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125 sats \ 1 reply \ @F 31 Oct 2022 \ on: Is it time to explore the "mid time preference" persona? bitcoin
the general direction of the idea is that bitcoin thinking = low time preference and fiat thinking = high time preference.
Most of the world is on the fiat standard and has a high time preference, (need money now. must spend money on useless crap now before money is worth less) while if the world were on a bitcoin standard, most would have a low time preference (save money. money worth more later. delay spending unless for survival)
I think the low time preference bitcoin standard seems like the better option
Yes I think you're right, thinking can only be high or low.
I guess this idea would be more focused on behaviour (expressed actions) vs. mindset then. E.g.:
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high time preference behaviour would be being forced to not save either because you don't have extra income, or don't have access to good savings facilities
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low time preference behaviour would be being able to stash away bitcoin for many years in cold storage
Mid time preference behaviour could then be something like being able to carry additional income from month-to-month as bitcoin and being able to choose when to spend from that stash.
I think it's generally interesting to frame a set of habits/behaviours that can eventually get you to acting in a low time preference manner, because not everyone can get there from day 1 practically.
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