“Lightning is Rug-Pull-as-a-Service” - #[0]

I just realised something fascinating in arguing with normies on the bird app. “credit creation” is talked about like it’s totally normal but it literally makes no sense. you can’t “create credit”. you either have credit or you do not. you can extend your own credit to others, but you cannot “create” it. you have to build it yourself and then transfer it. there is quite literally an element of proof of work involved. people only trust you because you have demonstrated your trustworthiness. it’s a fiat fantasy that you can just whip up (i.e. “print”) credit. what “create credit” has to be taken to mean is just seigniorage. it’s fascinating to me that this is true by mapping to how fractional reserve and central banking actually works in the real world, but also in the linguistic scheme of the euphemism. by failing to extend *your own* credit, you are necessarily extending that of absolutely everybody else - without their consent, of course. it is blatantly fraud when framed this way (it’s blatantly fraud anyway, but I like how this framing forces the issue). I realise this is just semantics but it’s fun when you catch them in these little traps that reveal they are just repeating things they’ve never actually thought about. next time somebody says “credit creation,” make sure you snap at them and explain what credit really is 😉

this is absolutely nuts:

“Nostrica” is supposed to rhyme with “Costa Rica” if you say both fast, right? RIGHT?!? I’ve now heard multiple say it “noss-trik-uh” and I’m wondering if I’m the crazy one …

kinda feel like whipping up a medium post called “the beginning of the end” or something to that effect. serious question: is there even any point? will I say anything that everybody doesn’t already know?

I just had to google a tool I’d never heard of. I’m definitely not ready for civilizational collapse 🤦‍♀️

have any MURICAN🇺🇸🏈🦅 bitcoin bros thought about the following: is it conceivable that an extremely bitcoin-friendly state legislature (Wyoming? Texas? Florida?) could create a regulatory environment to allow for USD-based fully reserved banking that simply has no connection to the federal reserve system or any federal regulatory agencies? so Custodia or The Narrow Bank, but presumably needing to keep business in-state? if so, could it work mechanically? you’d obviously be cut off from FedWire but what about ACH? it could conceivably issue and acquire for card networks too via whatever clearinghouse options work mechanically, unless political pressure cuts this off? but then, if the starting point is friendly regulation, surely part of that could be: “listen up, VISA, either you let AllenBancorpOfWyoming in or you GTFO our state”? this can go in a bajillion directions, so any and every thought entirely welcome. please also tag whoever you think would have interesting thoughts. I’ll start with #[0], #[1]​, and #[2]​ … what do you all think?