustained by policies that inflate bubbles destined to burst. Herein lies the argument for a return to sound money principles, a sentiment echoing through the chambers of gold standard advocates and cryptocurrency enthusiasts alike.

Bitcoin emerges as a beacon in this discourse, a digital defiance against traditional monetary systems. Its immutable supply and decentralized nature present a stark contrast to fiat currencies, offering a glimpse into a future where money is not just a tool for transaction but an instrument of true economic empowerment.

As we venture further into this digital era, the lessons from our monetary past are not mere echoes but guiding voices as we forge our path. Whether we're transitioning into a world where cryptocurrencies reign supreme or one where they exist alongside fiat currencies in a complex financial tapestry, our understanding of these historical and economic nuances will be the compass that guides our journey.

1. What happened in 1971?

In 1971, a critical event known as the "Nixon Shock" occurred. U.S. President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, effectively ending the Bretton Woods system. This system was a global agreement where most countries pegged their currencies to the U.S. dollar, which was convertible to gold.

Why did this happen? The U.S. was facing high inflation and economic challenges, partly due to the costs of the Vietnam War. By ending the gold standard, the government hoped to stabilize the economy. However, this decision had global repercussions. It led to the modern system of floating exchange rates, where the value of a currency is determined by the forex market.

The end of the gold standard meant that governments could print more money without needing a gold reserve to back it. While this increased financial flexibility, it also introduced risks like higher inflation and economic instability. This event is a pivotal point in understanding Bitcoin, which seeks to offer an alternative to traditional fiat currencies by limiting its supply, akin to gold.

2. What is the gold standard?

The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. With the gold standard, individuals could exchange their paper money for a specified amount of gold. Countries that use the gold standard set a fixed price for gold, allowing for the free exchange of gold for money.

The gold standard is significant because it provides a fixed asset to back a currency, ensuring governments don't print excessive amounts of money. However, it can also lead to economic problems. If a country doesn't have enough gold, it might not have enough money to support its economic needs. The gold standard can also tie the hands of policymakers, limiting their ability to respond to economic crises.

3. How is money created?

In modern economies, money is created through a process called fractional-reserve banking. Here's how it works: you deposit your money in a bank. The bank then loans out most of this money to others. When those loans are deposited into other banks, a portion is loaned out again. Through this process, the banking system creates more money than the original amount deposited.

Central banks also create money by buying assets like government bonds. This process is called quantitative easing (QE). They do this to influence economic activity, like encouraging spending and investment when the economy is slow.

4. What is debt?

Debt is money borrowed by one party from another. Many entities use debt as a method of making large purchases they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.

Debt can be used effectively to improve one's financial position or business operations. However, if not managed carefully, debt can lead to financial ruin and severe economic consequences on a larger scale.

5. What is credit?

Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date, generally with interest. Credit also refers to the creditworthiness or credit history of an individual or company..

For individuals and companies, credit is vital for significant purchases and investments. It's a fundamental component of a modern economy, allowing for transactions, investments, and risk-taking that drive economic growth.

6. What happened in Venezuela?

The story of the wealthiest country in a continent, destroyed by Fiat gone to the extreme end of a socio economic system.

This series will explore the topics above like a study guide accessible to those with a curious mind.

bitpetro 1y ago

Any thoughts on how I could get more eyes on this?

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bitpetro 1y ago 💬 1

ISO #LatinX #Bitcoiners

join us for delicious Spanish #Tapas with a #BTC twist.

#BitcoinerEvents

#W7th #FortWorth

#Texas

👇RSVP:

https://meetu.ps/e/NhR0Z/TS8gK/i

bitpetro 1y ago

34th #FortBitcoin #MeetUp

Get #Bullish on #Bitcoin in #Cowtown

join us for delicious Spanish #Tapas with a #BTC twist.

#BitcoinerEvents

#W7th #FortWorth

#Texas

👇RSVP:

https://meetu.ps/e/NhR0Z/TS8gK/i

bitpetro 1y ago

Join us for our 34th #FortBitcoin #MeetUp

Dile Si a #Bitcoin  con Sitapas.com

Get #Bullish in #Cowtown

Si Tapas restaurant and bar aims to deliver delicious traditional Spanish #Tapas with a modern twist.

#BitcoinerEvents

#FortWorth #Texas

https://meetu.ps/e/NhR0Z/TS8gK/i

bitpetro 1y ago

Ready to saddle up with some #Bitcoin plebs?

Check out our 33rd Meetup:

https://meetu.ps/e/NdN7T/TS8gK/i

#bitcoinerevents

#FortWorth

#Texas

bitpetro 1y ago

Last month with the help of Brandon Chicotsky and the hospitality of the Texas Christian University - M.J. Neeley School of Business

We presented 3 panel discussions on the integration challenges and market dynamics of combining carbon credits with technologies like Bitcoin mining for methane emission reduction. The video of those 3 lecture is linked below.

#FortBitcoin and BitPetro and I would like to give a huge thank you to the speakers:

John Leitel, KONICA MINOLTA, INC.

Ondrej Sestak , ZeroSix

James C. Row, Capturiant

Dwayne Purvis, P.E.

#LeadOn #TCU

#carbonmarkets #Registries #OGI

#quantification #regulation #greenwashing

#bitcoinmining #carboncapitalism

https://youtu.be/23Zyi0mIoOs

bitpetro 1y ago 💬 1

Join us on the 4th quarterly Bitcoin & Energy Lunch:

Powering Conservation with Bitcoin

at the Fort Worth Petroleum Club! Discover the transformative impact of Bitcoin adoption in the Oil and Gas industry and network with fellow professionals.

#PetroleumClub #LunchSeries #OilAndGasIndustry

Hosted by Fort Bitcoin and sponsored by BitPetro.

Hosted by @Fort_Bitcoin

Sponsored by @BitPetro

Keynote by: TBD

Moderated by

Jake Corley @JacobCorley

Panelists:

St. Claire Newbern III @LiveEnergyInc

Chris Alfano @360MiningInc

Dan Morrison @SludgeLLC

Jonathan Kohn @BitPetro

Dan Morrison @SludgeLLC

Happening at the @PetroleumClubFW in the @CityofFortWorth

Gain insight on Bitcoin and Lightning Network developments, and get a sneak peek into the future of Bitcoin in the Oil Patch and the path to adoption through innovation.

Agenda:

11:45 am Networking

12:00 pm Lunch

12:15 pm Panel Begins

1:30 pm Event Concludes

Panel Topics:

Powering Conservation with Bitcoin

Moderated by Jake Corley from Digital Wildcatters. The Panel will include current operators, bitcoin miners, and energy experts.

Want to pay for your registration using the Lightning Network? We've got you covered! Click the Link to Register and Pay with the Bitcoin Lightning Network: coming soon.

RSVP: https://www.meetup.com/fortbitcoin/events/300736319/

bitpetro 2y ago 💬 1

What is Debt?

#Debt is a #concept as old as human civilization, deeply ingrained in economic systems, societal structures, and even moral frameworks. At its core, debt involves #borrowing, typically #money, from one #party to another, under the agreement that the borrowed amount will be repaid, usually with interest, at a #futuredate.

#History’s Perspectives on Debt

Debt has played various roles throughout history. In ancient times, debt often arose out of necessity, such as the need to secure food or resources during times of scarcity. It was also used in trade and commerce, facilitating transactions in the absence of money or complex financial systems.

However, debt wasn't purely an economic instrument. It had social and moral implications. In many cultures, being unable to repay debt could lead to severe consequences, including enslavement or imprisonment. This intertwining of debt with moral obligation has influenced societal attitudes towards debt, wealth, and poverty.

#ModernDebt: Instruments and Purposes

Today, debt comes in many forms, including mortgages, student loans, credit cards, bonds, and national debts. These instruments have specific purposes and structures, catering to various needs in modern economies:

1. #Personal Debt: Individuals take on debt for various reasons, such as buying a home, obtaining an education, or financing daily purchases. This debt is often necessary for individuals to advance in life, but if mismanaged, it can lead to financial strain or bankruptcy.

2. #Corporate Debt: Businesses use debt as a tool for growth. By borrowing money, companies can invest in new projects, expand operations, or navigate financial difficulties. Corporate debt is typically categorized into bonds, loans, and credit lines, each with its own risk and cost profile.

3. #Government Debt: Governments borrow to fund public projects, social programs, or military expenditures, and to manage economic cycles. Government debt is issued in the form of bonds. While such debt can stimulate economic growth, excessive government borrowing and spending can lead to inflation and economic instability.

The #DoubleEdged #DebtSword

Debt is a double-edged sword. It can be a powerful economic tool, driving growth, facilitating trade, and smoothing out economic inequalities. However, excessive debt can lead to financial crises, as seen in the 2008 global financial crisis when high levels of mortgage debt led to widespread defaults, bank failures, and economic recession. Likewise, many young people endure unnecessary hardships due to poor management of their own det in the form of credit cards. From macro to micro debt can do a lot of harm if not well understood.

Debt from the #AustrianEconomics Perspective

Austrian economics is critical of excessive debt and the role of central banking in facilitating debt growth. This school of thought argues that artificially low interest rates set by central banks encourage excessive borrowing and risk-taking, leading to economic bubbles. When these bubbles burst, the result is economic crises and recessions.

Austrians advocate for a more conservative approach to debt, emphasizing savings and investment funded by real economic production, rather than credit expansion. They also support sound money, like the gold standard or Bitcoin, as a foundation for a stable economic system.

Debt in the #Context of #Bitcoin

Bitcoin advocates view it as an alternative to the debt-laden fiat monetary system. Bitcoin's capped supply based on open source code contrasts with fiat currencies, which can be printed in unlimited quantities to fund government spending and debt. By providing a currency that doesn't rely on debt for its creation and value, Bitcoin offers a counter-model to the current global financial system, one more aligned with being a money by and for the internet, that is without borders and free from censorship.

Conclusion

Understanding debt is crucial for navigating the modern world. Today’s economic landscape is one where debt can be a valuable tool for individuals, businesses, and nations, it also carries risks and consequences, especially when used irresponsibly. The discussions around debt, money, and alternative financial systems like Bitcoin are central to understanding the broader economic, social, and moral implications of debt in society.