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0 sats \ 9 replies \ @CliffBadger 8h \ parent \ on: Getting out of debt bitcoin_beginners
Then what you're effectively suggesting is that only fiat companies be allowed to take advantage of the money printer. Why shouldn't we use it for ourselves while it lasts?
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They're always on your shoulders, whether you take the money or not.
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Not true.
I owe the fiat debt slavery bankers nothing and I can tell them to fuck off - and I do.
If you are in debt you are not free.
Start working toward freedom today or remain a slave to the fiat bankers.
Up to you.
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I'm not paying more than the minimums while BTC is under $200k. A gain of >100% in less than a year outweighs a 30% interest rate. Why would I pay everything off now, if I can just wait a few months to pay it off with half as much BTC as I would otherwise need to sell?
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Because the banks are parasitic leeches that you don't want to feed?
Because you want to be free from the fiat parasites and leave them to die?
While I understand your reasoning, to use the fiat debt leverage to speculate on Bitcoin, that is, in my opinion, a trap...but it is also a thing where it depends on your priorities.
If you are comfortable using fiat debt leverage to speculate then that's your choice...it's just not a choice I would make.
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The death of fiat is already a mathematical certainty. The banks are operating on autopilot. They don't understand yet that they, like everyone else, have to sweep all of their long-term assets into BTC in order to compete in the world. I'm leveraging Bitcoin's NGU tech, but I'm also leveraging the information asymmetry, in that the banks aren't yet aware of how NGU tech works.
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Nice story but wrong on multiple scores.
Sounds like you have been listening to too much Michael Saylor.
And not reading enough history and monetary theory.
Bitcoin is already well on the way to being captured by the fiat operators as a harmless KYCed, taxed and tracked speculative commodity that is no real threat to the their strategic control over MoE.
There are still huge and rapidly growing threats to Bitcoin ever achieving the level of MoE acceptance and use that would be required to substantially reduce the power of the fiat operators.
There is also the real, if small risk that a flaw is found in the Bitcoin protocol for example the theoretical threat that Quantum computing may present. Quantum computing is not the only one of these potential threats.
This you are making assumptions that are demonstrably wrong.
Bitcoin is not a guaranteed one way bet.
It is not guaranteed to replace fiats MoE hegemony which is the most important financial and strategic lever for most governments and certainly the worlds most powerful ones.
Bitcoin has so far made less than sweet fuck all progress toward MoE adoption and acceptance and has largely already been captured as a relatively harmless KYCed, Taxed, Speculative Commodity.
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My friend, Bitcoin is 16 years old. There is no history to be referenced.
My beer, underwear, T-shirt, protein powder, and coffee beans are all bought directly with BTC, and everything else I own is backed by leveraged BTC. That's progress enough for me. I understand that some Harvard graduate can come up with a bunch of reasons why it might fail. Why should I care?
The quantum threat is easily resolved with a consensus software update. If it can't be, then no other electronic encryption will work either. That means the gold bugs win, not fiat.
Bitcoin is guaranteed to win in the sense that I will literally die if it doesn't.
You can't understand because you're a collectivist. In a collectivist sense, you are correct that Bitcoin might lose. I'm an individualist. If everyone else is using fiat, but I died in a bunker holding a million satoshis, as far as I'm concerned, that means I won. I was correct. I am happy, overjoyed, to be dead if the alternative was slavery. That is my best case scenario.
Also, no, my monetary theory is perfectly well-formulated. If governments/banks want to oppose Bitcoin, there's an opportunity cost. They will miss out on the gains and lose money by trying to shut it down. I'm just assuming they'll act out of self-preservation rather than Kamikaze themselves. That's the only answer to the threat of Bitcoin, is to hurt themselves at the same time. They can't get a better ROI even by stealing.