0 sats \ 6 replies \ @BubeniCZECH OP 20 Feb 2023 \ parent \ on: Firefish - Bitcoin-backed loans bitcoin
You're not responding to my post at all.
  1. Debt in itself is not a bad thing. The problem is when debt creates new money. The oldest written records that exist are promissory notes. Money has always been lent, and a functioning loan market is good for the economy as long as the money lent is money accumulated through savings and not newly created.
  2. firefish is not some centralized platform that offers interest on bitcoin and prints shitcoins against it. It's just a protocol that connects supply to demand and allows you to take out a loan in fiat that is secured by bitcoin. That's what multisig transactions directly on bitcoin are for. The idea is not to make money on my bitcoin, but to get a loan in fiat so I don't have to sell bitcoin, or to get interest on fiat by lending it against a liquid pledge of bitcoin.
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0 sats \ 5 replies \ @DarthCoin 20 Feb 2023
OMG... fiat lover and keynesian. You have much to learn...
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0 sats \ 4 replies \ @BubeniCZECH OP 20 Feb 2023
Sorry, but money was borrowed even when people paid in gold. The loan market is not dependent on fiat and has nothing to do with Keynes.
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0 sats \ 3 replies \ @DarthCoin 20 Feb 2023
oh another one that didn't studied well... Let's talk in 5 years again.
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0 sats \ 2 replies \ @BubeniCZECH OP 20 Feb 2023
The creation of savings and their subsequent investment is a natural behaviour of economic actors. If there were no loans, people with good ideas would not have access to the capital to implement them. There is nothing wrong with borrowing as long as it is preceded by savings and interest is a free-market conflict between supply and demand.
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2 sats \ 1 reply \ @DarthCoin 20 Feb 2023
Can you force me to borrow from you? Debt = slavery Simple as that.
Don't consume more than you can produce. Life is much simple than you think, with or without lending.
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0 sats \ 0 replies \ @BubeniCZECH OP 20 Feb 2023
Because nobody can force you, it's not slavery. It's a voluntary transaaction, a trade. A loan is a service like any other. That's why it has a price. If you think hard money will kill the loan market, you're wrong.
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