How have money/transactions changed? Anything yet? My expectation is full dollarization via stablecoins. Venezuela becomes the Guinea pig of the western hemisphere CBDC
It’s like a Burka for your screen
The enemy of the state is medium of exchange. If they lose that they have no monetary sovereignty. Legislation is aimed at encouraging a low velocity of money for bitcoin combined with active competition for medium of exchange using tax regulations to provide the unfair advantage necessary to allow Gresham’s law to continue dictating decisions on the margin
You just “fuck This shit” and don’t use it 🤷‍♂️
She’s US-Backed lol. She’s the American empire candidate. An improvement over Maduro for sure but let’s not pretend this is a win for Nostr or anything
Describing a system that is open source which anyone can freely use if they choose to as “designed to extract and exclude while insisting it was all just disruption, just innovation, just the market working as intended” Lol.
This dude writes like he sips seed oils straight out of the plastic bottle.
Giving my money to somebody who’s going to take on a bunch of leverage, fractional reserve the thing he’s giving me in exchange and use the proceeds to stack bitcoin, who I then have to trust to custody it properly
Or
Stack the bitcoin myself and let you MSTR buyers help saylor pump my position, while trusting only myself in the process
Gee I wonder which is better 🙄
Cashu Sportsbook
When cashu sports betting? That’s the killer betting app
They gotta do it.
Buying a coffee with 0.00005706 bitcoins makes it too obvious how worthless the government currency is.
I'm a Strike customer and have a huge amount of respect for nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle , but the borrow against your bitcoin narrative has been something I've struggled to reconcile in my own mind. I've tagged Jack as a Strike user, but it could have been any number of people really.
As I understand it, Strike have partnered with financial service companies like Nydig to offer the funding for their loan products. That's Nydig led by Ross Stevens, who was interviewed by Saylor at the MSTR world conference in 2021. I reference that because Nydig clearly understand bitcoin deeply.
Amongst that understanding will be that, if measured in dollars, as an asset within the current system (which it's not), it has a CAGR of roughly 50%. It begs the question then, why would they sacrifice this return for an interest rate of 10% on capital lent out to bitcoiners? Particularly if they understand this at a fundamental level.
The play here is to amass bitcoin and it seems clear to me that they will have run the probabilities and come to the conclusion that enough people will get overstretched, under-collateralised, and ultimately margin called.
They're always 12 month terms, which is not a safe investment period given bitcoin's volatility. Jack and Mark Moss have both given examples of how these products could work, but always with a 12 month loan, whereby magically, at the end of this period, bitcoin's price will have risen 50%.
I find it totally misleading and, given that bitcoin is perfect collateral and doesn't require credit checks, people will be able to enter into these loans very easily.
I'm sure I'm getting something wrong along the way, maybe with how the funding process works behind the scenes, but I'm old enough to remember 'not your keys, not your coins'. This message seems to have been lost in the name of 'collaborative custody'.
I can't help thinking that a lot of people are going to have to eventually make a choice between defaulting on their loans or continually posting more and more of their stack as collateral.
I'd love to hear a response as to why I'm getting this wrong.
It’s usury. Period. There’s a place for credit in life, I’m not saying you should borrow 0 money ever.
But the intent is to get your bitcoin. Otherwise they wouldn’t offer the product.
Generals ain’t the best combat soldiers, etc. Knowledge and Practice/application are two different things that are not invalidated when not accompanied by the other.
Intellectuals/academics historically play an important role in society (provided that they’re not captured) but aren’t necessarily “doers”. Society needs both to function optimally. It’s good to be proud of work but work isn’t everything. Strategy and design optimize workers and make them more efficient
Devils advocate:
Some of the best coaches in American sports have been dudes that weren’t really that good when they played or never played in the league they coached in.
Not disagreeing with you. Just pointing out that it’s not simply white and black. Data is data and it’s up to you to decide what has value and what doesn’t. Writing off data because it doesn’t fit some archetype you have predetermined is objectively sub-optimal 🤷‍♂️
Bitcoin existing doesn’t make Gresham’s law go away. The shitty currency gets spent and the good one gets saved. You can buy groceries with gold and silver in Texas but nobody does.
The knots vs core debate is propaganda to try and marginalize people who are financially literate into forking themselves off the longest chain and into irrelevancy.
Knots is for ideologues and when the fork comes you will choose poverty.
The use case is being able to speak without risk of censorship. We just need more important people saying more important things here. Journalists breaking big stories that otherwise would be shut down on centralized platforms for instance.
The problem isn’t so much the protocol, it’s the people using it.
If you want more people to use NOSTR, create an environment for people who would otherwise be silenced to be free. And I’m not talking about niche Devs.
How Reasearchstr, a place where academic papers can be published that maybe aren’t going to make the lancet because the findings aren’t to the fancy of proctor and gamble or unilever.
Or Teachstr, a place where teachers can get together and form real curriculums outside of the confines of what federally funded public schools can provide.
The value is rules but no rulers right? The natural product-market fit is to cater to environments that thrive with minimal oversight.
Knots was outed as a grifter movement with bad intentions a while ago. You can’t divide the bitcoin network, sorry. Better luck next time.
The tulip bubble lasted from 1634 to 1637, popped, and never happened again.
Bitcoin has had multiple 1000+% price increases over the last 15 years and is currently chilling at over 100k 🤷‍♂️
And then you realize the government has no incentive to fix it because it’s propping up the mortgage backed securities market and property tax revenues/cap gains tax revenue from sales on the inflated prices.
If the government did want to fix it, it would require massive massive QE to stave off the bank contagion and treasury market disruption.
Think about the type of people you hate/dislike. And then imagine your behavior is also what they’re doing at that time.
You gonna do what them pussies are doing?
You’re right. The US Navy’s submarines are actually powered by monkeys on bicycles