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There is a lack of knowledge about money here. - Some countries are undergoing hyperinflation in which the value of their money decreases daily. Authoritative

There is a lack of knowledge about money here. - Some countries are undergoing hyperinflation in which the value of their money decreases daily. Authoritative governments implement currency controls which prevent free market exchange for other currencies, and so citizens are forced to hold worthless bills. - Electronic banking is mass surveilled and your bank and credit card companies are selling your data. - The yield on a 10 year US treasury note is 1.79%. The interest rate on a Bank of America savings account is 0.01% APY. There is no "risk-free" return for savings in today's world; people are increasingly pushed to take risk just to keep up with inflation. Everyone living in Western democracies think good times will last forever, that this kind of debt and money creation is sustainable, and that the party will never end.

wheelerof4te 5y ago
Oh, the party will end, for sure. But Bitcoin is not an answer to western consumerism. Nor will it prevent future debts. On the contrary, imagine what a shitshow it would be if someone started selling "bitcoin credit" to the masses. How would you keep the interest stable?
- randomhodler84 5y ago
  I can tell you are not a Bitcoiner! It may well be something of a antidote to Western Consumerism. Some things I have experienced in my years: * Consume less as I see how the time value of my money is preserved * know that spending now means less in future, so weigh priorities of purchases * priorities longer term thinking with regard to ownership of assets * constantly consider the cost of capital and trade offs owning one instrument vs another There is indeed a working credit market for Bitcoin backed tokens! The largest is aave, and interest rates are driven by liquidity pool usage and incentive programs by the chain devs. There is one level removed from the actual BTC but we are getting close here. You can borrow WBTC right now, consumer facing defi!

wheelerof4te 5y ago

Oh, the party will end, for sure. But Bitcoin is not an answer to western consumerism. Nor will it prevent future debts. On the contrary, imagine what a shitshow it would be if someone started selling "bitcoin credit" to the masses. How would you keep the interest stable?

randomhodler84 5y ago
I can tell you are not a Bitcoiner! It may well be something of a antidote to Western Consumerism. Some things I have experienced in my years: * Consume less as I see how the time value of my money is preserved * know that spending now means less in future, so weigh priorities of purchases * priorities longer term thinking with regard to ownership of assets * constantly consider the cost of capital and trade offs owning one instrument vs another There is indeed a working credit market for Bitcoin backed tokens! The largest is aave, and interest rates are driven by liquidity pool usage and incentive programs by the chain devs. There is one level removed from the actual BTC but we are getting close here. You can borrow WBTC right now, consumer facing defi!