Welcome back to another narrative watch video from Masari. All right, guys, it is Monday,

September 30th, back as always, as every Monday with a narrative watch. So narrative watch is

basically a series where I look at some emerging sentiment shift, right? Some kind of shared

sensibility that's on the rise.

And this week we're looking at something which I think is more an observation about the, you know,

a change in disposition or refining in disposition of the Bitcoin community and the larger

crypto community that I think was shown off last week.

And so we're going to talk about time preference a little bit.

So just by way of introducing this concept of time preference, it's a tweet from just yesterday.

So American Hodel says, this is what low time preference looks like.

Trace, he's referring to Trace Mayor, is a billionaire and he buys his shoes in the clearance bin at Payless. He's actually kind of making a joke about a photo that went up from Trace

where he's in a photo with Pomp and Caitlin Long in Wyoming, and he has kind of just very basic

black, like trainer, sneaker style shoes, right? And so, so Trace says,

Bitcoin brutally teaches lessons on time preference and opportunity cost. My beautiful shoes cost

100 plus. Remember the poem during the Great Depression. Use it up, wear it out, make it do or

do without. And he has a whole graphic. So the idea of time preference is it has to do with the current or future value of goods, right?

Like what value you place on receiving a good now versus receiving it later? And so the idea of high time preference, it's just from the Wikipedia because it's a useful heuristic, someone with high time preference is focused substantially on their well-being in the present and the immediate future relative to the average person, while someone with low time preference places more emphasis than average on their well-being in the further future.

So this concept of time preference is not unique to

crypto, right? It's a part of economics. It's particularly a part of like Austrian school

economics where there's a real emphasis on low time preference, not just kind of from an individual

consumption standpoint, but from a long term where where the value to society standpoint is, right?

Like in a lot of ways, the central nub of what the Austrian economic school kind of

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