100 sats \ 2 replies \ @legxxi 18 Jun 2023 \ on: Is it ethical to get a fiat loan as a bitcoiner bitcoin
No, it’s not ethical!
That being said, we live in an artificial, unethical and manipulated economy, so one might argue that if everyone else is doing it why don’t you.
It might depend on one’s situation too, it’s not the same to get a loan for the newest and largest TV than getting a loan for an urgent surgery.
However, every time we take a loan, we are contributing to keep alive the fiat system that we despise so much.
To be fair, loans aren't inherently unethical. Fractional reserve banking loans are unethical.
If you borrow money from your parents and they had to save that money by working hard then what you're really doing is taking their savings and spending it. Assuming you pay back the loan, you're not doing anything unethical because no new money has been created in that scenario. You spent the money and therefore your parents can't.
However, fractional reserve banking allows banks to loan money they don't have. In this case it's inflationary because you can spend money nobody earned.
reply
Right. Major difference between loan backed by accumulated capital vs loan backed by the central bank money printer.
I'd love to find someone in the first scenario, but that's not going to be easy to find IMO 😄.
reply