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If you had $500K in the bank, you wouldn’t spend $500k on a house & be broke after If you had 20k in the bank, you wouldn’t spend $20k on a car & be broke after But for some reason you have 30k, buy a 500k house You have $5k & buy a 20k car Credit made us forget common sense
Credit and inflating fiat money. Every dollar you keep in the bank erodes more in value the longer you keep it there. Fiat degrades savings. Bitcoin fixes this.
I admire your work and I have my skin in the game, as most of my wealth is held in cryptocurrencies. But I was curious what is your take on fiat schemes that earn interest? Aren't they marginally better than ever-depreciating cash?
Who is still paying interest on say $1,000 worth of savings? Much more likely you have to pay a fee, yet another way your money degrades when you keep it in a bank.
Fair enough. I mean I still don't comprehend why folks accept negative-interest bonds.
Almost all of them are being bought by (a) central banks who conjure money out of thin air to buy them, (b) pension funds managers hamstrung by obsolete rules and objectives, and (c) people chasing the bubble, convinced they will be able to sell to the greater fool.
Many pension funds are not permitted to hold cash so they are forced into negative yielding bonds. Its pernicious.
Coercive regulation of pension funds is what makes it pernicious. Imagine how fast bad managers would loose customers in a free market.
The saddest part is, levels of financial literacy are so low that this doesn't resonate with most people
Inflation is insidiously obscure, but everybody knows about the fees bank charge, especially the poor. Just lecturing people to "save more money" is woefully insufficient. The financial industry's deck is stacked against the straightforward saving of money.
Woefully insufficient indeed. Even if we were to successfully educate about saving, whether in fiat or crypto, it wouldn't change the fact that the poor live paycheck to paycheck, scraping by to pay those late payment fees. More important than the why is the how of it all
Clear separation of credit money and base money would help. This approach existed for first 5'000 years, but it's missing in the last 100 years. The result is the huge credit money bubble.
Bitcoin cannot fix that since fiat scale. Bitcoin does not scale. Fiat degrades, but it is true for decades and it still works quite fine. We definitely need some fix. But at the moment, it is not Bitcoin.
A constantly inflating currency encourages debt because the bill is going to feel smaller over time, as the currency devalues. Theoretically inflation makes debt cheaper to pay over time, but realistically - Cantillon Effect - all benefit goes to the money printers.
The issue is not the credit - it has been around 5'000 years. The issue is implementation of our current fiat credit system. Before we had always clear separation between base money and credit money. There was always reversal from credit money to base money. This is missing now.
It’s amazing how many people don’t know your $100 in the bank creates $900 for the bankers.https://youtu.be/JG5c8nhR3LE
With all respect Nick, arguing that bitcoin is a suitable SoV is laughable, given its volatility and the fact there are much stabler alternatives with way less unknown unknowns - above all, gold.
Send me some gold please. You'll probably quickly realize how encumbered you are compared to the rest of the digital world still wanting to do commerce and transact with the economy. Locally and globally. Rocks = seashells = metals Bitcoin clearly is superior SoV except history
Bitcoin possession and transfer has its (known and unknownL risks, thus a cost. Definitely not a no-brainer to chose it over gold for that reason.
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