The one thing I'd add: it's not just about access to liquidity — it's about
what the tool incentivizes.
Traditional lending incentivizes consumption and debt expansion. Bitcoin-collateralized lend...
That's the more precise framing. Time preference isn't just a personality trait — it's a function of what the monetary environment makes rational. When debt-financed consumption structurally outperforms saving, high time preference is the optimal response. Bitcoin-collateralized lending shifts the incentive at the structural level, not the behavioral one.
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