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Ben Ewing
72039a17ad045c0e2ffa0b2fdd9c08467f8190e04f4f4672ffb516a61a815f86

It’s interesting how intertwined medicine and philosophy are.

Eastern medicine/ Amish: leave it alone, it will heal

Western: no it won’t, do surgery/ chemo/ drugs

Maybe it’s kind of a two steps forward, one back kind of process

Replying to Avatar BtcPins

Isn’t it though? I mean disregarding the debt, not sure by what measure it’s in trouble at the moment

My best friend in High School was named Carla and she’s now going through a messy divorce so I really think you ought to explain yourself

nostr:note1rmch0ghhzk2ajku6av3pfj6vvu5pvv7ml5cvt8qpnre5zw8r7j3q2mjx45

To all those people that say nothing really matters, can I have your bitcoin?

You can assume he means don’t do pointless busywork but what, just lie in bed all day unless you think of something to do that you’re passionate about? That doesn’t seem like very good advice

Replying to Avatar StackSats.IO

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!

https://youtu.be/k7XhzXMSAPo

Take equity? What do you mean?

Replying to Avatar Gigi

I don’t get it

It’s ok, I think you’re partly correct. It’s just that there’s no magic if you get hard money, where you somehow get all the benefits of a deflationary currency but none of the drawbacks of the government not being able to gain purchasing power to help fund the public sector. Smaller governments can be just as good if they are more efficient, but a small government with the same efficiency as a bigger one will mean less government services, and so you’ll just have to pay for that.

And then there’s the big problem that if the government has no way to raise capital quickly to fight off an invading fiat empire, they will be invaded. Not in the US psyche at all but kind of ironic that they complain about money debasement that contributes to their military strength.

There is a situation like you talk about- large tax base but also deflationary money, although as I said that would be very difficult on a bitcoin standard due to the problem of how to tax encrypted peer to peer transactions. But lets say the US government decided to cap the US money supply or introduce a new hard USD regardless of consequences, you of course could fund a government on direct tax alone and it wouldn’t be much of a loss (say 5-10%of tax base) if you couldn’t also print money. The issue like I said is it would mean the government would have to constantly fire or rehire government employees and programs because they couldn’t print money to avoid bankruptcy.

ot of what you're saying doesn't really make sense. Firstly, the amount of seniorage, which is money debasement, relative to the income tax collected in developed countries is really low. Like, maybe money printing accounts for 10% of tax generated through direct taxes. This can be higher, like maybe 20% in developing countries, or 50% in hyperinflation countries. But in developed countries, it's a really small amount. So you can't really say that governments need to print money to get the country going and cover expenses. And that if the government just raised taxes a little bit more, that would mitigate the need to print money at all. Like, you have to have one or the other. Secondly, no, the government couldn't raise tax effectively if Bitcoin was the standard. Because the transactions would have to be traced, and privacy measures would mean that it would be very difficult to trace Bitcoin to collect tax on it.

Alternate money people often talk as if you can have this situation where there is no money debasement but somehow it wouldn’t just end up either with anarchy or gangs and cartels

The thing that most people miss when they say that the government is diluting your purchasing power by printing money is that the value they print is not just gone, it is used to provide government services like hospitals, schools, defence, roads and other stuff. Ok, a lot of that is done inefficiently, but a lot of it is also kind of essential and it’s probably better to be done inefficiently than not done at all. Or ok we could have things like a private defence force but then everyone has to pay voluntary contributions of $5000 per person for it to be effective.