Seodan on Nostr: Tl;dr Fellow Bitcoiners, After saylor recent appearance on saifedean podcast, I'd ...
Tl;dr
Fellow Bitcoiners,
After saylor (nprofile…rggw) recent appearance on saifedean (nprofile…e3uc) podcast, I'd love to see content openly and constructively debating how credit, even if decentralized and peer-to-peer, won't work and isn't a good idea in a hyperbitcoinized world. Leave the higher morale, the ridiculing memes aside and let's constructively onboard more people with uplifting and convincing ideas. Because that question pops up a lot.
I may not like it, but Michael Saylor has a realistic vision for a fiat world based on Bitcoin, one that most of his fellow entrepreneurs will appreciate. What's the vision of a "true, full potential, decentralized, deflationary" Bitcoin world? Can you share some good material? TomerStrolight (nprofile…6lda) Gigi (nprofile…hdd2)
I appreciate the vision of Jeff Booth (nprofile…tqc6) a lot. Very different, but also Edan Yago has interesting thoughts.
Let's make it as imaginable as possible 🙏
Merci!
Example:
In a world denominating everything in Bitcoin. I am 24 years old and like to start with a great business idea, buy land and renovate a house. Where will I get the money from if I don't have it right now? But I am highly confident that with my youth and vigor I will produce value for society with my business. I can't? I have to work 10 years as an employee before, to be able to generate the capital myself before starting a business?
Alright, say somebody is willing to lend me 1 BTC for my business (peer-to-peer, self custodial, on an open decentralized protocol). The lender doesn't even take interest, but just wants the 1 BTC back over 10 years. With the appreciating value of Bitcoin vis-à-vis all goods and service - say still 10% per year - repaying is tricky enough. So, one may argue providing credit will become very unattractive. Still, the need for urgent economic activity will remain for people. How does a purely Bitcoinized world address these needs? Or in a world of abundance these needs won't be prevalent anymore?
I'm really open and think it's fun to go through these scenarios. All will happen for the best 🙏
Fellow Bitcoiners,
After saylor (nprofile…rggw) recent appearance on saifedean (nprofile…e3uc) podcast, I'd love to see content openly and constructively debating how credit, even if decentralized and peer-to-peer, won't work and isn't a good idea in a hyperbitcoinized world. Leave the higher morale, the ridiculing memes aside and let's constructively onboard more people with uplifting and convincing ideas. Because that question pops up a lot.
I may not like it, but Michael Saylor has a realistic vision for a fiat world based on Bitcoin, one that most of his fellow entrepreneurs will appreciate. What's the vision of a "true, full potential, decentralized, deflationary" Bitcoin world? Can you share some good material? TomerStrolight (nprofile…6lda) Gigi (nprofile…hdd2)
I appreciate the vision of Jeff Booth (nprofile…tqc6) a lot. Very different, but also Edan Yago has interesting thoughts.
Let's make it as imaginable as possible 🙏
Merci!
Example:
In a world denominating everything in Bitcoin. I am 24 years old and like to start with a great business idea, buy land and renovate a house. Where will I get the money from if I don't have it right now? But I am highly confident that with my youth and vigor I will produce value for society with my business. I can't? I have to work 10 years as an employee before, to be able to generate the capital myself before starting a business?
Alright, say somebody is willing to lend me 1 BTC for my business (peer-to-peer, self custodial, on an open decentralized protocol). The lender doesn't even take interest, but just wants the 1 BTC back over 10 years. With the appreciating value of Bitcoin vis-à-vis all goods and service - say still 10% per year - repaying is tricky enough. So, one may argue providing credit will become very unattractive. Still, the need for urgent economic activity will remain for people. How does a purely Bitcoinized world address these needs? Or in a world of abundance these needs won't be prevalent anymore?
I'm really open and think it's fun to go through these scenarios. All will happen for the best 🙏
quoting nevent1q…p2mnThis was a very worthwhile podcast with saifedean (nprofile…r0qv) and saylor (nprofile…rggw) because it opened the debate of credit in a future Bitcoin world 🙏
https://www.youtube.com/watch?v=k7XhzXMSAPo&t=8410Not
It raises my eyebrow when Michael speaks of putting consumers' BTC into custody of "trustworthy banks" to earn yield 🤔
- Why would banks alone provide such services? In a real Bitcoin world, can't there be peer-to-peer, decentralized, self-custody borrowing and lending? Wouldn't that be worthwhile to build and support? It's being done, but the Bitcoiner resentment is strong.
It also makes me listen carefully when Saifedean responds that credit eventually only works with a lender of last resort and that with a deflationary currency credit will be less and less attractive over time.
- I would have loved if Michael had given Saifedean more opportunity to elaborate on that. However, at the moment, I also see credit as driver for economic activity, for sure in a transition period, but even in a Bitcoinized world. Interest rates play the role as the price of money. There won't be that massive fractional reserve lending anymore ... but still, especially on a peer-to-peer decentralized basis, simple lending and borrowing seem like natural activities, no?!
Now, even with Bitcoin as deflationary currency creating abundance in society through falling prices all around, wouldn't there still be the demand for credit finance? Jeff Booth (nprofile…tqc6)
I think that's a highly relevant topic for Bitcoiners to wrap their head around and I'd be glad to read/hear more about it and go through possible scenarios 🙏