reply on: I'm Rollo McFloogle - Catholic, Bitcoiner, #GetOnZero Pioneer, Podcaster

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212 sats \ 2 replies \ @BlokchainB 12 Jul \ parent \ on: I'm Rollo McFloogle - Catholic, Bitcoiner, #GetOnZero Pioneer, Podcaster - AMA AMA

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.

200 sats \ 1 reply \ @rollomcfloogle OP 12 Jul

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).

110 sats \ 0 replies \ @BlokchainB 12 Jul

Thanks!