pull down to refresh
10 sats \ 5 replies \ @mf 28 Sep \ parent \ on: Starve the State, starve the banks, protect yourself, your privacy & liberty. v1 libertarian
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.
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.
reply
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.
reply
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.
reply
I'm not saying you should be a commie. But a lot of individuals have no means (either wealth or education) to get out of their shitty situation.
but are you not stealing from the thieves by borrowing?
No, because as I said they are not handing you anything they have, they are literally creating new fiat on the spot.
The only way to "steal" from your enemies is to simply transfer your wealth into bitcoin and not use fiat at all.