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"I will make hay knots for you forever, if you give me a field" the farmer said. the castle owner said, "forever means forever, have the field" the farmer made 100 hay knots and gave 1 to the castle owner. at some point, the farmer found oil under the field and decided to put a refinery on the field. "I want to stop making hay knots, now." he told the castle owner. "I'll give you 100 hay knots today." "Forever is forever" the castle owner said. "I don't want 10000 hay knots today." "Fine, i'll buy a hay knot from the neighbor every year and give it to you." ----many years passed---- the oil refinery said to the castle owner, "we are not in the business of hay knots anymore, what will you take in exchange for not producing hay knots" "I'll take the field" the castle owner said.
2025-09-28 12:10:43 from 1 relay(s) 1 replies ↓
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oh, i hadn't thought about it that way. im sure people wish that property taxes would stay the same over time in the currency. property taxes are actually worse than what i'm describing and they are also "perpetual". this gives me some comfort actually
2025-09-28 21:27:20 from 1 relay(s) ↑ Parent Reply
i was coming up with a mental model for $STRF for a moment, it looked like whoever owned $STRF owned the entire 600,000 bitcoin of $mstr on a long enough time scale-- if a creature could live to infinity, and had that much patience. i think i misunderstood how a "adjusted liquidation preference" works. property taxes is a much better way to understand it... those are also "perpetual" and a % of the present value, so much worse than fixed % in USD
2025-09-28 22:38:02 from 1 relay(s) ↑ Parent Reply