Oddbean

I have yet to share my personal #Bitcoin journey, but I believe now is the right time to do so. It marks the beginning of my descent into the Bitcoin rabbit hole and, much like the Bitcoin White Paper itself, my story is closely tied to the financial crisis of 2008. This account is deeply personal, laced with self-pity and a sense of stupidity. That's why I've kept it private and not even shared it with my closest friends, but I think it's important to share it now with you. Giving back to a community I received so much in the previous years. All too often, those who fall victim to the shortcomings of the fiat system internalize the guilt, unaware that they are being taken advantage of by a corrupt fiat system. My parents, hardworking individuals who dedicated their lives to building their own business from scratch, had little time to acquire financial education. In the early 2000s, they were advised — like many companies and individuals in Austria — to finance their company/house with a Swiss franc loan. The arrangement was complex and opaque, involving multiple loan accounts and significant commissions for both the bank and our financial advisor. My parents, trusting the system, unknowingly became entangled in a speculative gamble, exacerbated by the euro's introduction and the franc's relative strength over time. It turns out that debt in a strong currency and income in a rapidly depreciating currency have only one outcome: Default over time. As a result of the financial crisis of 2008, the Swiss National Bank could no longer suppress the upward pressure on the franc in 2014 and the fallout was inevitable. Overnight, my family faced a substantially larger loan burden than initially anticipated, to threaten us to file bankruptcy and lose everything we worked for in the previous decade. This devastating turn of events — driven by corrupt banking practices and greedy financial advisors — left an indelible mark on me. As a young man, witnessing my parents' hard-earned savings and efforts eroded by a system they trusted was enough to cement my distrust of financial institutions forever. At this point in time I made a promise to myself: Trust no one, educate yourself and verify. A few years later, I discovered Bitcoin. It clicked immediately. Here was a decentralized, incorruptible solution to the very problem that had caused so much pain for my family. Bitcoin represented a chance to opt out of a fiat system riddled with perverse incentives and predatory practices. My family's experience — our suffering under the weight of a corrupt financial system — motivates me to advocate for Bitcoin adoption. For this reason, I will never trade my Bitcoin for fiat currency ever, no matter the fiat price. It represents more than wealth to me; it’s a symbol of resilience and justice, a way to honor the sacrifices my parents made. Looking back, I am almost grateful for this painful chapter of my life. It woke me up and set me on a path I might not have found otherwise. Many people experience similar losses at the hands of the fiat system without even realizing it because the theft happens incrementally, through inflation and hidden costs. Fact is, that honest, hardworking individuals are being robbed every day — second by second — by a system designed to erode their purchasing power over time. Like my parents, but more gradually. While it’s exciting to see Bitcoin’s fiat price increase, that is not its ultimate value. Bitcoin represents so much more. And I know, many others who HODL Bitcoin not for fiat wealth but for deeply personal reasons — reasons rooted in justice, independence, and freedom. For those of us who have been wronged by the current system, Bitcoin is not just an asset, it’s a revolution for a better future. Yours forever thankful, Carl. 🧡

Thank you Carl for sharing! Your story uplifts us all. #Bitcoin represents the biggest transfer of wealth the world will ever see…….. Mistakes are our greatest teachers and I am thankful for the ones I have made as well as they have lead me here to #Nostr and have given me an opportunity to meet individuals like you!

So sorry to learn of your parents' troubles, but glad it had a salutary effect on you.🫂 Know that your calm, steady voice in the bitcoin space is appreciated.💖🫂👍😆 Thanks for sharing this very poignant personal note.🙏🏻😀💖

> As a result of the financial crisis of 2008, the Swiss National Bank could no longer suppress the upward pressure on the franc in 2014 and the fallout was inevitable. Wait what? The value of fiat went *up*?? I thought central banks were these evil entities that steal by depreciating the value of money. Up is good down is bad. So which one is it now, is up good or bad?

Hey bud. Your energy seems a bit "gotcha!" when nothing they said contradicts what we know to be true a out central banks and devaluing fiat currency. You okay? To answer your question. The value of one fiat only went "up" as measured by another fiat. The reality is they both fell in value, the Swiss frank just fell more gradually compared to the Euro that Austria was using. Both lost value to Gold however.

How did the value of the Swiss franc in terms of the products and services your business offers. If you're using income form your business to pay off your loan then that's what matters, never mind gold.

"I know, many others who HODL Bitcoin not for fiat wealth but for deeply personal reasons — reasons rooted in justice, independence, and freedom. For those of us who have been wronged by the current system, Bitcoin is not just an asset, it’s a revolution for a better future." 💯 The difference, between the world we now have and the one we could have on a Bitcoin standard, is night and day. Gaining Bitcoin wealth isn't about "fuck you, I got mine" personally escaping the rat race while also making life harder for everyone else (investing in homes to protect wealth, or in stocks of giant companies that care more about the bottom line than anything else) like it is in our current system where you really can only succeed at the expense of someone else. Owning Bitcoin is about ending the unnecessary and wasteful, war increasing, rat race of a FIAT system for EVERYONE. Benefiting everyone and yourself at the same time. ☮️❤️₿

"Backed by faith" is true about every money, but if you honestly ask yourself whether a Dollar or a Bitcoin deserves more faith... it seems like a no-brainer 🤷‍♂️ There isn't a perfect money, but maybe there exists an optimal money 😉 nostr:nevent1qqsgscha7n356y3ttlvy0mxaedqv4wu0e2kl8u9fha9csrlu25p995cpz4mhxue69uhhyetvv9ujumn0wd68ytnzvuhsygrmny0hwmgymp7tt4p9j6yps7jjpa40c94jhxkjdkkxhrh8ds5yp5psgqqqqqqs9txj3y

Thanks for sharing. I remember that period very well. I was advising several banks across Europe on credit risk management at that time. Ironically, the scheme put in place for Austrian (EUR) with Swiss mortgage loans in CHF was reproduced down the food chain. Raiffeisen Bank (Austria) was selling mortgage loans in EUR to suckers in Hungary, whose currency (HUF) was weak. Lots of defaults, lots of pain for regular people. I was really radicalized at that time as 3 of my main customers were the banks that drowned their country (Anglo Irish Bank in Ireland, Fortis in Belgium and Bank of Cyprus). I saw in situ the situation going from crazy arrogance to bankrupcy.

Hi Carl! Over the last few years it has been an honor to have your thoughts on my timeline every day. When you share your story with us, you make us feel part of it and root every day for your dreams to come true, and full of satoshis. A big hug!

I guess, that's why we're all here feeling exactly the same. And it keeps puzzling me that how on earth, we can all be in different countries with different ethnics and culture but yet we understand each other even mutually. Thanks Carl for this meaningful yet genuine story 🙏