I think our best countermeasure is to up the incentive and ability to spend Bitcoin. Nostr has it right.
Increase the monetary velocity to raise the social and opportunity costs of hodling it and redistribute the money in an organic fashion.
Get away from the "digital gold" mentality and treat Bitcoin as what it was intended to be:
Money that doesn't inflate, so that it can be used as currency and as savings.
Only corpo bros and boomers think Bitcoin is “digital gold”. In reality there is more Bitcoin boomers than I would there to be.
I'm a goldbug who migrated to Bitcoin, and that seems to be a common path.
Helps explain why fewer Gen X own Bitcoin, than younger people, but each Gen X Bitcoiner owns more, on average.
The problem with this is that they're taking their bond/gold-bar mentality "assets you keep in reserve or use to back currency" to Bitcoin.
But Bitcoin is supposed to also function as a currency, directly or over tied rails. If it doesn't work for normal people as a currency, it is just a new set of gold bars for the rich to horde, and normies will evade to some other currency.
This was the momentum behind Doge Coin, after all.
The momentum behind doge was all about the shitcoin quickly increasing in value and having low dollar denomination comparing to Bitcoin. I dont think anyone thought they will use it as currency beyond sending to wallet and selling.
You cannot make boomers Bitcoin. Boomers also censor themselves on social media. GenXrs could become bitcoiners if they got banned of their socials and moved to nostr.
We dont have to artificially create demand for transactions, just show people how it works. The governments are the best PR team for Bitcoin.
We also need more layer 2s than lightning, LN its not made to be the answer to paypal. We need better things if we want normies to use Bitcoin daily. Things will come with time. For not letting Saylor get your Bitcoin is more important imo than normies buying coffee with sats.
I don't know. 🤔
I only transform a subset of our income into sats because I spend or move the rest immediately. If I had more and easier ways of spending Bitcoin without transforming into fiat at PoS (like LN, eCash or whatever) and they worked better than my EC card, I'd have more incentive to transform more of my income.
I think we are getting there, and I think this "expansion at the shrimp level" could easily swamp the purchases of someone like Saylor because there are just so many of us.
What I mean is, if you tell relatively poor people like me "stack, but don't spend", we will actually buy less Bitcoin because we need spending money.
In fact, we might end up stacking more Bitcoin, if we also were actively spending it because a bit would be left over every month and would start to accumulate in our wallet.
Often the messenger gets shot for simply having a big stack or having gotten in early, even if they give your proposed advice verbatim.
That's why I think it's important that people with small stacks are more vocal. We need to make it known that most Bitcoin owners don't have all that much of it, but we still see value in it.
As long as my stack is getting bigger instead of selling my sats to Saylor, its good.
Most people want money, in order to spend most of it soon and save a little of it for later.
People gotta eat.
