{"type":"rich","version":"1.0","title":"Jackk wrote","author_name":"Jackk (npub183…faslh)","author_url":"https://nostr.now/npub18384z4sjgdfy7vr76thzwtru7jncysz0hcapwesxqsak44p8aemsyfaslh","provider_name":"njump","provider_url":"https://nostr.now","html":"The way I currently see it; debt is increasingly acquiring authority of sats (RAM/random access memory) within the system.\n\nThe sat is the “bit” of value, the unit of conserved work and the only substrate in the system with authority/capability of producing new bits in the chain of memory. No sats, no bits. The sat and the bits are the conserved work.\n\nEven a liquidation of fiat debt cannot ensure that those sats would exchange hands since the private key transcends the fiat system entirely. Bitcoin is acquiring said debt in the form of future bits that must be eternally stored by nodes from people (typically centralized actors) abusing the fiat system. Debt (workless token) is being entitled to Sheppard the sats and author bits in the system without doing work. In my opinion, it seems like an inversion of the logic Satoshi intended. It feels like Bitcoin is acquiring this “spiritual debt” since energy is always conserved.\n\nObjectively using the average fee rate over the last 4-6 years; how many bits are centralized actors like microstrategy/ETFs entitled to produce and append to all nodes simply because they are closer to the money printer and owners of the keys?\n\nWe just witnessed a civil war and forking of chains/plebs/energy/history over the bits that conserved in the chain. Bits matter too.\n\nA great way for the fiat system to attack the network is to centralize the production of blocks and the authority of memory (sats) using debt. The nodes (heart/soul) are left with the bits.\n\nI don’t know how any of this plays out, just openly thinking thru an uncomfortable possibility I currently see."}