Replying to Avatar Gigi

I was just walking down the street, coffee in hand, suddenly realizing how "normal" it all is already. Like most days, I went to a coffee shop that accepts lightning. Like most days, I paid directly with sats that someone zapped me here on nostr. Like most days, neither the merchant nor myself thought twice about it, or took a minute to marvel at what just happened.

So, allow me to do just that. Marvel at what just happened. While everyone is having a fantastically crazy time at #nostriga, uncountable people are using bitcoin in a myriad of ways. Some for savings, large and small; some for transactions, large and small; some for other stuff. Bitcoin is slowly but surely entering the world stage. Some commentators will tell you that this is good. Some commentators will tell you that this is bad. Whatever the case may be, it is unavoidable.

I see nostr under a similar light. As platform-based manipulation and censorship ramps upโ€”which it inevitably willโ€”the usage of nostr will ramp up too, and with it the usage of zaps and everything else that comes with it. And soon enough, buying a coffee (or breakfast, lunch, and dinner) with zap-based income will be normal. Just like it's "normal" to be an "influencer" today, or a "YouTuber" or whatnot... It's not everyone's cup of tea, but it's a normal thing. Anyone can do it.

Back to my coffee. I remember when I had the "oh my god, I can live on bitcoin here!!!" experience for the first time. It was in Bitcoin Jungle, a couple of months after the initiative was launched. I stayed there for 2 weeks or so, buying the necessities of daily life with sats outright. And it worked. Flawlessly. I had zero payment failures, and was exclusively using Zeus with my own node. It was incredible.

Why is this incredible, you ask? Shouldn't stuff just work? Yes, it should. But building out the tech and the infrastructure to make it all work is BLOODY HARD. I remember the first Lightning Conference in Berlin, in 2019. Everyone came, everyone had all their channels and wallets and everything prepared, and ~50% of payments failed. For... reasons.

Fast-forward to today: I go to one of the 100+ merchants in the city that accept bitcoin, a quick tap on the PoS device & QR code scan, boom, done. Is it always perfect? Of course not. Will it get better still? 100% it will. Very soon these merchants will have NFC-enabled devices, and the tap-to-pay experience that people are used to with cards & Apple pay will be normal for bitcoin payments too. If you are in Riga right now, you'll experience this first-hand thanks to Bolt cards and BTCPay Server. It's awesome, it's open-source, and it works. And it will get better still.

We are truly living in the best and weirdest timeline; a timeline where shitposting on the internet can buy you lunch and dinner; a timeline that spawns amazing technological movements like #nostr; a timeline that, every ~10 minutes, allows for a small miracle to happen. A timeline where "magic internet money" is a normal thing; a timeline that, thanks to the magic dust of cryptography, enables anyone to speak about anything, without having to ask for permission. I'm grateful.

Thank you, Satoshi. ๐Ÿ™๐Ÿงก

"When Bitcoin is your bank account, when every dollar you earn is going into Bitcoin, you are disproportionately exposed to the net positive volatility of Bitcoin. You tend to spend more when it goes up, save more when it goes down. Do I regret spending 0.1 BTC on a cell phone? No. Everyone else should regret not putting their entire bank account in Bitcoin. It's not those of us living on Bitcoin losing out, it's those of you treating it like an investment." -Guy I know on discord.

Reply to this note

Please Login to reply.

Discussion

"A rising number of bitcoiners are all in, forcing them to spend some of their bitcoin. If 100% of your inflow is in bitcoin (or: no inflow, 100% BTC balance), you will have to spend sats on food, shelter, and other necessities. No matter how much you don't want to." โ€”Block 649,120 (2020-09-19)

https://dergigi.com/threads/flows

Not wanting to is a rejection of one component of Bitcoin that is absolutely necessary for its success (medium of exchange). nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe convinced me of this.

nostr:note1pfzs0ejkzpylv4dlzqpehqsllk3ehkjzwl8ur6czghx8kqhxz7gq7aj7w4

Which is likely bigger than most will ever achieve ๐Ÿค™

What about SoU crowd?

System of Uncontrolled (striving towards such)

Most will be stuck paid in fait for awhile. Iโ€™m lucky to be earning more than I spend. Saving in bitcoin only. When fiat stack is empty or when paid in bitcoin only, I will spend Bitcoin on food and shelter + other very high-quality items.

Plan is to own BTC only or really, really good stuff.

Hm looks like deflation discourages spending. Funny how you want to get a currency started by discouraging spending.

Discouraging spending is a feature, not a bug. We need a world of increasing efficiency that benefits everyone, where you spend less but receive more. Debt based FIAT systems are incompatible with this, โ‚ฟ enables it.

If money sits in your wallet it serves no purpose whatsoever.

Actually, with โ‚ฟ it does. You don't understand yet, but you will.

Iโ€™ve got those little white moths in my wallet. I call them cuckbuck fairies.

I'm 99.9%ish all in. I keep between 3 and 5 Thousand of fiat for floating life and I only make cash.

Hi, I've got some exciting news for you,I Can teach you how to invest in stock mining turn your $200 into a whopping $5,500 with Bitcoin in just 4 hours! without interrupting your daily activities or sending money to anyone

TEXT ME IF YOU ARE INTERESTED FOR MORE INFO

WHATSAPP NO:+1(332)252-4701

SMS: +1ย (703)ย 879-8125

WhatsApp link below ๐Ÿ‘‡ ๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

https://wa.me/message/7L7D2AETIXNUD1

Been 100% since 2021 so feels normal now. (Even though I have to trade to fiat when spending)

Fiat maxis would love to spread the message "never spend your bitcoin" cause then they can trade dollar shitcoins on top of it forever. Only way to kill Fiat is to adopt medium of exchange.

It really makes you think about your spending before you do it and I like that.

I've been all in for about a year, I hate my outflows ๐Ÿ˜‚

not true. borrow (short) fiat, use Bitcoin as collateral, never sell.

How do you do that? With what do you pay back the loan? With a new one?

Depends on what you need to do. There are many good options. Firefish.io is Bitcoin-native, or you can open long future position, that is also a loan.

I don't pay back the loan. When interest rate is lower than inflation and when Bitcoin's upside potential is higher, it does not make sense, I just have an open credit line. I can pay it back any time, so no stress from the loan.

https://hackyourself.io/product/how-to-harness-the-value-of-bitcoin-without-having-to-sell-it-ebook-mini-course/

https://hackyourself.io/product/how-to-harness-the-value-of-bitcoin-without-having-to-sell-it-a-path-to-your-orange-citadel-and-a-way-to-short-fiat-currencies-paperback/

Can you do it while keeping self-custody? I know people who tried this with Celsius. Obviously, it didn't end well. ๐Ÿคทโ€โ™€๏ธ

To various extents yes. Obviously there needs to be a way to liquidate the loan, but there are many good approaches. Firefish locks your collateral in 3-of3 a multisig with liquidator (see their protocol documentation, it is open). Liquidation oracle has pre signed transaction to the liquidator, so the oracle can't sell it or move your coins anywhere else.

Another approach is through futures, there are also many options, you control your risk appetite vs convenience. For example with 10101 you get a DLC channel. In both of these you see your coins in a UTXO, so you can verify at all times it's not moving (Celsius was gambling with user funds).

Another option that would work is taking the other side of stablesats channel. Not sure in anyone tried that.

Also note that the alternative is selling your sats, which is the ultimate loss of custody.

Thanks will check it out.

Bitcoiners are the best when it comes to #HFSP

nostr:npub14mge80nm5r0zj0gncxvpunlr28jyku95547q0m82ec475x3yy92skvjgm5 how are we doing in bitcoincity Arnhem? ๐Ÿ˜‰

The mindset of "never sell bitcoin" would also mean to discourage against and never ZAP someone on NOSTR. HODLing is great, but if we're not using bitcoin, what's the purpose?

Not during a btc bull market. btc collateralized loans FTW https://bitcoinmagazine.com/markets/what-i-did-to-fix-my-bitcoin-loan

Hi, I've got some exciting news for you,I Can teach you how to invest in stock mining turn your $200 into a whopping $5,500 with Bitcoin in just 4 hours! without interrupting your daily activities or sending money to anyone

TEXT ME IF YOU ARE INTERESTED FOR MORE INFO

WHATSAPP NO:+1(332)252-4701

SMS: +1ย (703)ย 879-8125

WhatsApp link below ๐Ÿ‘‡ ๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

https://wa.me/message/7L7D2AETIXNUD1