Will Debt become extinct?
270 sats \ 23 comments \ @lloyddunne 24 Apr antifragile
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39 sats \ 4 replies \ @kr 24 Apr
this is a bit confusing, you asked two different questions in your title and description
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0 sats \ 0 replies \ @alt 24 Apr
I've answered the question in the post body, not the title, but it's really confusing. The results of this poll are totally useless because there's no way to know how other people have interpreted it.
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0 sats \ 2 replies \ @anon 24 Apr
I don’t follow. Do you mean it would be clearer to use ‘will debt even exist’ rather than ‘ever exist’?
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124 sats \ 1 reply \ @kr 24 Apr
the title and description ask two different questions, i don’t know how i can be more clear.
my answer for the title is no, but my answer for the description is yes.
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62 sats \ 0 replies \ @anon 24 Apr
I see. It made sense in my head
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10 sats \ 3 replies \ @BitSapien 24 Apr
Could the btc that people borrow become debt then ?
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0 sats \ 2 replies \ @Fabs 24 Apr
If you lend me 0.1 BTC and ask 0.105 BTC in return, then what does that turn the latter into?
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0 sats \ 1 reply \ @BitSapien 25 Apr
debt that has been repaid ?
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0 sats \ 0 replies \ @Fabs 25 Apr
It turns the latter into debt to that person, until it has been repaid.
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0 sats \ 0 replies \ @Design_r 24 Apr
Skipping the hyperbitcoinization detail for later.
Debt will cease to exist when we'll stop providing credit. You cannot expect things to magically disappear if you do not make the effort to stick to valued that does not allow it.
Start asking: Are you providing credit or making use of any debt atm? If yes, just get rid of it as soon as possible and contribute to a debt-free world.
PS: Credit/Debt could also exist in a hyperbitcoinization world, so the second question is a nonsense for me.
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0 sats \ 0 replies \ @fm 24 Apr
Debt is a tool.. We might abuse it with usury, but still a tool. Doesnt matter if fiat standard or bitcoin standard, debt will always exist.. You can borrow money and have bitcoin as collateral now.. there always be more forms of money since economy is not a closed system, so as you borrow against bitcoin, theres a debt
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0 sats \ 0 replies \ @030e0dca83 24 Apr
It'll exist in our memories
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0 sats \ 1 reply \ @02bcd3eeb0 24 Apr
Me: Hey, can I borrow some sats for lunch? Friend: Sure, I'll get it. Me: Thanks, I'll pay you back tomorrow.
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0 sats \ 0 replies \ @lloyddunne OP 24 Apr
would interest be charged?
(You won't be a very good friend in this case)
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0 sats \ 2 replies \ @freebookspls 24 Apr
Why do you mean by Debt?
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0 sats \ 1 reply \ @lloyddunne OP 24 Apr
like borrowed money (plus interest)
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0 sats \ 0 replies \ @freebookspls 24 Apr
You're talking about Usury.
It might go away since a btc hypercol'd Economy would be deflationary and future money would worth more than present-day money so people wouldn't be as willing to lend money because the incentives are not there.
But, at the same time people will always need capital for enterprises and crops. There will always be a need for future money been spend at present-day.
Tl;dr Usury may disappear, but probably won't
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0 sats \ 5 replies \ @Hamstr 24 Apr freebie
When you say hyperbitcoinization, I'm thinking mass adoption. Will debt exist? Well, I know that during the Roman Empire in those days the empire did not do certain things unless they had the money because debt wasn't a thing at that time, nor credit. So, I guess people would revert to saving their stash to buy something, which is nothing like today. Or take a loan against their bitcoin, as I think that's what defi is trying to accomplish so that you don't need a loan against banker that chain you up with high interest rates.