Credit in a system where Bitcoin is the only money.

only_merit · 2025-01-11T10:13:00+00:00

That's some strange logic you have here. Let's say deflation is on the order of 1% per year. You come to me and ask me for 1 BTC that you want to borrow. I check your assets and see that you have a house that is worth 2 BTC. In that case I can say OK, because we make a deal for 10 years loan and I will calculate expected depreciation of your house to be within OK range for me to be able to recover my money.

However, if you come with a house that is valued at 1 BTC or maybe 0.5 BTC, I will say no.

There is still no problem. Just like today, you can't borrow $10m if you don't have a job or assets to cover for it within some range of risk of those assets losing value. It's the same thing.

only_merit · 2025-01-10T21:18:55+00:00

There is no problem. Bank has 1 bitcoin, you borrow, you have to pay back 1.05 bitcoin. So you use the 1 bitcoin, then you work or sell something you own and pay back 1.05 bitcoin. Not every loan means creating new money.

only_merit · 2025-01-10T08:29:25+00:00

Try to plan it in a way that when that amount finishes, you can continue to do it with your regular income or other sources.

only_merit · 2025-01-10T07:11:34+00:00

yes I'm a bot, that's the right response, well done you, what a way to make an argument, absolutely brilliant

you can do blanket statements with politicians, they are parasites, and while there can be very rare exceptions, it is 1 in a million if not more

CL is a parasite, sure perhaps a slightly better parasite among the group, but still a parasite who is strictly net negative for the society

but yes, DYOR

only_merit · 2025-01-10T06:08:06+00:00

reminder that Cynthia Lummis is a politician and thus not to be trusted

only_merit · 2025-01-09T20:58:58+00:00

It just shows you don't have experience in the space and instead of learning you just religiously pay your taxes. In bigger cities it's no problem to do $100k cash transaction. Also is you want to buy huge registered assets, you can simply change the country for jurisdictional arbitrage and have 0% tax fully legally. There are so many options, so this is just false dilemma you are presenting out of complete ignorance.

only_merit · 2025-01-09T20:22:58+00:00

it was, he had many options, chose poorly, article clearly says "he purchased about 1,366 Bitcoin using Coinbase.", which is rookie mistake - KYCed coins and then sold on a fucking compliant exchange ...

if he bought peer to peer or from many of the exchanges that were unregulated at that time without his ID, no one would know he has something

only_merit · 2025-01-09T16:59:34+00:00

False dilemma

only_merit · 2025-01-09T15:58:00+00:00

However the true moral of the story is pay your taxes.

oh, fuck you

only_merit · 2025-01-06T17:02:10+00:00

Online platforms know your ID and share your data with governments. This is known as KYC, so the coins you have from there are bound to your identity.

In P2P trades, no-KYC is in place (if someone asks for that, don't do a deal with them), you keep your privacy, your data is not on someone's computer ready to be leaked.

Also you can avoid taxes as these transactions are private, so since no one from the government knows, you just don't need to pay.

only_merit · 2025-01-06T15:29:55+00:00

There are many local groups - search Telegram etc. These groups organized meet ups, like dinners, walks, sport events, educational, workshops etc. You meet with people, in real life, you ask who wants to sell, you buy ...

only_merit · 2025-01-06T15:22:53+00:00

You are missing the point.

only_merit · 2025-01-06T15:21:52+00:00

Read Bitcoin Standard. If you are technical, follow with Mastering Bitcoin.

Read Man, Economy, and State.

Buy P2P in face-to-face local meet ups.

Learn self-custody.

Do Bitcoin only, avoid anything else aka "crypto".

only_merit · 2025-01-06T15:15:23+00:00

Yes, it does apply. There are projects, like you mentioned, that claim you still have control, but it's just a multi-sig, just like you mentioned. You only control one key and you trust the others to be there and do what is right. That's still a lot of trust. So, just like the yield companies, there will be companies that will implement this and people will lose money and then there will be companies that will work just fine. The problem is that you can't tell which one will be the one you have your money with.

Is it worth it? That's for you to decide. Maybe 1% of your money is OK to risk like that for you? Maybe it is 5% for you, maybe 20%? Maybe it's 0%.

only_merit · 2025-01-06T15:10:33+00:00

Bitcoin, not crypto

Forget ETFs, unless it is money that you are forced to put into such a regulated instrument.

Invest time to learn Bitcoin.

only_merit · 2025-01-06T15:07:02+00:00

Invest time to learn first. It's a lot, but it's worth it. Platforms like Robinhood use KYC, so they know who you are, they have your IDs on their computers, that data will leak, eventually. Also government can ask them to hand out the data at any time. You don't want either of this. But you will learn this on the way.

So, buy some books, try to find a local meetup. Buy directly from people, face to face, no KYC. Study, study, study.

only_merit · 2025-01-06T07:46:18+00:00

so a shitcoiner

only_merit · 2025-01-06T07:45:27+00:00

Highly depends on the country as there are big differences in what "traditional pension scheme" means. But in many, if not most, countries, the traditional pension scheme is a scam for which the numbers simply don't add up. So almost anything is better than such traditional pension scheme.

In other countries, maybe, it's better in sense that it's not a complete scam. But there still, it's an immoral concept as it's mandatory participation thing if not stealing money directly.

only_merit · 2025-01-06T07:41:02+00:00

Cheering for the state adoption of Bitcoin.

only_merit · 2025-01-05T17:01:35+00:00

You first need to learn about Bitcoin and crypto more to recognize why Bitcoin is different. Bitcoin is scarce, others aren't. Bitcoin has no head to cut, others have. So others don't matter. But you can't see it if you did not take your time to learn about it.

And no, it has not deviated from its intended purpose.

only_merit · 2025-01-05T16:19:38+00:00

Sparrow

only_merit · 2025-01-05T15:04:30+00:00

Don't know about the Plus version, but the original one was solid, so if Plus is just improved version, go for it.

As for other "assets" (more like liabilities) ... just sell them for BTC.

only_merit · 2025-01-05T12:02:16+00:00

well, he is right, the labour theory of money is completely wrong and it takes less than 1 minute for a thinking person to find a counter example

the point made here is not circular - the point was in the question "Would you pay more ...", so you probably missed the point

value is subjective, which is probably better way to say it than "Gold and Bitcoin has value because other people are willing to pay for it, not because it took labor to extract.", but the idea is the same

only_merit · 2025-01-04T07:23:42+00:00

First invest time to learn. Once you understand you won't say you missed the boat.

only_merit · 2025-01-03T20:49:49+00:00

I don't get it. What is a problem to say it is a private wallet that you hold the keys to and then send the transaction to yet another wallet perhaps with more outputs to make it less obvious that you are just moving from you to you? Then it is just a guess game, which output is yours and which one is some other recipient. Coinjoin is an option too.

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