Good morning Bitcoinland.
Still going sideways preparing for another assault on $9k I see... currently $8646USD/$11312CAD (Bitcoinaverage).
Ho. Hum.
“The most subversive thing you can to with bitcoin is saving”
It's a shame but it's absolutely true.
How times change. I guess I'm showing my age but when I was a kid saving was considered a virtue. Usury was a crime. Loan sharks were sleazy gangsters akin to pushers and pimps.
We were advised to save up to buy things we needed. Borrowing to buy things was considered foolish weakness, like drug addiction or gambling. Bank accounts were for saving, not spending. Sure, some payments were made by cheque (i.e. utility bills) but most purchases were made with good clean honest cash.
Bank credit was for businesses, for earning money, not spending it. Individuals borrowed mainly for mortgages or home improvement loans which were themselves a form of business loan. For everything else you saved until you could afford to buy with cash.
Consumer credit was on a small personal level. People would send their kids to the neighborhood grocery store for a few things during the week and the grocer would put them on your tab to be settled up in cash when he delivered your weekly grocery order on Saturday.
Banks paid people to save money which they then lent out to businesses. There were no service charges for regular services like deposits and withdrawals. "Prizes" like toasters or other household appliances were given as inducements to open accounts. No identification was required (nor asked for) to open an account. The fact that you trusted them with your money was enough.
Benjamin Franklin in his wisdom said, "neither borrower nor lender be". How sad that we have allowed ourselves to become wage and debt slaves.
"Hodling" is emancipation.
Your credit score should really be called a "sucker score" because it's a number that exists for only one reason: to tell banks how much money they're going to be able to make off of you. The higher it is, the more of your money goes to them.
That's not how they sell it, of course. They sell it as a metric for determining "credit worthiness". But if you really break down what makes a credit score higher or lower, you'll see that they aren't being honest about what it actually is.
For example, if you're the type of person who doesn't use credit all that much, but can make large purchases and pay them off in a matter of days or weeks, that should be an indicator that you're the most "credit worthy" person on the planet. Right? Shouldn't the people who do that have the highest credit scores?
Nope. You're actually penalized for that, and your credit score goes down. Banks hate you, because you don't carry debt long enough for them to make anything off of you.
