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DataNostrum
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Stumbling around

Glad for Assange and his family. Do we know how long this plea deal has been an option for him? I'm wondering if it's been on the table for a while, and he finally accepted it as a last resort.

How widely is OpenTimestamps used in Nostr? (e.g. NIP-03)

Remember to stack freedom units

"hey guys, we're done printing completely insane amounts of money for now, back to the normal rate of debasement"

I think there is an incentive to repeat old content, yes. Then you're in "commodity" territory. But there is also an incentive to generate new knowledge, which puts you in the thinkers club, who get invited to all the podcasts.

I hardly know anyone who listens to old podcasts, except if they are specifically interested in something niche, or the episode is so good that it's become sort of a classic.

Interesting observation. Repetition may be natural, people don't follow 1000 podcasts, but maybe one or two. Therefore, every podcaster will almost be expected by their audience to cover many/most aspects of the topic. In fact, a podcast will largely do their own learning by having conversations with the same experts that already appeared on the 1000 other podcasts, i.e. the podcast essentially documents the podcaster's own learning journey.

I agree that this does not necessarily contribute to existing knowledge, however it creates a kind of learning community. Almost nobody wants to listen to old podcast episodes from a few years back, and they also want to interact with the podcaster on social media. So, it won't push the state of the art, but it will onboard new people who could one day contribute to it.

"That's why the dollar had to be detached from gold."

No, Nixon decoupled the dollar from gold in 1971 because some countries (e.g. France) were demanding to redeem dollars for gold as originally promised under Bretton Woods, but the US very likely did not have enough gold to cover the dollars it had printed.

I agree that a deflationary currency discourages spending compared to an inflationary currency, but I don't see that as a bad thing. It discourages *stupid* spending, and encourages *sensible* spending.

Our current system is debt-based. If you take out a loan/mortgage in dollars, the bank wasn't previously holding those dollars, they get created upon your agreement to repay. So "who in their right mind would hold the dollar" is already true today.

Under a Bitcoin standard, lending and borrowing will become less common, because it's tougher to pay off in a deflating currency. Higher risk of default means more stringent conditions for lending, which means fewer loans.

Replying to Avatar Bored Satoshi

Under the Bitcoin standard, people will still borrow Bitcoins to buy houses or other assets. These loans will be cheap, like 0.5% rather than 5% and they will have high liquidation penalties.

Example: You have 5 Bitcoins and you want to buy a house worth 10 Bitcoins. The market value for this house right now is 10 Bitcoins. The loan issuer will happily accept the house as collateral and give you the loan. You both agree to use a market analyst who estimates the value of the house at any time. Right now it is 10 Bitcoins. And you agree to liquidate the house if the debt value + liquidation penalty (say 1 Bitcoin) > the value of the house.

You are now 5 Bitcoins in debt with 5% interest rate.

You are right to assume that the value of the house COULD go down in value with respect to Bitcoin over time if the value of Bitcoin keeps going up. In 2 years, say the market analyst says the value of the house is 5.5 Bitcoins and you are still 4.5 Bitcoins in debt. You made a bad investment.

So this triggers a liquidation where the issuer sells your house for 5.5 Bitcoins and will keep the entire amount as the penalty is 1 Bitcoin.

I don't see a problem here. Do you?

Ideally you do not want to buy a house by borrowing Bitcoin unless you believe the house will outperform Bitcoin in 10 years. Which might happen by the way, Bitcoin cannot keep going up with respect to every other asset in the world. Some real estate will definitely outperform Bitcoin once it reaches the $100T range.

Now, why would you take a loan in Bitcoin? Because there are no other currencies in the world still standing. The issuers will only issue loans in Bitcoin. Because the issuer does not want to hold any other currencies.

The Bitcoin standard will fix everything. Ahahaha

Ok, you're talking about a scenario where Bitcoin is 100x bigger than it is today. I still don't know why anybody in their right mind would borrow bitcoin to repay in 10+ years, especially with the liquidation risk. It just seems like this type of lending will become rare.

Also, if Bitcoin becomes the primary store of value, it will demonetize real estate, so it's unlikely that any standard real estate would outperform the deflationary store of value (maybe some rare/premium real estate could).

The difference is that you don't easily lend money that you can't print at will. Lending under a bitcoin standard will involve much more due diligence, possibly the lender would almost always prefer to be an investor instead

I agree with you that states tend to corruption.

What you wrote above does not make sense to me however. If person A believes that object X is their property, while all other persons in the universe do not, what should be done? How is property decided?

I'm genuinely curious why you hold these views, I'm trying to make sense of them

I've only asked questions so far, so I'm curious how you reached that conclusion

I assume the answer is no then. Is your best explanation that it does not exist because everyone is a retard?

does a society currently exist, in which you would like to live?