SO, since the 'Scalability' and 'Ease-of-Use' values for our 2 options (BTC or Programmed Inflationary Digital Fiat) are the same, the only differentiator is:
I’m also not sure if higher interest rates are neccessarily bad for the quality of life. It essentially comes down to time-preference; borrow now to pay off debts later, or work harder today, investing for the longer-term etc. Strongly recommend “The Bitcoin Standard” (Saifedean)
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Our Standard of Living is so far ahead of everyone else on Earth at any point in History that it's hard to put the Genie back in the bottle by getting off of the inflationary USD System. Want a car? Cheap loan. Want a House? Cheap Mortgage. Want that 'thing'? Cheap credit line.
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I lived in Argentina, Brazil, and South Africa over last summer, and SoL is nothing like it is here in the US. I drove around the Squatter Camps in Jo'burg- those 'Tin House' cities that you see in pictures that show 'Africa'. It's real life for some.pic.twitter.com/DZLTw1XyUY
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Since I believe most US Citizens follow the path of "borrow now and pay off debts later" I think shifting off of the inflationary USD, to a deflationary BTC economy, would 100% be a decrease in SoL. It would be a decrease Economically, Culturally, Socially, & Emotionally.
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It would hurt those used to easy credit but wouldn’t really affect the productive members of society. Yes, the initial ripping of the bandaid would hurt, but I believe in the long run it would be for the better. A more stoic, responsible, long-term oriented society.
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I think it would hurt many productive members of society (all small businesses). All small businesses require credit to keep their operations going, with some SMBs not getting paid until 90 days after delivery of goods. No cheap credit, no more small businesses.
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>A more stoic, responsible, long-term oriented society. I think it could happen. We currently have A LOT of social and cultural momentum going the exact opposite way right now.
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It’s similar to The Marshmellow Experiment that I’m sure you’re familiar with; sometimes debt is actually bad, and prolonged discipline and effort without indebtedness is better
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The benefit in this case of “true”, higher interest rates as opposed to cheaper ones is that no one can now dilute your currency.
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I haven't heard of it. It makes sense in my brain with you explaining it to me. Thank you.
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