0 sats \ 5 replies \ @Hamstr 24 Apr freebie \ on: Will Debt become extinct? antifragile
When you say hyperbitcoinization, I'm thinking mass adoption. Will debt exist? Well, I know that during the Roman Empire in those days the empire did not do certain things unless they had the money because debt wasn't a thing at that time, nor credit. So, I guess people would revert to saving their stash to buy something, which is nothing like today. Or take a loan against their bitcoin, as I think that's what defi is trying to accomplish so that you don't need a loan against banker that chain you up with high interest rates.
Debt was disallowed mostly for religious reasons in that time period, likely rooted by the challenge posed by paying off deflationary debt. During the Renaissance and subsequently the period of most colonialist expeditions debt and investments became more commonplace. Of course in a world that experiences deflation you will be more wary of how you gamble as doing nothing can be good enough but as along as there are asymmetric bets people will invest, take debt, and gamble all expecting higher returns.
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Debt certainly existed, the issue arose from debt practices like usury and indentured servitude which became so endemic that they banned the practices early in the Republic. While indentured servitude from debt alone remained illegal for the remainder of Rome's history, the ban on interest collection for the citizens did not last and was legalized soon after it was banned.
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There were several public debt criseses in Rome that notably created some negative public opinion of debt taking, though being the global super power that they were they often exported the suffering not too dissimilar to today's us government. Following one particularly bad debt crisis Cicero banned the export of precious metals out of Rome
When every year it was customary to send gold to Jerusalem on the order of the Jews from Italy and from all our provinces, Flaccus forbade by an edict its exportation from Asia. Who is there, gentlemen, who could not honestly praise this action ?
Ofc it was exploited politically! 🤡
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