@marrukin
Relays (4)
- wss://relay.primal.net/ – read & write
- wss://relay.nostrplebs.com/ – read & write
- wss://relay.damus.io/ – read & write
- wss://nos.lol/ – read & write
Recent Notes
There are a number of reasons but the obvious one is that deflationary conditions disincentivize economic investment.
Why should anybody start a business or invest in one when their money gains value ...
I guess the whole concept of investment got distorted in the fiat system: we are led to believe that investing is applying capital with the goal of making more money than we put in, no matter what. But investing is applying capital with the goal to solve a problem or at least reduce the pain of a problem, essentially to make our lives better, easier, etc. So, if we do that, the market will naturally reward us with money in exchange for our solution
Why should anybody start a business or invest? Because we always gonna have problems to be solved, no matter if we are in a inflationary or deflationary system. Some ppl will have pressing problems that might incentivize them to look for solutions(start a business or invest in others). Sure they might prefer to keep their wealth because "tomorrow it buys more" but maybe the problem they are facing is more urgent than gaining purchasing power. It's a decision that involves business risk, delayed gratification, risk tolerance, etc.
The issue with the inflationary system is that it slowly steals our time from us (having to work more time to earn more money bc the money constantly loses value) and because of that, it Forces us to put our wealth on something that will beat inflation and give our time back. Yes this will develop the economy but at the cost of making us slaves of money with less and less time for anything else.
The deflationary system does not steal our time. It gives us more time to do more productive stuff or do nothing (a choice). The economy will also develop because ppl will continue to have problems, desires, necessities and there will always have other ppl willing to solve those problems or satisfy those desires and necessities.
Why should anybody start a business or invest? Because we always gonna have problems to be solved, no matter if we are in a inflationary or deflationary system. Some ppl will have pressing problems that might incentivize them to look for solutions(start a business or invest in others). Sure they might prefer to keep their wealth because "tomorrow it buys more" but maybe the problem they are facing is more urgent than gaining purchasing power. It's a decision that involves business risk, delayed gratification, risk tolerance, etc.
The issue with the inflationary system is that it slowly steals our time from us (having to work more time to earn more money bc the money constantly loses value) and because of that, it Forces us to put our wealth on something that will beat inflation and give our time back. Yes this will develop the economy but at the cost of making us slaves of money with less and less time for anything else.
The deflationary system does not steal our time. It gives us more time to do more productive stuff or do nothing (a choice). The economy will also develop because ppl will continue to have problems, desires, necessities and there will always have other ppl willing to solve those problems or satisfy those desires and necessities.
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Yep.
https://blog.lopp.net/knot-a-serious-project/
It's curious. The more I read about him, the more it seems that Luke is a fictitious role, a character. Has anyone talked to him in person can confirm that his ideas match the "online" Luke's?
2
Here's a pathological scenario:
Let's call the BIP110 enforcing chain Coin A and the non-enforcing chain, which very well may be longer, Coin B
The two chains split. Coin A trades at 100:1 Coin B. M...
I believe the miner on chain B would be risking and betting on chain A success. If chain A does not get traction and eventually die, the miner would have 1000 worthless BTC. Essentially is like looking for the "next Bitcoin"
You have to realize the Bitcoin Conference is a giant networking game to "have a seat at the table". I've attended it twice, had a great time, but realized what it is quickly. That being said, to my f...
I wonder if the money spent on those conferences wouldn't be better spent trying to increase awareness of normies about why/how the fiat system sucks and why/how bitcoin is a better alternative. This would increase bitcoin adoption which I guess is the main goal
For example, what if the money was spent on Google, Facebook, YouTube ads, which is where the majority of normies are? Short ads sparking curiosity in them about why the current system sucks, how it affects their lives and pointing them to easy to grasp material (videos, blogs, books, etc) if they want to know more. Wouldn't this be more effective to increase adoption?
For example, what if the money was spent on Google, Facebook, YouTube ads, which is where the majority of normies are? Short ads sparking curiosity in them about why the current system sucks, how it affects their lives and pointing them to easy to grasp material (videos, blogs, books, etc) if they want to know more. Wouldn't this be more effective to increase adoption?
Impressive speech by Carney attempting to take the high ground and switch to a narrative that fits with “beliefs” today.
I’m curious to know if he is going to ever mention the bigger lie that t...
I wonder if he really understand that fiat money is the biggest cause of those issues.
Maybe it doesn't even cross his mind that we should fix the money first and so, he believes we can cooperate better by adjusting the current system instead of switching to a better one.
Maybe it doesn't even cross his mind that we should fix the money first and so, he believes we can cooperate better by adjusting the current system instead of switching to a better one.
I was reading The Beginning Of Infinity and it was breaking my brain.
Then I was like why is thinking so fucking painful?
Deutsche’s work made me realize that we mistake coherence for truth beca...
Interesting book and post.I really liked Deutsches take on optimism.
1
I am consistently blown away by how many people still haven’t fully recognized that a system of credit and manipulation of money MUST centralize because it is opposition to the free market.
And eve...
Maybe they're in a comfortable enough position compared to the rest and they just don't care about this better world that #bitcoin provides. Or maybe they fear somehow, states won't "allow" this better world, proving that those ppl really don't understand bitcoin.. Or they fear about how this new world would be since we never had a system like that before, it's unknown.
Selfishness? Fear?both?
Selfishness? Fear?both?
1
Thanks Danny! Great to join you on the relaunch of What Bitcoin Did. nostr:note1z9tflmgt28x2l6vvz7h0l67tn86y58k87rul2zw8tty8vgfhsd3smsgr68
Hey Jeff, I've been wondering..
Do you think most world leaders and central bankers actually understand how money works, it's history and know Bitcoin is a better alternative, but fight it to maintain control? Or do you think they don’t really understand money or Bitcoin and genuinely believe the fiat system is the best way to improve ppls lives bc it’s all they’ve ever known? Its more about control and malice, or more about ignorance?
Thank you
Do you think most world leaders and central bankers actually understand how money works, it's history and know Bitcoin is a better alternative, but fight it to maintain control? Or do you think they don’t really understand money or Bitcoin and genuinely believe the fiat system is the best way to improve ppls lives bc it’s all they’ve ever known? Its more about control and malice, or more about ignorance?
Thank you
1
nostr:npub1hu3hdctm5nkzd8gslnyedfr5ddz3z547jqcl5j88g4fame2jd08qh6h8nh CHOSE VIOLENCE. https://image.nostr.build/1d0325829f02b1bbf5d5c7d8ee127f4574ee96bd413b7defbfb033886c45f241.jpg
I`d say a person who only holds bitcoin is not an investor. Bitcoin is the best money, so the least risky investment. Just holding it wont make you more Bitcoin over time. Of course, im considering this in a society running on bitcoin, not fiat
My dad asked me: how the transition to a bitcoin standard would happen in practice? how nations would do it?
I tried to answer him with an example:
Imagine you are a beer producer, selling a can of beer for $1. Suppose Bitcoin is trading at 1 BTC = $100,000.
If you want to move to a Bitcoin standard, you could start by accepting BTC for beers. In this case, you would set the price of a beer in BTC terms to 1/100,000 = 0.00001 BTC or, more readably, 1,000 satoshis.
Since we are at the beginning of the transition, goods and services would be priced based on the current exchange rate between BTC and fiat.
Over time, supply, demand and other competitors in the beer market would adjust the price of a beer in BTC(or satoshi) terms. People would gradually become accustomed to transacting in BTC. Eventually, we would define how much a certain basket of goods and services is worth in BTC(or satoshi) terms. Because bitcoin supply is fixed, the price of that basket of goods and services tends to Decrease over time in BTC(or satoshi) terms.
This is where we start pricing goods and services based solely in bitcoin`s purchasing power instead of the exchange rate between BTC and fiat.
Then my dad replied:
"Ok, so i started accepting satoshis in exchange for beers. What if my input suppliers don`t accept satoshis for inputs? What if i take my profit in satoshis and when i go to the grocery store, they dont accept satoshis for food either?"
I replied, saying this is a risk. People might not understand bitcoin enough to see that it`s a better money, so they just won`t use it.
But, because we know bitcoin is the best form of money and we understand that the concept of money only works within a NETWORK of people exchanging value with each other, we should do our best to use and accept bitcoin in our transactions. After all, we are all producers and consumers.
As a producer of goods, services or labor, we can start by accepting bitcoin in exchange for what we produce. We could incentivize ppl to buy our products or services with bitcoin (e.g "If you pay with bitcoin, a can of beer will cost $0.90 instead of $1). As for labor(working for a company) we could try negotiating with our employer to pay us in bitcoin (e.g "you currently pay me $3000. If you pay me in bitcoin, i`ll accept $2700"). Of course, if the employer says no, theres not much we can do.
As consumers, we can start by looking for places that accept bitcoin in exchange for goods and services. If none exist, we could incentivize business by offering them to pay a premium to transact in bitcoin (e.g, "My grocery bill is $100, but i`ll pay $110 in bitcoin if you accept it"). If the business say No, theres not much we can do either.
We should NOT force ppl to use bitcoin. Instead, over time, some business might ask "what is that bitcoin thing? why are you willing to pay more if i accept it?" We can explain or indicate them resources to learn more.
And my dad.. "What if the state ban it? or make it a pain to use?"
I said that we shouldn`t expect the state to say "lets all use bitcoin now because is the best money". That wont happen because it would require the state to give up control over money, and most states(especially powerful ones) won`t do that willingly. The change wont happen in a top-down manner. Instead, It will come from the bottom-up, starting from us, the plebs, transacting in bitcoin. Over time, the state might notice..
"Those ppl are transacting in a money i cant control. The wealth of the nation is flowing into this thing, weakening my fiat currency, creating inflation. I need to stop this"
The state might try to forbid bitcoin or make it costly and difficult to use. But these countermeasures won`t work because there are alternative ways to transact in bitcoin that the state cant block and because of the permissionless nature of bitcoin that makes it resilient to state interference. Eventually the state will bend..
"Ok, If most of the ppl and business are transacting in bitcoin and the nation`s wealth is in it, i have no choice but to adopt it too"
And my dad.. "What if the bitcoin holders just hoard it forever and refuse to transact with it?"
I admitted that this is also a risk. Some Bitcoiners who don`t fully understand bitcoin might treat it as just another asset in the fiat system, holding it only to see its price rise in fiat terms. However, If we truly see bitcoin as the best form of money and a revolutionary tool, HOLDING it should only be the first step. The second step is actively looking for ways to USE bitcoin in exchange for goods and services. Third step is expressing our expenses in bitcoin, business expressing their balance sheet in bitcoin and states expressing their growth in bitcoin.
If we fail to go to the second step, we strengthen the state and its fiat currency system. It`s like the state saying:
"Go ahead and buy Bitcoin with my fiat and hold it as long as you wish. Eventually, you’ll need goods and services because you need to survive or satisfy desires. But most businesses accept only my fiat, so you’ll have to trade your Bitcoin for my currency first and then trade my currency for goods and services. This keeps demand for my fiat high, making it stronger and maintaining my control."
If we believe that money and state should be separate, we need to stop using the money created by the state. Reducing demand for fiat is key.
I like to think that another implied incentive of bitcoin is that, in order for it to function as intended and help build a better society, it FORCES us to be supportive and act collectively. Otherwise bitcoin will fail and we`ll remain trapped in the current system of control.
I tried to answer him with an example:
Imagine you are a beer producer, selling a can of beer for $1. Suppose Bitcoin is trading at 1 BTC = $100,000.
If you want to move to a Bitcoin standard, you could start by accepting BTC for beers. In this case, you would set the price of a beer in BTC terms to 1/100,000 = 0.00001 BTC or, more readably, 1,000 satoshis.
Since we are at the beginning of the transition, goods and services would be priced based on the current exchange rate between BTC and fiat.
Over time, supply, demand and other competitors in the beer market would adjust the price of a beer in BTC(or satoshi) terms. People would gradually become accustomed to transacting in BTC. Eventually, we would define how much a certain basket of goods and services is worth in BTC(or satoshi) terms. Because bitcoin supply is fixed, the price of that basket of goods and services tends to Decrease over time in BTC(or satoshi) terms.
This is where we start pricing goods and services based solely in bitcoin`s purchasing power instead of the exchange rate between BTC and fiat.
Then my dad replied:
"Ok, so i started accepting satoshis in exchange for beers. What if my input suppliers don`t accept satoshis for inputs? What if i take my profit in satoshis and when i go to the grocery store, they dont accept satoshis for food either?"
I replied, saying this is a risk. People might not understand bitcoin enough to see that it`s a better money, so they just won`t use it.
But, because we know bitcoin is the best form of money and we understand that the concept of money only works within a NETWORK of people exchanging value with each other, we should do our best to use and accept bitcoin in our transactions. After all, we are all producers and consumers.
As a producer of goods, services or labor, we can start by accepting bitcoin in exchange for what we produce. We could incentivize ppl to buy our products or services with bitcoin (e.g "If you pay with bitcoin, a can of beer will cost $0.90 instead of $1). As for labor(working for a company) we could try negotiating with our employer to pay us in bitcoin (e.g "you currently pay me $3000. If you pay me in bitcoin, i`ll accept $2700"). Of course, if the employer says no, theres not much we can do.
As consumers, we can start by looking for places that accept bitcoin in exchange for goods and services. If none exist, we could incentivize business by offering them to pay a premium to transact in bitcoin (e.g, "My grocery bill is $100, but i`ll pay $110 in bitcoin if you accept it"). If the business say No, theres not much we can do either.
We should NOT force ppl to use bitcoin. Instead, over time, some business might ask "what is that bitcoin thing? why are you willing to pay more if i accept it?" We can explain or indicate them resources to learn more.
And my dad.. "What if the state ban it? or make it a pain to use?"
I said that we shouldn`t expect the state to say "lets all use bitcoin now because is the best money". That wont happen because it would require the state to give up control over money, and most states(especially powerful ones) won`t do that willingly. The change wont happen in a top-down manner. Instead, It will come from the bottom-up, starting from us, the plebs, transacting in bitcoin. Over time, the state might notice..
"Those ppl are transacting in a money i cant control. The wealth of the nation is flowing into this thing, weakening my fiat currency, creating inflation. I need to stop this"
The state might try to forbid bitcoin or make it costly and difficult to use. But these countermeasures won`t work because there are alternative ways to transact in bitcoin that the state cant block and because of the permissionless nature of bitcoin that makes it resilient to state interference. Eventually the state will bend..
"Ok, If most of the ppl and business are transacting in bitcoin and the nation`s wealth is in it, i have no choice but to adopt it too"
And my dad.. "What if the bitcoin holders just hoard it forever and refuse to transact with it?"
I admitted that this is also a risk. Some Bitcoiners who don`t fully understand bitcoin might treat it as just another asset in the fiat system, holding it only to see its price rise in fiat terms. However, If we truly see bitcoin as the best form of money and a revolutionary tool, HOLDING it should only be the first step. The second step is actively looking for ways to USE bitcoin in exchange for goods and services. Third step is expressing our expenses in bitcoin, business expressing their balance sheet in bitcoin and states expressing their growth in bitcoin.
If we fail to go to the second step, we strengthen the state and its fiat currency system. It`s like the state saying:
"Go ahead and buy Bitcoin with my fiat and hold it as long as you wish. Eventually, you’ll need goods and services because you need to survive or satisfy desires. But most businesses accept only my fiat, so you’ll have to trade your Bitcoin for my currency first and then trade my currency for goods and services. This keeps demand for my fiat high, making it stronger and maintaining my control."
If we believe that money and state should be separate, we need to stop using the money created by the state. Reducing demand for fiat is key.
I like to think that another implied incentive of bitcoin is that, in order for it to function as intended and help build a better society, it FORCES us to be supportive and act collectively. Otherwise bitcoin will fail and we`ll remain trapped in the current system of control.
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