tank on Nostr: So interesting! German savings culture is very similar to Koreans‘. I remember ...
So interesting! German savings culture is very similar to Koreans‘. I remember getting a „Sparbuch“ a little savings booklet from the Berlin Postbank when I was little. The account was in Deutsch Mark (before the Euro) and it gave me 4% interest. I learned about compounding at a very young age.
No wonder so much money is held in cash in German bank accounts today. That‘s what we were taught to do when we were little. Btw 70% of deposits in Germany today are held in small regional community banks and credit unions. This is also why I‘m so excited about Fedimint. The model fits our culture very well.
“They (Koreans) want to save, they want long term capital formation…the problem is, in a savings based culture with fiat money, you’re just stealing from everybody and that’s unfortunately what the govt here has done for a long time. I see Bitcoin fitting hand-in-glove with the culture that craves savings - there are so many people within Korea that want to save.” - jimmysong (npub10vl…sp42)
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