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It depends on what you mean by usury.
We definitely don't need fractional reserve banking and it causes more problems than good (how can you make economic plans if the money you have doesn't tell the truth about the resource you are able to command since multiple people would have a claim to the same resources?).
Thanks! I've been doing it since the fall of 2021, so I know what it's like to see the value go down. Feel free to DM me (or ask here) if you want to give it another shot and would like some help.
Yeah maybe I can use some advice to find my way back to zero fiat. I got a pretty nice system going on now with bitcoin but recently I been building up my fiat balances for peace of mind oddly as it sounds. Having lots of fiat obligations is no fun!
I think paying interest on money created with the push of button is usury. Even these bitcoin backed loans charging 10% APR is ridiculous.
As believers in Jesus we should be lending at cost or even at the detriment of our own financial gain.
Having available lines of credit was very helpful to me (perhaps ironically given the question haha).
Okay, yeah, just being able to create money out of thin air is definitely problematic and leads to all kinds of problems. I think the high interest rates for Bitcoin backed loans is just what the market rate is. At least for Strike, I don't think they're creating money...they're going out into the market to get fiat funds for the other side of the loan.
I just briefly skimmed this now, but here's the Catholic perspective on usury (it's kind of a confusing topic).
Thanks!
What are your thoughts on usury? Do you think we need fractional reserve banking?
Congrats on sticking with going on zero. I tried it and I found it really difficult to sell sats for dollars when I needed them. Plus getting paid and seeing your purchasing power melt as Bitcoin tanks if not a good feeling when the fiat debt is still due.