10 sats \ 0 replies \ @Nuttall 2 Jan \ parent \ on: Loan shark: Super Testnet's non custodial, bitcoin only borrow and loan tool bitcoin
Here we circle back to usury. I don't care what the financial engineers call it usury is the monetary charge for using money. Use. This principal only exists where money is clearly manufactured by one party and paid or lent to another. Where the usury comes in is that the money is:
  1. Taxed - In order to use my money where I am not producing anything (because if I was I would not need to confiscate your money) I need to take a portion of your labor. Furthermore I am going to violently threaten your customer (boss) to make sure he confiscates your wages and his before you both are paid and give those funds to me. If you don't have enough money I will lend you some.
  2. Inflation - This invisible tax is part of the scheme where I see the free market working and I introduce by inflating the money supply with new currency that I declared as money by fiat in order to confiscate the labor and goods of the free market without actually making anything useful.
  3. Usury - My friends who I give money to have a bounty of this cash and they will lend you this money so that you can build a business and pay us back as a percentage of your earnings. Once you have paid this back we will continue to confiscate your earnings by taxes and inflation of the money supply.
write
preview