A PDF pamphlet of this article is available for download.

You’ve been hopped up on debt for so long, you can’t even remember how it feels to be free from it. Every piece of debt you took on gave you that high, that euphoric rush. Not directly, of course, but from the short-term high of instant gratification that comes from buying something you really, really wanted. Your long-term goals seemed too far away, so you bought that car, that handbag, that new laptop, that house. You financed it all through years of debt service.

Let’s pause and think about those words for a moment: “Debt-service”. You’re literally serving the owners of the debt. You were a slave under debt. Really, you were a slave to your own high time preference choices. In a sound money economy, you would have learned a lesson through the natural outcomes of such frivolous spending, like suffering from having less money for essentials. But under fiat money, you can delay, delay, and delay until declaring bankruptcy. All it costs is your goals, your dreams, and your soul. You became a debt zombie.

But you found bitcoin and started waking from your fiat-induced stupor. Instead of going down the well-trodden debt-slavery path, you got your financial house in order. So now, through years of study, saving, and selling chairs, you’ve reached a point where you’re finally free!

But you don’t know what to do with yourself. The freedom is almost too much to handle; you’ve never had this much responsibility before. Being in debt slavery sucks, but at least you knew what you needed to do. You either had to keep running from the debt collectors or slave away and pay it off slowly, even as you accumulated more debt. The certainty was comforting. Having freedom is hard to handle because you have to think about your life again, and what you actually want. You have to have goals, meaning, and purpose. You’re no longer a debt zombie. You have to think and desire things for yourself, and that’s not something you’re used to doing. Can a recovering zombie have a soul?

Unfortunately, many people waste their newfound freedom and dive right back into debt, just of a different kind. Maybe it’s slavery to an altcoin, where you do its bidding, selling your reputation and integrity. Maybe it’s slavery to some other high time preference activity, like degenerate gambling. Freedom itself is a righteous burden. You have the responsibility to make something of yourself. But too many people would rather just serve some other master.

Many get caught up in fiat status games. They want to get invited to the right parties, so they buy big houses or the proverbial Lambo. But again, that’s a fiat mentality. You’re competing to be the chief debt slave — the kind who can leverage enormous amounts of debt and weaponize it. But do you really want to be Bill Gates? He might have money, but he’s a slave like everyone else in the fiat system.

The journey to financial freedom is a roller coaster of emotions, filled with moments of self-realization, ironic twists, and the occasional chair-selling escapade. It’s breaking free from the chains of debt, learning to embrace the responsibility of freedom, and discovering that maybe, just maybe, you don’t want to be Bill Gates after all.

As you navigate the unfamiliar world of financial freedom, you’ll encounter the withdrawal symptoms of fiat money: the temptation to indulge in high time preference activities, the allure of debt-driven status games, and the realization that freedom is a double-edged sword requiring a new level of self-awareness and responsibility. Through it all, you’ll find that breaking free from the fiat system is a journey worth taking — a journey that leads to a life of purpose, meaning, and self-sovereignty.

It’s not about the Lambos, the parties, or even the chairs (as important as they may be). It’s about understanding that the fiat mentality is a trap, a Venus flytrap of debt that ensnares those who fall for its seductive allure. It’s about recognizing that the fiat system imprisoned us, not just economically, but also mentally. To break free from its values can be harder than breaking free from its debt.

Fool me once, shame on you. Fool me twice, shame on me. As we escape the cycle of debt addiction, the temptation is to keep the mentality that had us enslaved. Your very desires, in other words, need reexamination. Fiat values are vices of the soul. Modern society is crumbling under the weight of the fiat incentives these values create. An examination based on first principles of what we really need will ultimately drive us to build. We will use our unique gifts and talents to add our own goods and services.

As you embark on this journey to financial freedom, remember that the withdrawal symptoms of fiat money are just that — symptoms. They’re temporary roadblocks that you can overcome with dedication and reflection, especially around the unquestioned assumptions of fiat idiocy. Embrace the challenge, find your purpose, and always remember the debt slavery you’ve been freed from.

Now, go change the world.

This article is featured in Bitcoin Magazine’s “The Withdrawal Issue”. Click here to subscribe now.

A PDF pamphlet of this article is available for download.

This is a guest post by Jimmy Song. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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In April 2023, Bitcoin Magazine announced the launch of its new publishing branch, Bitcoin Magazine Books. The publishing arm of the company has already published five popular books by notable authors and is adding a well-known and prolific author to its lineup.

Jimmy Song is a seasoned Bitcoin developer, educator and entrepreneur with more than two decades of programming experience. In his new book, “Fiat Ruins Everything”, Song explores the ubiquitous debasement of money and how Bitcoin can fix the broken incentive structure of the financial system and society at large. The book leads readers to discover how Bitcoin offers the opportunity for a brighter future.

“As I delved into the intricacies of our modern systems’ decline, I realized that the erosion of value is not just monetary—it’s a pervasive force impacting every aspect of our lives. ‘Fiat Ruins Everything’ is an unflinching examination of this reality, but it’s also a beacon of hope. By exploring Bitcoin’s potential, we uncover a path towards restoring value, trust, and freedom in our world.” — Jimmy Song.

“Fiat Ruins Everything” offers a deep analysis into the various ways that almost all aspects of civilization have been debased thanks to fiat currency. Song presents this critique as a wakeup call for the average person to build awareness of the root issues of decaying culture, from eroding wages and diminishing quality of life to the erosion of community bonds and personal well-being. But the book does not stop with the negative aspects of society’s trajectory; Song offers a compelling argument for why Bitcoin holds the potential to reverse these trends.

“The modern world’s systems are showing cracks, and ‘Fiat Ruins Everything’ shines a spotlight on the underlying issues plaguing our society,” said Ellen Sullivan, Publisher of Bitcoin Magazine Books. “Jimmy Song’s analysis offers readers at all levels a way to understand why Bitcoin can be a catalyst for positive change.”

In addition to “Fiat Ruins Everything,” Song is the author of several other influential works, including “Programming Bitcoin”, “The Little Bitcoin Book”, “Thank God for Bitcoin”, and “Bitcoin and the American Dream”. He has served as a lecturer at the University of Texas, an expert witness in legal cases involving Bitcoin, and as an advisor to multiple companies. Through his weekly newsletter, “Bitcoin Tech Talk”, and his podcast, “Bitcoin Fixes This”, Song continues to share his expertise and insights with the broader community.

“Fiat Ruins Everything” is currently available for pre-order through the Bitcoin Magazine Books online store with an official release date of September 27, 2023.

Jimmy Song will be signing books at the Bitcoin Amsterdam conference, taking place at Westergas on October 12-13, 2023. This gathering will be a perfect place for attendees to connect with the author and discuss the book’s themes.

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American venture capital investor and entrepreneur Tim Draper took the master stage at Paris Blockchain Week 2023 to give his keynote speech on, “The Decentralization of Everything” which he ended with a self-composed Bitcoin song. 

The speech opened by touching on the general distrust of cryptocurrencies – primarily Bitcoin (BTC) – from centralized governments. “I think they are absolutely panicking right now,” he said.

Draper particularly angled his thoughts through the lens of the recent Silicon Valley Bank (SVB) crisis, which he called a “crisis of trust.”

“They have shaken our confidence in the banking system… What a really strong leader would do is build that trust back. Trust the banks that now remain and set them free.”

However, according to the investor, a smooth transition out of these latest bank failures will not be likely under the current leadership in the United States. He signaled to the recent remarks against cryptocurrencies stemming from the White House. 

His whole speech boiled down to his belief that an inevitable change is coming stemming from decentralized financial tools like Bitcoin, and called it a “drumbeat that keeps coming and coming.” 

“Everything got wealthier as more liquidity was created for the world – every time there was a leap in currency. We’re going through an anthropological change, which is hard for people. A lot of people resist it.”

He continued saying that weak leaders will be revealed by those who resist it. Whereas strong leaders embrace it and are looking for this change. He concluded his speech with a 3-minute song, which wrote and performed. 

Tim Draper spitting fire #btc #ParisBlockchainWeek pic.twitter.com/RNNhNURxJv

— Daniel Nita (@realdanielnita) March 22, 2023

According to Draper the song was written four years ago but more relevant than ever today. It touched on Satoshi, Bitcoin, banks, governments and the want for a new world order. 

Related: Paris Blockchain Week 2023: First day of the Summit kicks off

Before he began he dedicated the song to SVB and “all the banks that have failed and will fail.”

“And I dedicated to all those governments that if they don’t trust their people and set them free, they will also fail, and their currencies will also fail.

The song got a round of applause from the audience, as well as the panelists who followed Draper on the master stage. 

He concluded his time by saying blockchain, Bitcoin and smart contracts are making up one of the “greatest transitions in the history of the world,” and it should be embraced.