0 sats \ 13 replies \ @siggy47 28 Sep \ parent \ on: Starve the State, starve the banks, protect yourself, your privacy & liberty. v1 libertarian
I'm pro fiat debt to buy bitcoin. Let the government inflate it away. This "debt is slavery notion" is to make sure there aren't too many people joining the cantillon party.
You do you, but that only legitimizes what they do, and fucks the ones that cannot afford to do the same.
Starve the enemies, not your brothers.
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Fiat will be printed. The printing will debase fiat holders.
Any printed fiat can be used to buy Bitcoin, or for anything else.
When it goes to buy and hold Bitcoin, it pushes the BTC/fiat price up. Thus, besides hurting fiat holders, you reward all Bitcoin holders with more purchasing power.
I will never disagree with printing money being an evil thing that worsens the world. But, if it will be printed, I can't think of a better use for it than to make Bitcoin rise.
I also see it as a peculiar implementation of Alinsky's fourth rule of his rules for radicals.
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I believe that, for any given range of time, the printing has a top limit (on the infinite long run, there is no limit).
Western banks and other seigniorage institutions will only print so much in a year. They can't print unlimited amounts in that span, because they are still not Venezuela-grade dumb and greedy.
But within those limits, they will print. It's in their interest to print. Because of what you pointed out: they are looking for the interest on the principal they are creating out of nothing. So, that fiat will be printed to someone, for some reason. When it comes to retail loans, I'm pretty confident they don't give a flying fuck what its usage will be.
The way I see it, if don't take the loan offered to me, they will give it to someone else. So yes, I would agree with you that I'm making the assumption that I'm just using a part of the inevitable to-be-printed pool.
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It's all the same. Whenever you transfer any of your wealth to the enemies, you're helping them, regardless if you got rich in the process or not. And if that wasn't bad enough, your poor brothers will also get fucked along the way.
I can only hear a mafia voice in my head saying: "hey pal, do you wanna get rich stealing others?" - because that's exactly what happens every time you borrow fiat.
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Because when you borrow fiat, that fiat is created on the spot (no wealth transfer), but when you pay back what you borrowed + interest, you are transfering wealth you had to obtain. That is why fiat lending is the greatest scam of all. It's a one way street, don't be fooled.
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At the point you borrow the fiat, you are taking the worthless paper and turning it into real money-bitcoin. You then pay it back, over time, with the same worthless paper they gave to you, except now you helped degrade it, and it is worth less in real buying power. In essence, you took their shit, turned it into bitcoin, and then you get to give them back their even more worthless shit as repayment. As an added bonus, you weakened their whole house of cards.
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I understand the mechanics of inflating currency.
My point is, you are taking ZERO wealth from the enemy (because they stole it) and giving them back not-ZERO. The fact that the paper is worth less when you give it back is irrelevant for them, because it's ALWAYS more than what they gave you, which was ZERO.
The only ones really suffering with all that are your brothers that can't afford to steal from others.
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My point is, you are taking ZERO wealth from the enemy (because they stole it) and giving them back not-ZERO.
That's an interesting way to look at it. I agree they obtained the wealth through theft, but are you not stealing from the thieves by borrowing? I'm sure you've seen those charts re the decline in the buying power of the dollar. It has accelerated enormously since the pandemic. I believe it will only accelerate from here. We all know how bitcoin has appreciated in fiat terms since its inception.
That being said, I can see your point. Borrowing as I suggest requires discipline. I do worry about my brothers, as you say, but I'm not a communist. I believe individuals have a right to do what's best for them, and not look at things in a collectivist way. In the end, I think that destroying the fiat system will be good for everyone.