Ode an die Freude 💫 #bitcoin
(Credits Marko Tarman, NiceHash)
👇🏻
Let me tell you a story about how #inflation did good for my grandfather. 🍀
My grandfather is now 83 years old now, and he built this house literary with his bare hands back in the 1970s.
When he started building the house, he took a loan in the local currency - Dinar. There was no inflation at the time, and he thought he would be paying the loan for 20 years.
But instead, after 1971 (remember the gold standard?), #Yugoslavia experienced inflation and later hyperinflation. My grandfather was lucky because the bank gave him a fixed-interest rate contract.
After a couple of years of hyperinflation, he paid off the remaining half of the loan, which was worth just a couple of coffees at the time.
He got lucky. 🍀
Many who had savings in a bank were not. 📉
The Yugoslavian inflation is not reported widely, but it was a huge deal back then. It lasted from 1971 to 1991 with an annualized inflation rate of 76%.
"On January 7, 1991, the federal government of Prime Minister Ante Markovic discovered that, under the control of Slobodan Milosevic, the Serbian parliament had secretly ordered the Serbian National Bank (a regional central bank) to issue $1.4 billion in credit to Milosevic’s friends."
The banking system is broken, and we still live in the same system.
#Bitcoin is the new banking system.
Dr. Saifedean Ammous #bitcoinstandard
@npub1gdu7w...
(Credits Marko Tarman, NiceHash)
👇🏻
Let me tell you a story about how #inflation did good for my grandfather. 🍀
My grandfather is now 83 years old now, and he built this house literary with his bare hands back in the 1970s.
When he started building the house, he took a loan in the local currency - Dinar. There was no inflation at the time, and he thought he would be paying the loan for 20 years.
But instead, after 1971 (remember the gold standard?), #Yugoslavia experienced inflation and later hyperinflation. My grandfather was lucky because the bank gave him a fixed-interest rate contract.
After a couple of years of hyperinflation, he paid off the remaining half of the loan, which was worth just a couple of coffees at the time.
He got lucky. 🍀
Many who had savings in a bank were not. 📉
The Yugoslavian inflation is not reported widely, but it was a huge deal back then. It lasted from 1971 to 1991 with an annualized inflation rate of 76%.
"On January 7, 1991, the federal government of Prime Minister Ante Markovic discovered that, under the control of Slobodan Milosevic, the Serbian parliament had secretly ordered the Serbian National Bank (a regional central bank) to issue $1.4 billion in credit to Milosevic’s friends."
The banking system is broken, and we still live in the same system.
#Bitcoin is the new banking system.
Dr. Saifedean Ammous #bitcoinstandard
@npub1gdu7w...