A system addicted to debt sows its own demise at a certain point because it creates too much opportunity costs, forcing people to choose work over breeding, setting in play a long-term decay in the funding base of the system.
Being born into a world built on the back of technological and medical advances that have allowed us to flourish seems to be turning into a double-edged sword as we move further into the 21st century. Baby boomers are entering retirement in droves as younger generations (my generation) are having fewer kids as the rat race has forced us dreaded millennials into a soul-crushing amount of debt, a job market with weak wage growth, and a system fraught with unreported inflation that has severely hindered our ability to accumulate capital for the future.
When the gravity of this situation sets in, it becomes almost impossible not to be overcome with anxiety. The cohort of Americans entering retirement is banking on promises from Social Security, a program being funded by fewer people who are drowning in debt and making less money. This is a recipe for disaster and the time of reckoning may be upon us sooner than most would like to believe.
It is imperative that we begin to adopt the mindset that you will not see a dime of the Social Security you are contributing to every paycheck. It is important to become as self-sufficient as possible in a system that is making this harder and harder by the day.
When the people of the world operate in a monetary system built on unsound money fueled by debt, they are forced to produce and consume at a rate necessary to sustain the charade for as long as possible. Spending the vast majority of their lives doing something they don't like to pay back liabilities like social programs and predatory student loans that were forced upon them. This very system is causing younger generations to delay family formation, decreasing the birth rate to a point where it will be mathematically impossible to fund our future unfunded liabilities due to a potential demographics imbalance (immigration can offset this a bit).
A system addicted to debt sows its own demise at a certain point because it creates too much opportunity costs, forcing people to choose work over breeding, setting in play a long-term decay in the funding base of the system. We need to move away from a debt-based mindset and towards an equity/capital accumulation-based mindset in my opinion. To do this, people need a vehicle through which they can preserve purchasing power and save for the future. This is why we Bitcoin, freaks.
Here's a cool site that was launched this morning that allows you to visualize how many confirmations and the associated time that is needed on other Proof of Work chains to attain the same security as a UTXO with 6 confirmations on the Bitcoin blockchain. As you can see, Bitcoin is a much faster network when it comes to attaining comfort in the fact that your transaction is likely safe in the chain.
Been making homemade ice coffee from concentrate. Saving money to stack sats feels good.