An Exercise in Time Preference: Pashminas, Bitcoin, and the Benefits of Planning Ahead

A renowned economist and author, Saifedean Ammous, has significantly popularised a concept that I believe is instrumental in understanding our relationship with time, consumption, and investment: time preference. This concept is also a key principle in the realm of Bitcoin and is fundamental to understanding why planning ahead and delaying gratification can significantly benefit us. 

High time preference refers to the desire for immediate satisfaction — the "live for the moment" attitude, which often leads to rash decisions, while low time preference denotes a willingness to delay gratification, opting for greater rewards in the future. When it comes to economic decisions, our level of time preference plays a crucial role in shaping our future.

Delaying Gratification: A Worthy Pursuit

The benefits of delaying gratification are many, encompassing personal finance, consumption habits, and even our overall quality of life. By restraining the urge for immediate satisfaction, we can save for bigger, more valuable investments and build a strong financial base. As economist Thomas Sowell aptly said, "The future is purchased by the present". Delaying gratification, therefore, is the ticket to securing a prosperous future.

This principle applies in many aspects of life, including our consumption habits. It's not just about buying the latest gadget or car; it's also about the clothes we wear. One fine example is purchasing a pashmina from Mypashmina.co.uk.

In the summer months, pashminas might seem like an unnecessary luxury. After all, who needs a warm, soft scarf when the sun is shining, and temperatures are high? Yet, when winter arrives, and you're faced with the chill of the early morning commute or an evening stroll, you might regret not buying one when you had the chance — and at a discounted price, no less.

Planning Ahead with Pashminas and Bitcoin

Mypashmina.co.uk offers a 15% discount on their exquisite range of pashminas during the summer. This discount provides an opportunity for those with low time preferences to plan ahead. By buying pashminas in summer, you are essentially investing in your comfort and style for the winter, while also enjoying the financial benefits of a discounted purchase.

A perfect counterpart to this low time preference approach is the use of Bitcoin as a payment method. Much like planning for the winter by purchasing a pashmina in the summer, Bitcoin users often show a low time preference by choosing to invest in a currency that isn't immediately spendable like fiat money.

Bitcoin, in its essence, encourages a low time preference by rewarding those who hold onto their investments instead of immediately spending or trading them. This digital currency is a testament to the power of delaying gratification. Since its inception, Bitcoin has proven that those willing to hold onto their assets for a longer term often reap significant financial benefits. Moreover, the decentralised nature of Bitcoin offers more control over your financial assets, making it an attractive option for long-term planning.

But the incentives don't stop there. Mypashmina.co.uk offers an even bigger discount when you pay with Bitcoin. Thus, not only do you save money by buying in advance of winter, but you also gain additional savings by using Bitcoin as your mode of payment.

High Time Preference or Low: A Matter of Choice

Our preferences, high or low, are ultimately a reflection of our values and life strategies. However, choosing a low time preference – delaying gratification and planning ahead – often leads to better financial stability, smarter investments, and, ultimately, greater satisfaction.

So, as the summer sun shines down upon us, consider the months ahead. A warm, soft pashmina might be

Investing in Long-term Comfort and Fashion

Let's delve deeper into the example of a pashmina. A pashmina is not merely a piece of fabric; it is an investment in longevity, practicality, and style. Crafted from the finest materials, a pashmina scarf isn't a fast-fashion item that goes out of style within a season. It is a timeless piece, designed to endure, both in terms of physical durability and aesthetic appeal.

From a purely practical perspective, a pashmina offers warmth in the colder months 

and serves as a stylish accessory when the temperatures rise. Its versatility makes it a staple wardrobe item that can accompany you throughout the year. It transitions easily from a cosy wrap in the winter to a cool, lightweight shawl in the summer evenings. It's a go-to accessory that can add a dash of elegance to any outfit.

Moreover, a pashmina scarf exemplifies the philosophy of buying less but buying better. In a world increasingly conscious of the impacts of consumerism, investing in quality pieces that outlive fleeting trends is a powerful statement. A well-crafted pashmina is a declaration of your commitment to sustainable fashion and an investment in a product that respects our environment, our artisans, and the artistry of craftsmanship.

The Pashmina-Bitcoin Parallel

The longevity and value of a quality pashmina scarf draw a compelling parallel with the nature of Bitcoin. Bitcoin, like a pashmina, is an asset that grows more valuable with time. While its value can fluctuate in the short term, it has consistently appreciated over the long term.

Both pashminas and Bitcoin ask us to take a broader view of time. They compel us to look beyond the immediate horizon, the transient seasons and the fluctuating market conditions, and consider the long-term benefits.

When you choose to purchase a pashmina in the heat of summer, you make a decision that aligns with the Bitcoin philosophy. You opt for a durable, lasting asset over a fleeting, temporary one. You choose to invest in your future comfort and style, much like how Bitcoin users invest in their financial future.

The Win-Win Situation: Pashminas, Bitcoin, and Discounts

Mypashmina.co.uk makes this decision even more advantageous by offering a 15% summer discount, (use code WEDDINGGLOW23 until 31st July)  a figure that climbs even higher when using Bitcoin as a payment method. This creates a win-win situation that embodies the essence of low time preference. You secure a timeless, practical garment at a reduced cost and further maximise your savings by using a currency that appreciates over time.

Moreover, buying a pashmina with Bitcoin during summer not only offers you a financial advantage but also aligns with a thoughtful, forward-looking approach. It resonates with a philosophy that values patience, planning, and the anticipation of future needs and desires.

A Matter of Choice: The Intersection of Comfort, Style, and Finance

In conclusion, our time preferences, be they high or low, are reflections of our life strategies. Yet, choosing a low time preference—buying a pashmina in the summer and paying with Bitcoin—can lead to impressive benefits. It allows for better financial management, smarter investments, and overall greater satisfaction in the long run.

So, as we enjoy the warmth of summer, let us also consider the cooler months ahead. Investing in a quality pashmina now not only promises future comfort and style but also presents an opportunity for smart saving, especially when paired with the power of Bitcoin. Planning ahead has never been so elegantly rewarding.

If you read this far then here is the gem. 50% off when paying with Bitcoin.

Recommended Reading

A Bunch Of Total Morons

Update on Nepal.

The Maoist government of Nepal has decided that the lock down should continue to 16th June.

So it looks like our factory will stick with 30% of staff for the time being.

I assume they have never heard of Belarus or Sweden, or seen any of the evidence that has accumulated since January that this virus is only slightly worse than the flu. 

So they continue to destroy the Nepalese economy. How do they even get in to power having named themselves after the biggest murdered in the history of planet earth. It's totally insane. 

You can visit your bank for 4 hours per week, split between 2 hours on 2 days. So I assume those two hours will be nice and crowded (a bit like when they cut services on the London underground) .

These people in power in every country are completely stupid about everything.  The exception is that they are not bad at enriching themselves or presenting themselves as the least bad option. 

This idiocracy is only possible with fiat money printing and passing debts on to your children. Voting does nothing. All the teams are as stupid and corrupt as each other, especially once they get in to power.

Buy Bitcoin. 

To misquote Hayek, ' we shall never have sound money again until in some sneaky round about way we come up with our own money ' . Sound money is the root of freedom and prosperity.

#Bitcoin. #Nepal

This image is the colonnade in Marianske Lazne, a spa town in Czech Republic, which we visited last week. It was built from cast iron and is beautiful. It is not a coincidence that it was built towards the end of a long period of sound money.

Coronavirus Update - Kathmandu Factory Re-opening 8th May

The pashmina factory, located in a beautiful part of the outskirts of Kathmandu, is set to partially re-open on 8th May.

That means that the delayed bespoke pashmina orders will be finished and shipped as soon as possible.

Nepal had about 30 cases of Coronavirus and zero deaths.

At least the lock down may have saved about 15 lives per day on the countries roads.

The price of mutton is up over 30%, and they have now banned importing vegetables. More shortages to come.

The biggest scam and heft in history is almost over. There are only the consequences to deal with now!

#Bitcoin solve this. Google it.

Introducing Pashbits - Mypashmina Loyalty Reward Points

https://www.mypashmina.co.uk/pages/loyalty-rewards-pashbits/

Welcome to our rewards scheme!

Shop with Mypashmina to earn Pashbits for use against future cashmere or pashmina orders.

This is how it works

1. For every £1 you spend on cashmere or pashminas, you will be rewarded with 1 Pashbit.
2. When you spend your pashbits, 10 Pashbits gives you £1 off your order.
3. The are valid for 2 years from when you earn them, so set a reminder to use them in time.
4. Pashbits are pink with a special type of ‘P’ on them.
5. You can use them alongside any other discount or discount code.
6. You can’t swap them for fiat.
7. You might be able to redeem them for Bitcoin.. ask us ... we will consider it.
8. This is for retail customers only.
9. You will get 10 Pashbits for signing up for an account. You will get 10 Pashbits for leaving a comment or review on an item you have already purchased.

The Pashbits customer reward scheme started on 30th March 2018. We backdated the rewards to 1st April 2017 as a thank you to all our lovely customers.

Money printing

No, Mypashmina is not a license to print. quite the opposite. I just wanted to moan about how difficult it is to run a business when all the governments are having a money printing race to support the banks who bribe them. Fiat money is losing value, in some countries quicker than others. British pounds has had a terrible run, especially since so called 'Quantative Easing' (money printing) really got started in 2008.

Use #Bitcoin. We offer a 20% discount, and it is an alternative to government/bank fiat money.

https://www.mypashmina.co.uk/bitcoin-pashminas/

Bitcoin infographic for Mypashmina

We always like to promote Bitcoin. That's why if you pay with Bitcoin at www.mypashmina.co.uk, we will give you a 10% discount on your cashmere knitwear or pashminas. Someone sent us this fascinating infographic, so I thought that anyone who's curious (after all we mention bitcoin on all our newsletters), can quickly find out more.

5 reasons to buy Cashmere and Pashminas with bitcoin

Five Reasons to Use Bitcoin to Make Your Cashmere Purchases

Bitcoin, the newest type of currency, is becoming more than a curious form of payment system. Since it no longer commands media “trending headlines,” as a curiosity, you can be confidant when using it as more merchants accept this currency. There are some good reasons you should consider using bitcoin as your payment for purchases. Some of these solid reasons are noted below.

Some Reasons to Use Bitcoin to Make Cashmere Purchases

• MyPashmina.co.uk offers a 10 percent discount for customers purchasing cashmere garments from us with bitcoin.
  
  We offer only genuine cashmere products. You can see and feel the difference from lower quality “cashmere” imitation pashminas, including other garments and accessories, you can buy and wear our high-quality cashmere garments.
  
  While bitcoin is still considered “alternative virtual currency,” it’s becoming more acceptable by many merchants around the globe. There are good reasons that bitcoin makes customers more confidant to take advantage of the many important features of this currency.
  
  
  
• Bitcoin is fast, cheap, and easy to use.
  
  Unlike cheques, banks need not place “holds” on your payments because you present a non-local cheque for the product(s) you want to buy. Instead of waiting for or paying bank fees for international wire transfers, bitcoin transactions are faster.
  
  Since merchants (maybe, even you) pay for credit card transactions, merchants often charge higher prices for using credit or debit cards for e-commerce purchases. Paying with bitcoin involves no “swipe fees,” common with most card transactions, you enjoy minimal transaction fees or find that using bitcoin is free-of-charge.
  
  
  
• Black hat hackers cannot steal your private, sensitive credit card information from merchants.
  
  This is a critical advantage of using bitcoin for purchases. As hackers become more sophisticated, they often stay ahead of the most current security procedures offered by many merchants.
  
  Black hat hackers cannot steal your card numbers, expiration dates, or CSV numbers, since you did not offer them to merchants. Hackers, therefore, have nothing to steal. Since the ‘Net was never designed for credit or debit cards, it is impossible to totally secure your private information. Since using cards (even, chip cards) are “card not present” transactions, merchants pay slightly more for your purchases and even temporarily need your private information for transactions. Efficient hackers have software that can create breaches in merchant security, leading to your sensitive information being stolen. Using bitcoin means your private information stays private and protected.
  
  
• Bitcoin is a “private” currency platform.
  
  Blockchain allows you to know what your balance is and track your bitcoin use and purchases. No one knows the name of the owner of an account. While people can see into your clear plastic wallet, it’s impossible for outsiders to know it’s yours.
  
• Unlike bank or PayPal accounts, you own your bitcoin account.
  
  If a bank believes you misused your account, they can “freese” your balance without discussing it with you. Since bitcoin involves both a “public” and a “private” key for your bitcoin address, unless you publish your private key information, no one can take away funds from your bitcoin account. It is safe, since you own it.
  

These are but five reasons (there are more) using bitcoin is more secure than using credit or debit cards for purchases. If you want genuine cashmere garments, visit mypashmina.co.uk and use bitcoin as your preferred payment. You’ll get a 10 percent discount and protect your sensitive card information.

Did you know that www.mypashmina.co.uk accepts bitcoin? And that you get a 20% discount right

now if you choose to pay with bitcoin?

So what is bitcoin? To put it out easy - its a digital currency that is not controlled by the state. It is the modern way of paying. You dont need banks for it. You are your own bank. And its easy to use once you have had a look into how to start using it. As we see it, the increased use of bitcoin will put the power with the people instead of the banks and will make the world a better place. We at the Mypashmina, want to help promote bitcoin, so therefore we offer a 20% discount for people that choose this payment option. (for a limited time)

For those of you that are not familiar with bitcoin - check out the video below

Our pashminas and cashmere knitwear is made in our factory in Nepal where the workers are happy. We deliver for free next day within the UK and we also deliver worldwide. To find out more please visit www.mypashmina.co.uk