When I was young I wished that I had a magical wallet that had one paper bill inside.
What good is a wallet with only one bill inside? You might ask… Well, it was a magical wallet. I would be able to take the bill out and use it. Then magically another one appeared inside this magical wallet. Wouldn’t that be nice? It is like the goose that lays unlimited golden eggs, or the fountain that never dries.
I imagined that in order for this magic wallet to work without being noticed, the money would be equally and fairly stolen taken from everyone in the world. The trick is that it would take such a small amount of money that no one would ever notice any difference.
I realize now that such a wallet exists. A much bigger version that works in a much more powerful way. It effects everyone in the world and it is called inflation. Whenever new money is created they are in essence steeling from everyone else in the world without you realizing.
So who is able to create new money in today’s world? Why are they allowed to do it?
An interesting opposite fact is that, when money is destroyed or lost everyone is getting richer! I used to worry about all the Bitcoin that gets lost for various reasons. But Michael Saylor pointed this out in this interview.
The truth is, you can self-custody your money and on your deathbed you can gift it to whatever cause you want and the default, if you don’t have a better idea, you die with your private keys in your head and you gift it pro rata fairly and equitably to every other person that got you to where you were — Michael Saylor