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0 sats \ 4 replies \ @ek 2 Mar 2023 \ parent \ on: How Important are Banks to Bitcoin Today? bitcoin
Isn't owning a house better than paying rent?
Great question.
But, with the current state of affairs, do you really own your house or are you just renting from the state?
I hope other people provide replies to your question to see other points of view.
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Your point that everybody is really renting real estate (taxes, eminent domain) is well taken. However, when you're trying to take care of your family, and you live in a society where debt is the name of the game, it makes sense to join the party and hope you have a chair when the music stops playing. This is especially true if you're in a position to take advantage of the debt driven fiat system and not risk your own bitcoin. Purchase (rent?) the house or car with borrowed monopoly money, while preserving your bitcoin for when the house of cards collapses.
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Thanks for your reply.
I haven't joined that party. In fact, it's been several years since I sold the real estate I had. Before that, I had already sold the stocks, cancelled retirement plans, etc.
I know several people who borrowed money to buy bitcoin, or took a loan against "their" bitcoin. They always have some uneasiness as they wait for the next bull run. Leverage is greed. I believe it's not worth it. I prefer to live debt free.
The thing with debt and leverage is that you have to be right not only with the outlook, but also with the timing. And we don't know what tricks the fiat masters might still have up their sleeves. It's not possible to "win" a game that's rigged against the common man. The only way to win is refusing to play and opting out. Bitcoin is the tool that allows us to opt out, but it's also necessary to change the mindset.
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I'm an older guy, and many of my friends grew up in a generation that chose to live debt free. A few never bought a house, because they did not want a mortgage. They never had car loans, choosing to pay cash for a modest used car. They are good, virtuous people, who believed in the American dream, saving their money. Guess what? They were sold a bill of goods, and are now looking forward to a miserable retirement. In the immoral, fiat debt driven world from 1971 onwards, it was foolish to trust the government to preserve your hard earned dollars. I felt I had no choice but to play their game.
I should point out that I have never used leverage in a bitcoin purchase, nor will I. I also don't trade.
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