NGU. The less bitcoin is needed as a savings technology, the more bitcoiners will spend the bitcoin they have held.
Discussion
Yeah but relying on that is a pretty cucked mentality. There is more too it than this
Not really. People spend more when they feel richer. That’s basic economics.
I'm not arguing that point, I'm saying relying on that to solve our problems entirely is a cucked mentality
I strongly disagree on the basis of self-interest. I’m more likely to spend % of my stack on living for a year (or 4) once I’ve cleared the stress of saving for my future. That’s why class of 2011-13 is living baller lifestyles with little care. Their stacks go a long way, so who cares about spending .05 bitcoin on xyz … they have 500-2000 btc left over.
But as far as spend and replace, there isn’t a killer app / experience that makes that worthwhile. Everytime I’ve tried to do the “hey will you take a tipping bitcoin” the onboarding process is awkward, usually requires KYC, and just is difficult to justify for merchants.
Also, taxes. Every time I spend bitcoin, I have to report taxes. And it is a pain.
There is far too much friction in the medium of exchange as it currently sits.
We should really be challenging nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m because he runs Block and they should set every single square and cash app vendor up on Lightning as a default.
You just made my point for me.
I was never arguing against the first paragraph of what you said, only saying that it was just a piece of the puzzle