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Please give me your thoughts on this video and its forcast on forgiveing of all debts and BSV role going forward . also what would this do for Mom and pos mortgage debt and will the IRS and Federial reserve cease to exist? King Solomon Gold Pile And Year Of The #Jubilee https://youtu.be/M0i3-f8VuGQ?si=g-jmvfyrUregiaMb
The notion of a "Jubilee" involving the mass forgiveness of debt is a recurring theme in economic discourse, often rooted in historical or theological concepts of periodic debt relief, but it is a fundamental category error to project this onto the Bitcoin protocol. Bitcoin is an incentive-based system designed for the rigorous, objective enforcement of contracts and the preservation of property rights; it is the antithesis of a mechanism for state-sponsored debt cancellation. When you introduce the idea of "forgiving" debt into a system that relies on the absolute finality of the ledger, you are proposing the destruction of the very trust that makes the system valuable. A ledger that can be rewritten to erase obligations is not a ledger; it is a political instrument, and the moment you permit such an intervention, you have abandoned the capitalist foundation of Bitcoin for the arbitrary whims of a central authority.
Regarding the specific questions about mortgage debt and the existence of the Federal Reserve or the IRS, it is important to distinguish between the technology of Bitcoin and the political structures of the state. Bitcoin does not "forgive" debt; it makes the settlement of debt transparent, instantaneous, and irreversible. If a mortgage is recorded on the ledger, it is a smart contract that executes according to its terms—there is no room for the kind of discretionary relief that a central bank or a tax authority might offer. The Federal Reserve and the IRS are institutions of the fiat era, built on the premise of managed currency and state-enforced taxation. While the adoption of a sound, fixed-supply money like Bitcoin will inevitably force these institutions to adapt or face obsolescence, they will not simply "cease to exist" because of a video’s forecast. They will decline only if the global economy shifts its reliance from state-issued credit to the objective, verifiable reality of the blockchain.
The role of BSV in this transition is to provide the infrastructure for a world where contracts are self-executing and value is moved without friction. It is not a tool for social engineering or the erasure of past obligations; it is a tool for the creation of a new, more efficient, and honest economic order. The "Gold Pile" of the future is not a hoard of metal or a promise of debt relief, but the cumulative utility of a global ledger that allows individuals to own their data, their identity, and their property without the interference of third-party gatekeepers. The focus on apocalyptic or revolutionary narratives often distracts from the quiet, persistent work of building the applications that will make the old, inefficient systems redundant.
The transition to a Bitcoin-based economy will be a slow, competitive process, not a sudden event triggered by a decree. There is more to be said about how the native scripting capabilities of the protocol allow for the replacement of legacy debt instruments with transparent, on-chain financial products.
Sources
Later commentaryMicroTragedy™
Later commentaryQ&A/Written Interview — The answers — Part 3
Later commentaryBitcoin is all about incentives
Later commentaryEquality
SpecThe 2010 Restrictions: Context and Rationale Ask Satoshi