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Howdy, nostr! We're gearing up for the grand finale of 2023, and you're invited to the 27th Fort Bitcoin meetup on December 5th at 6 pm. Join us at The Archibald, where we'll dive deep into the world of #Bitcoin. Whether you're a seasoned Bitcoin enthusiast or just getting started, there's something for everyone. And let's talk about the venue – The Archibald is the place to be! Great drinks, fantastic pizza, and a staff that's as friendly as can be. Plus, you can valet at the hotel right next door for your convenience. The entire bar has been designed with a rooftop view in mind, so you'll find it cool and classy, just like our #FortBitcoin community. Mark your calendars, folks! December 5th is the date, and we can't wait to celebrate the year's end with you. See you there for an evening of Bitcoin knowledge, delicious food, and good company. Y'all know where to find us – The Archibald, December 5th, 6 pm. Let's make this last meetup of 2023 one to remember! #YearEndMeetup #BitcoinEducation #FortWorth #BitcoinerEvents RSVP:

Meetup

Fort Bitcoin #27, Tue, Dec 5, 2023, 6:00 PM | Meetup

Join us for the Last Fort Bitcoin meetup of 2023. Come learn about all things #Bitcoin Bring a friend to orange pill and share some great #food an...

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Two more days until our Fort Worth Petroleum Club | 2nd Bitcoin and Energy Lunch RSVP:

Meetup

Fort Worth Petroleum Club | 2nd Bitcoin and Energy Lunch , Fri, Nov 17, 2023, 11:30 AM | Meetup

Join us on November 17 for the 2nd Fort Worth Petroleum Club \| Bitcoin and Energy Lunch\! Discover the transformative impact of Bitcoin adoption i...

What Happened to #Venezuela? The Descent into Monetary Abyss of Hyperinflation In Venezuela's economic history, the ascent of Hugo #Chávez in 1998 marked the beginning of a radical departure from market principles, setting the stage for a harrowing journey into hyperinflation and economic disarray. Chávez's rise, buoyed by the promise of sweeping social reforms and a redistribution of wealth, initially resonated with a population eager for change. The country's descent was not precipitated by a singular event but was the culmination of years of economic missteps. The seeds of decline were sown during Chávez's administration and germinated through Nicolás Maduro's tenure. The deterioration of Venezuela’s production, particularly within its oil sector, was a slow-motion unraveling that accelerated under Chávez's policies and continued to gain pace under Nicolás #Maduro. The 2002-2003 strike at Petróleos de Venezuela (#PDVSA) was the first spark in what would be a blaze of economic devastation, a stark manifestation of the tensions between the state and the market. The strike's suppression and the subsequent purge of expertise from the oil industry were early signs of the systemic rot and cronyism that would come to characterize the nation's economic framework. As the narrative of the last decade unfolded, the dramatic plunge in global oil prices in 2014 exposed the vulnerabilities of an economy hinged on a single commodity. Venezuela's overreliance on oil revenue, akin to a gambler's single-minded bet, proved catastrophic as the fiscal foundations crumbled under the weight of declining prices. The ensuing chaos was compounded by a chronic neglect of investment and a pervasive mismanagement endemic to the oil sector. The infrastructure, once the backbone of the economy, fell into disrepair and neglect, and U.S. sanctions further isolated the nation, tightening the economic stranglehold. By 2020, Venezuela's oil production had dwindled to its lowest levels in decades, a mere shadow of its former glory. The stark contrast from the golden days of the late 1990s, when production exceeded 3 million barrels per day, to the grim reality of less than 400,000 barrels, painted a grim portrait of a nation in freefall. Today the world’s largest reserves appear to be stranded behind a wall of #collapse. The Chávez era's grand #nationalization scheme, financed by the oil bounty, was a testament to the perils of state interventionism. When the oil price fortress fell, the economy was left defenseless, teetering on the brink of collapse. The government's response, a frenzied printing of money, was the quintessential fiat solution, leading inevitably to #hyperinflation. The post-Chávez landscape, stewarded by Maduro, has been one of exacerbated turmoil. The hyperinflationary spiral has led to dire shortages, the collapse of public services, and a #humanitariancrisis that has propelled a mass #exodus of Venezuelans seeking refuge from the economic maelstrom. About 1/3 of the population fled, more than 7 million people in a country of 30 million, making it the largest humanitarian tragedy in the Western Hemisphere Venezuela's descent from prosperity to destitution is a stark illustration of the inherent instability of a fiat-based economy. It stands as a testament to the destructive potential of unchecked monetary expansion and the tragic human cost of a nation's deviation from sound economic principles. The Venezuelan saga is a cautionary tale, echoing the warnings of "The Fiat Standard" by @Saifedean Ammous about the perils of straying from the discipline of a commodity-backed monetary system.

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We are running a Friday #LN Flash Sale for our #Bitcoin and #Energy Lunch in two weeks:

LNbits

Fort Worth Petroleum Club | 2nd Bitcoin and Energy Lunch Join us on November 17 for the 2nd #FortWorth #Petroleum Club | #Bitcoin and #Energy Lunch! Discover the transformative impact of Bitcoin adoption in the Oil and Gas industry and network with fellow professionals. Hosted by #FortBitcoin. ⚡️First 50 tickets go for 21,000 #sats

What is Credit? #Credit is a broad term with a range of meanings, from the financial #trustworthiness of an individual or entity to the arrangement for deferred payment in transactions. It's a foundational concept in modern economies, influencing everything from individual purchasing decisions to the global flow of money. The Basics of Credit At its core, credit is about #trust in #deferred #payment. When lenders extend credit, they trust that borrowers will repay the money within the agreed timeframe, typically with interest. This system allows for the smooth flow of money and resources in an economy, facilitating purchases, investments, and financial stability. Credit can take many forms, including loans, mortgages, credit cards, and lines of credit. These credit forms come with varying terms, interest rates, and borrowing limits, catering to a wide range of financial needs and situations. Creditworthiness and Credit Scores An essential aspect of credit is #creditworthiness, or how trustworthy someone is in repaying borrowed money. Lenders determine this using #creditscores, a numerical representation of a person's borrowing history. Factors influencing credit scores include repayment history, total debt, credit history length, and the types of credit used. A high credit score indicates good financial habits and results in better loan terms, while a low score can make borrowing more expensive or even unattainable. Thus, maintaining a good credit score is crucial for #financialhealth. The Role of Credit in Economies Credit is a critical #driver of #economicactivity. By allowing consumers to make purchases they couldn't otherwise afford, credit stimulates demand, driving business growth. On a larger scale, credit fuels business investment, job creation, and economic expansion. However, credit also has a darker side. Excessive borrowing can lead to "credit bubbles" that eventually burst, causing economic crises. The 2008 #financialcrisis, largely triggered by a collapse in overextended mortgage credit, is a stark example of such dangers. Credit from an Austrian Economics Perspective #Austrianeconomics, known for its skepticism of central banking and advocacy for sound money, has a nuanced view of credit. While recognizing credit's role in facilitating economic activity, Austrian economists warn against excessive credit expansion, often fueled by artificially low interest rates set by central banks. They argue that such expansion leads to #unsustainable economic #booms, followed by devastating #busts. Instead, they advocate for credit based on real savings and investment, believing that this approach leads to more sustainable economic growth and stability. Credit in the Context of #Bitcoin The typical Maxi(Bitcoin Maximalist) positions Bitcoin as an alternative to traditional credit-based monetary systems. Unlike fiat currencies, which can be inflated by central banks, Bitcoin has a fixed supply, making it immune to such manipulation. This feature makes Bitcoin more akin to a #commodity than a currency, according to the book. It argues that Bitcoin could serve as a basis for a new #creditsystem, where credit is based on a sound, #deflationary money supply, rather than the inflationary fiat system. Such a system could potentially offer greater economic stability and fairness, reducing the boom-and-bust cycles characteristic of modern economies. Conclusion Credit is a #doubleedged #sword, capable of both stimulating economic growth and causing financial crises. Its complexities and contradictions make it a vital topic of study for anyone interested in finance, economics, or the #futureofmoney. As new forms of money like Bitcoin emerge, understanding the nuances of credit becomes even more critical.

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What is Debt? #Debt is a #concept as old as human civilization, deeply ingrained in economic systems, societal structures, and even moral frameworks. At its core, debt involves #borrowing, typically #money, from one #party to another, under the agreement that the borrowed amount will be repaid, usually with interest, at a #futuredate. #History’s Perspectives on Debt Debt has played various roles throughout history. In ancient times, debt often arose out of necessity, such as the need to secure food or resources during times of scarcity. It was also used in trade and commerce, facilitating transactions in the absence of money or complex financial systems. However, debt wasn't purely an economic instrument. It had social and moral implications. In many cultures, being unable to repay debt could lead to severe consequences, including enslavement or imprisonment. This intertwining of debt with moral obligation has influenced societal attitudes towards debt, wealth, and poverty. #ModernDebt: Instruments and Purposes Today, debt comes in many forms, including mortgages, student loans, credit cards, bonds, and national debts. These instruments have specific purposes and structures, catering to various needs in modern economies: 1. #Personal Debt: Individuals take on debt for various reasons, such as buying a home, obtaining an education, or financing daily purchases. This debt is often necessary for individuals to advance in life, but if mismanaged, it can lead to financial strain or bankruptcy. 2. #Corporate Debt: Businesses use debt as a tool for growth. By borrowing money, companies can invest in new projects, expand operations, or navigate financial difficulties. Corporate debt is typically categorized into bonds, loans, and credit lines, each with its own risk and cost profile. 3. #Government Debt: Governments borrow to fund public projects, social programs, or military expenditures, and to manage economic cycles. Government debt is issued in the form of bonds. While such debt can stimulate economic growth, excessive government borrowing and spending can lead to inflation and economic instability. The #DoubleEdged #DebtSword Debt is a double-edged sword. It can be a powerful economic tool, driving growth, facilitating trade, and smoothing out economic inequalities. However, excessive debt can lead to financial crises, as seen in the 2008 global financial crisis when high levels of mortgage debt led to widespread defaults, bank failures, and economic recession. Likewise, many young people endure unnecessary hardships due to poor management of their own det in the form of credit cards. From macro to micro debt can do a lot of harm if not well understood. Debt from the #AustrianEconomics Perspective Austrian economics is critical of excessive debt and the role of central banking in facilitating debt growth. This school of thought argues that artificially low interest rates set by central banks encourage excessive borrowing and risk-taking, leading to economic bubbles. When these bubbles burst, the result is economic crises and recessions. Austrians advocate for a more conservative approach to debt, emphasizing savings and investment funded by real economic production, rather than credit expansion. They also support sound money, like the gold standard or Bitcoin, as a foundation for a stable economic system. Debt in the #Context of #Bitcoin Bitcoin advocates view it as an alternative to the debt-laden fiat monetary system. Bitcoin's capped supply based on open source code contrasts with fiat currencies, which can be printed in unlimited quantities to fund government spending and debt. By providing a currency that doesn't rely on debt for its creation and value, Bitcoin offers a counter-model to the current global financial system, one more aligned with being a money by and for the internet, that is without borders and free from censorship. Conclusion Understanding debt is crucial for navigating the modern world. Today’s economic landscape is one where debt can be a valuable tool for individuals, businesses, and nations, it also carries risks and consequences, especially when used irresponsibly. The discussions around debt, money, and alternative financial systems like Bitcoin are central to understanding the broader economic, social, and moral implications of debt in society.

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How Money is Created #Money creation is a complex process that involves several entities, including central banks, commercial banks, and the public. The modern banking system operates on the principle of fractional-reserve banking, where banks are required to keep only a fraction of their deposits on hand, lending out the remainder. This system is instrumental in money creation, influencing economies worldwide. The Role of Central Banks #Centralbanks, like the Federal Reserve in the U.S., play a crucial role in money creation. They control monetary policy and can influence the amount of money in circulation. One method they use is open market operations, where they buy or sell government securities. For example, when a central bank buys securities, it pays with bank reserves, effectively creating money that the sellers deposit in their bank accounts, increasing the overall money supply. Central banks also set reserve requirements, dictating the proportion of deposits that commercial banks must hold in reserve, either in their vaults or with the central bank. Lower reserve requirements allow banks to loan out more money, increasing the money supply, and vice versa. Another tool is the interest rate at which banks borrow money from the central bank. Lower interest rates encourage banks to borrow and lend more, which increases the money supply. Conversely, higher rates slow down borrowing and reduce the money supply. Fractional-Reserve Banking Commercial banks also contribute to money creation through fractional-reserve banking. When a bank receives a deposit, it's required to keep a fraction of it on hand, lending out the rest. The lent money eventually gets deposited back into the banking system, and a portion is lent out again, creating a multiplier effect. For example, if the reserve requirement is 10%, a $100 deposit can theoretically create up to $1,000 in new money ($100 initial deposit + $90 new loan + $81 second-generation loan, and so on). This process is inherently inflationary, as it increases the money supply. However, this system also poses risks, as banks may not have enough reserves to cover unexpected large withdrawals, potentially leading to bank runs. #DigitalMoney and Credit Creation In today's digital economy, most money exists not as cash, but as digital entries in bank accounts. When banks issue loans, they create money by adding the loan amount to the borrower's account. This money, created out of thin air, is backed not by physical reserves, but by the bank's belief in the borrower's ability to repay the loan with interest. This system means that most of the money in circulation today was created through debt. This relationship between money and debt is fundamental to understanding modern banking and its implications on global economies and individual lives. Austrian Economics View on Money Creation #AustrianEconomics criticizes fractional-reserve banking and the central banking system, arguing that they lead to artificial #credit expansion, #unsustainable economic booms, and devastating busts. This school of thought advocates for a return to #soundmoney, like the gold standard, and banking practices that restrict credit creation to actual savings, thereby preventing the boom-bust cycle. Bitcoin's Proposition The Bitcoin Maxi's argue that Bitcoin, like gold, can act as sound money. Its supply isn't controlled by any central authority, and its issuance is predetermined and transparent, mimicking gold's natural mining constraints. Bitcoin, therefore, offers an alternative to the current credit-based system, potentially mitigating the economic cycles that characterize modern economies. Conclusion Understanding money creation is crucial in grasping the web that is the global economies, the nature of booms and busts, and the value proposition of alternatives like Bitcoin. The process is not just a financial mechanism but a societal tool with direct implications on wealth distribution, societal structure, and individual life.

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What is the Gold Standard? The #goldstandard is a #monetarysystem where a country's currency or paper money has a value directly linked to gold. With the gold standard, individuals could exchange their paper money for a specified amount of gold. Countries that use the gold standard set a fixed price for gold, allowing for the free exchange of gold for money. Historical Context The #gold standard has deep historical roots. For centuries, gold's intrinsic qualities—such as its durability, rarity, and universal appeal—made it a reliable #mediumofexchange and a #storeofvalue. As early as the Byzantine Empire, gold was a standard for international transactions, with the solidus coin dominating trade. In the 19th century, the gold standard became more formalized. The United Kingdom, one of the world's major economic powers, adopted the gold standard in 1821, with the United States following suit in 1873. This period, known as the classical gold standard, lasted until World War I and was marked by global economic stability, albeit punctuated by regular financial panics and crises. How the Gold Standard Worked Under the gold standard, countries agreed to convert paper money into a fixed amount of gold. A government had to hold significant gold reserves to meet conversion demands. This system aimed to stabilize currency values and international exchange rates, facilitate trade, and prevent governments from printing excessive money. However, the gold standard had its limitations. It could create deflationary pressures: as economies grew, the money supply could not always grow correspondingly because of the finite amount of gold. This limitation often led to deflation, where prices dropped as money became more valuable. The Gold Standard's Demise The gold standard began to unravel during World War I, as countries printed more money to fund their war efforts, leading to inflation. Post-war, countries attempted to return to the gold standard, but the economic toll of the war and the Great Depression complicated these efforts. The final vestiges of the gold standard system were abandoned in 1971 when President Nixon ended the U.S. dollar's convertibility into gold, marking the transition to fiat monetary systems. The Gold Standard and Austrian #Economics #Austrianeconomics, a school of economic thought that emphasizes the spontaneous organizing power of the price mechanism, is generally supportive of the gold standard. This perspective argues that the gold standard limits the government's ability to inflate the money supply, thereby preventing the distortionary effects of inflation on the price system. Friedrich Hayek, a prominent Austrian economist, criticized central banking's discretionary policies and advocated for competition in currencies. He believed that such competition could potentially reintroduce a form of the gold standard, as markets might favor currencies backed by gold or other valuable assets. The Gold Standard and Bitcoin #TheBitcoinStandard posits Bitcoin as a digital counterpart to the gold standard. Like gold, Bitcoin has a finite supply, with only 21 million Bitcoins to ever be mined. This characteristic aims to make Bitcoin immune to the inflationary pressures that fiat currencies are subject to. The book argues that just as the gold standard provided an economic basis for prosperity and stability before the world wars, Bitcoin could be the basis for a new era of economic stability and fairness in the digital age. It highlights how Bitcoin shares key characteristics with gold that make it suitable as a monetary standard—scarcity, divisibility, portability, verifiability, and recognizability. Conclusion The gold standard has had a profound impact on economic policies, theories, and the global financial system. Its principles continue to influence contemporary economic thought, particularly in discussions around #Bitcoin and stable coins. Understanding the gold standard is crucial for anyone delving into the complexities of monetary policy, the history of international finance, and the emerging digital economy.