Time Is a Fickle Bitch
By Tim Niemeyer
Time is a fickle bitch. It is the most scarce asset in the world, yet we all value it differently. Some use it wisely (building, creating, enriching, being present), while others waste it (I’ll leave that to you to fill in the blank). For those of us in Bitcoin, we have the unique perspective of understanding the effects of the money we choose on our time preference. We often get frustrated at normies and their high time preference. But, as author of Brain Rules John Medina says, “What’s obvious to you is obvious to you.”
As Bitcoiners, it is incumbent upon us not to beat normies over the head with our low time preference, but to 1) understand it’s not entirely their fault they’ve yet to see our perspective, 2) determine ways to meet them where they’re at when they’re finally receptive, and 3) be okay with them not seeing it when you want them to (i.e. – if you love something, set it free).
IT’S NOT THEIR FAULT
The fiat monetary system has the ability, thanks to central banking, to create money out of thin air. What our normie friends don’t see is how profound of an impact this has on incentivizing high time preference behavior. In this fiat system, the supply of money is not limited by any objective standard, allowing for an unrestricted increase in the money supply. As a result, the value, not to mention the meaning, of money is continually eroded, leading to a decrease in the purchasing power of individuals. In this system, the time value of money is ever-decreasing.
This devaluation of money incentivises individuals to prioritize short-term gains over long-term planning and investment. If one is unknowingly using a broken tool for measurement, it’d be easy to hand them, say, an accurate ruler. Easy peasy, problem solved. But when the entire world engages in daily measurement with a constantly changing and inaccurate ruler for their wages, bills, literally everything they’ve grown up knowing as “reality,” it’s not as easy of a solution.
Individuals with a high time preference tend to prioritize short-term financial gains, such as quick profits or instant gratification, over long-term stability and sustainability. This mindset can lead to impulsivity in the form of playing the lottery, gambling, altcoins, memecoins, shitcoins, worldcoins, or worse – taking advice from dudes named Gareth (my apologies to any proper Bitcoiners named Gareth).
They’re likely incentivised, no thanks to fiat, to use credit cards to make purchases they cannot afford (from Q4 2022 to Q4 2023, total credit card debt jumped 12%+, according to Bankrate), preferring immediate consumption over financial stability. This behavior can lead to a cycle of living paycheck to paycheck (Forbes states this includes 78% of Americans at the end of 2023), making it difficult to accumulate wealth over time. I hear Only Fans is hiring…
High time preference can also manifest in one’s career choices and professional development. Choosing not to invest time and resources into education or skill development because the benefits are not immediate can hinder personal and professional growth. This can lead to a lack of focus, dedication, and perseverance, ultimately limiting one’s potential for advancement. How can you escape the rat race when you’re stuck running on fiat’s perpetual wheel?
Another area where high time preference can hinder growth and potential is in personal relationships. Individuals with a high time preference may prioritize short-term pleasure over long-term commitment, leading to shallow connections and unstable relationships. This behavior can limit personal and relational development. This can manifest in a lack of patience, empathy, and understanding, ultimately limiting the depth and longevity of personal bonds.
One of the most heinous results of fiat is its effect on our food. Having to prioritize immediate comfort or convenience over long-term health benefits, such as choosing fast food over nutritious meals or foregoing exercise, can have lasting negative impacts on personal health and financial costs associated with healthcare in the future. For more on this, read Fiat Food by Matthew Lysiak, which delves into the impact of fiat on family, food, education, science, and health.
If money is indeed a shared hallucination, then we’ve got a lot of orange-pilling to do. To make matters worse, people living the high [time preference] life have become so set in their ways that, even if they see Bitcoin’s logic and reason for what it is, they’ll still have a hard time enacting enough personal change to make a meaningful difference. It’s therefore necessary to put oneself in their shoes.
So am I saying your family members and friends are all degen, unemployed, obese, dwellers of their parents’ basements? Not at all. Well, not specifically you, dear reader. I mean, maybe? There’s enough anecdotal evidence out there to support this is the way the trend is going. Saying fiat caused all this is not an open-and-shut case, but there’s enough smoke to realize there’s a fire (cue Billy Joel).
MEET ‘EM WHERE THEY’RE AT
So, what can Bitcoiners do to help their family and friends overcome the limitations of high time preference? Here are a few strategies…
Educate your loved ones about the disincentives of our current, bastardized system of money. Share with them the incentives and positive feedback loops that drive Bitcoin. Illuminate the virtues of self-sovereignty, proof of work, and, of course, low time preference. Take them to a local Bitcoin meetup. Get them a copy of any of the wonderful Bitcoin books out there (how about History Echoes Bitcoin 😬).
Encourage your friends and family to adopt a long-term perspective, emphasizing the importance of patience and perseverance in achieving success. Baby steps… Don’t suggest apeing into Bitcoin with Nana’s retirement money. Encourage them to focus on the long-term benefits of Bitcoin, rather than short-term gains. Determine what area of Bitcoin would resonate the most to their particular situation, which might not be “your” passion or area of interest. Respectfully point out year after year how they’re paying more for goods and services than if they adopted a Bitcoin standard.
Foster a culture of trust within your family and friends. Encourage open communication, transparency, and collaboration. Open source that shit. Maybe refrain from a HFSP or two? If there’s one of Michael Saylor’s 10 Rules to live by that many Bitcoiners could benefit from, it’s “be cheerful and productive”. By building trust, you can create an environment where individuals feel comfortable and confident in adopting Bitcoin.
Lead by example, demonstrating the benefits and potential of Bitcoin through your own actions and experiences. Get in shape – physically, mentally, spiritually, relationally, etc. As Jordan Peterson suggests “put our house in perfect order before we criticize the world”. Moreover, be vulnerable. Share your own journey and the positive impact Bitcoin has had on your life, inspiring others to follow in your footsteps.
By implementing these strategies, Bitcoiners can help their family and friends overcome the limitations of high time preference and embrace the transformative power of Bitcoin, albeit at a slower pace than we’d like. By fostering a culture of trust, education, and empowerment, we can create a community that is well-equipped to navigate the challenges of the future and unlock the full potential of this truly revolutionary technology.
TIME IS A FICKLE BITCH
It’s going to take time for the majority to fully grok the magnitude of Bitcoin’s potential. Do you have the patience to watch your loved ones go through whatever version of “max pain” is for them? Unfortunately, pain is indeed the most effective teacher. Trust me; I’ve been an educator for almost twenty years (and in Bitcoin for six), and, despite co-hosting a meetup, writing a book, and starting an educational content channel, I’ve had to accept there will be people I care about that will not give me the time of day when it comes to Bitcoin.
Personally, one of the most painful phrases in Bitcoin is “you get it at the price you deserve”. I’ve vacillated back and forth on the value of this phrase. While it’s harsh, it’s hard to deny its inherent truth. It reminds me of the old saying “there is no teaching, only learning.” While we as Bitcoiners will do our best to champion the benefits of Bitcoin, the student must be ready for the lesson in order to receive it fully.
The “pain trade” for Bitcoiners could then be perceived as the pain of waiting for friends, family, and the world to catch on and catch up. That time might be longer than you are willing (or have) to wait. We have to play to our strengths though; we have to play the long game. We have to be okay with all of this because what other option do we have? Force? Coercion? Decree? No, thank you. That’s so fiat. I’d rather let time do its thing…
________
Note from Stackchain Magazine: No Bitcoin (or inferior monies) were exchanged for this article. This article was written by Tim Niemeyer Free Lance Content Creator and Author. If you’re not following this pleb you probably should. You can find him on X @Tim_niemeyer_ .If you enjoyed this article you can tip Tim via is LNURL timniemeyer@strike.me