“Imagine the Stanford Marshmallow Experiment in reverse: instead of getting a second marshmallow for waiting, the children are told that every 15 minutes they wait, the marshmallow in front of them will shrink, one tiny bite at a time, until nothing remains. Naturally, they’d eat their marshmallow immediately — not out of impatience or hunger, but common sense. Delaying would only guarantee them less marshmallow in the future. That’s exactly how our money works today: the longer you hold onto it, the less it’s worth. In this way, fiat systems incentivize a high time preference lifestyle.”
Bitcoin flips this dynamic on its head.