Tootfinder

Daniel prince from Once Bitten podcast on usury and banking.
Usury is lending money, charging interest.
Aristotle thought money was for use not for interest. He thought usury unnatural.
Many religious quotes saying not to extract interest.
"Money is power" but this is not gold or paper money. It's credit. Infinite money with interest. Which breaks everything.
Imagine a mortgage. Prices of homes inflated by available interest. You have to give a deposit but the bank creates ten times that in new money! Who gets rich here? Banks are printing money. That inflates prices and dilutes money purchase power.
Not just mortgages. Business loans, repair loans, global scale of all of this.
Not only did they create that money, the charge interest on the money they created! And if you don't pay, they take the house.
One judge found this all illegal, but was soon overruled and found mysteriously dead.
What can you do eh? Only opt out. Don't take loans. Use a money that stores value instead of losing it.
#bitfest #bitcoin #banking

Despite much opinion to the contrary, the government money we use is crappy.
I'm at bitfest in Manchester to find out if Bitcoin could be a better money.
It could hardly be worse.
The mood is still good, people are joking about recent devaluation rather than crying. Those who aren't all in are trying to buy more at the discount.
After an introduction by Mad Bitcoins, Joe Bryan explains the problem with government money.
He imagines an island on which two types of money are tried, with a dividing wall between them.
When economic problems hit, government can just print more money on the fiat side. Everyone now using money which is worth less. Distorting prices, inflating asset prices, making the rich (who hold assets) richer and the poor (who have to pay inflated prices) poorer. Driving wealth inequality.
On the hard money side, government must tax properly. Take in more from the rich rather than inflating to take it from the poor. Reducing wealth inequality.
On the government money side, the wealthy monitize houses, stocks, resources. Saving in money is impossible, its inflated away. So they save in assets and hording resources. Capital is misallocated. The youth can't afford houses. Poverty traps are caused. The only way out is printing more for benefits. Making it all worse. More economic crises, more printing. More government debt.
Eventually, the wall is broken. Government money people can save in the hard money instead. It reduces the value of government money further. More printing. More inflation.
Eventually, war. Funded by printed money.
The dollar is the best of a bad bunch all other government money is falling in value even faster.
I wonder, is bitcoin really this better money though? It's limited, hard, and can't be printed without energy investment.
I'm still unsure that fixing money fixes the world.
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Note: "crypto" is mostly more like government money than bitcoin. It can be printed indefinitely by it's makers, does not cost it's makers to print. Crypto is usually just a scam people to get more bitcoin. Bitcoin is not crypto.
#bitfest #bitcoin

The conference is over now. I likely wouldn't have come for just a bitcoin thing, but I am very interested in redecentralizing the web, so it's attachment to the nostr day pulled me in.
Everyone I met was friendly and interesting and seems much more interested in making a better money system than in making money for themselves.
Our government and bank money systems are dysfunctional in all kinds of ways which are often less visible than they should be too people using them, especially to those in Europe and America who benefit from the way those systems exploit the global south.
I'm not convinced that fixing that would end wars and fix broken government as some seem to think, but I am sure our money is the source of many problems.
There are many bright, well meaning, and intelligent people building to improve bitcoin in fascinating ways with the hope of having a parallel system to transition to. With lots of work still to be done.
Can it work?
I'm sure I don't know, and I'm sure even if it's a better system it'll come with it's own unfairness and cruelty. Money will continue to be a source of suck and worry.
I'm told that the bigger conferences are often full of shitcoin scammers and suit wearing banksters who are in fact all in it too get rich and rip people off, but I found none of that here.
Here there is a real community of people trying to make the world a better place and improve the lives of their neighbours and governance of their countries.
And in the end building community is the most radical and effective way to change the world regardless of the problems of it's money system.
I had a great time. Thanks to those organising it.
#bitfest #bitcoin