Yes, so maybe I shouldn't say that I expect a dollar to be worth absolutely nothing, but just that the value will very quickly drop in relation to all the hard assets, so that they do some sort of peg to protect the currency. I honestly really have no idea here, but when you look at debt outstanding, interest rates, expense of interest payments for the government, inflation, or even deflation, its not difficult to see that something big will break.
I know this doesn't apply to BTC but isn't proof of stake a debt mechanism. If BTC becomes the currency of choice won't people be lending it out to earn interest? What ever currency governments use, they will have to borrow to fund spending on long term infrastructure.
Is it so crazy to propose that the government can only spend what they collect? It gets tricky of course, and I'm no expert here, but unlimited borrowing is what got us into this mess so proposing borrowing again has to be done differently.
It's a little crazy to propose that. It's like buying a house. Major infrastructure projects couldn't be paid for out of revenue. That's what I mean when I say that no one has really thought this thru. Try to imagine a world without credit and a limited amount of currency. How about the retail consumer. Who is going to give her credit to buy a new car?
Sure, and if you read enough Bitcoin books, you learn about the history of money. I especially like the era of free banking, where a bank only loaned out money they took in. There was no fractional reserve banking, and you knew the bank manager and paying back your debt was a matter of pride. The problem these days isn't the lending, its the leverage, its the lack of transparency, its the lack of a ceiling.
BTC at the time of the post: 22.5K (late July) BTC today: 20.1K (early Oct) 3 months ATM premium for calls: 2.6K
no. Every crypto boy I know values bitcoin in terms of lambos. Today it’s 20 coins to a lambo. It used to be 7.
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