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50 sats \ 8 replies \ @Rothbardian_fanatic 19 Dec \ parent \ on: Borrow against your Bitcoin bitcoin
The people that save have either not been fully indoctrinated or come from a different country. I think that many Oriental countries have very high savings rate because they are by-and-large told that they have to fend for themselves in old age. They save like maniacs and watch their savings closely.
The question is; who put us in this mindframe.
In 2021 I wrote these thoughts...
https://telegra.ph/LendingBorrowing-in-a-Bitcoin-world-07-05
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So what “smart guys” are doing now? EXACTLY what banksters did in the 17th century: offering to those gold owners, a place to deposit their valuable gold coins, into a bank vault, in exchange for a piece of paper, an IOU of x amount of gold. Now they are offering digital platforms for Bitcoin owners, to lend their BTC for a % of interest. But nobody ask: “from where is coming this %of BTC interest, if will not be created more BTC?”.
Yes, but you have to ask yourself who the smart guys are. To be able to avoid THEM you have to be able to identify THEM.
Better yet, don’t ever bother with THEM, don’t go into debt and don’t borrow their fake money and don’t give them the traction they get from people being asleep.
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don’t go into debt and don’t borrow their fake money and don’t give them the traction they get from people being asleep.
1000% WELL SAID!
I see very few people here on SN thinking right !
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Perhaps it is just lack of experience, don’t you think?
People are usually in the case of: “Caught me once, shame on you, caught me twice, shame on me!” I don’t hear about people being caught the third time, do you?
They whole trick here is to know that you’ve been caught, in the first place.
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I see quite some people around me, IRL, that are living like slaves, borrowing over and over just to pay more debt. And they never want to end the painful slow death they are living and always complain that they do not have enough money to live.
I am the one that always pays their beers in the bar (with sats).
My favorite reply to them is...
Some years ago (early years of Bitcoin) I told them that I go on paying all my debts and will accumulate as much sats as I can.
Now they are living paycheck to paycheck... I am living free of debt and just writing guides about Bitcoin.
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It is a good thing you had the foresight to get into bitcoin! I had heard about it but relegated it to the same pigeonhole as Iraqi dinar revaluation, Zimbabwe dollar revaluation and other financial scams.
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I've explained in more details here my whole "journey"... it was rough. But I got to it. And I am happy now.
#733426
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But then, one day, in early the 2012, went to a grocery store to buy some beers, with only 20 bucks in my pocket. Right at the entrance I bumped into an old friend, from communist era, we were buddies, doing all kind of crazy things, against the system. Imagine my surprise, that after so many years, I met him again, in a total another world, in total another circumstances.
That would have been an excellent time to start HODLing, too. Buying, spending and HODLing at the same time from then would, indeed, make you independent.