TD₿: Low Time Preference & Civilization (a thread) by Simon Lutz
TL;DR Bitcoin's ability to lower peoples' time preferences is an extremely powerful concept with far-reaching consequences.
Hey Bitcoiners,
Working in Bitcoin is so rewarding to me because I know I am contributing to something that is much larger than myself.
Bitcoin is something that will outlive everyone who is working on it today, and we likely will never see its full potential in our lifetimes. But…we work on it anyway.
Since Bitcoin does not lose its value over time like fiat currencies, it allows a person to think more long-term with their lives and projects. It drives individuals to build awe-inspiring things that last.
This idea of lowering your time preference is an extremely powerful concept that has far-reaching consequences on society as a whole.
Simon Lutz wrote an interesting thread on this subject a couple of years ago that I still think about today (06/29/2019).
It begs the question, “What projects are humans building today that will last thousands of years?”
My answer - Bitcoin.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Low time preference and capital accumulation are why humans built civilization while chimps, monkeys and Keynesian governments fling food, feces, and bombs at each other.” - Saifedean Ammous, Author of “The Bitcoin Standard” and “The Fiat Standard”
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