I’m excited about BTC because it can replace fiat. I don’t have a goal price that I intend to sell at and get more fiat. Yes, I will sell BTC or trade BTC when needed to pay bills, but my goal isn’t to acquire more fiat. It is to acquire more BTC.
I think that is the major difference between Bitcoin and the crypto promoters. They are still living in a fiat world and hope to get rich in fiat terms.
Accurate. 🤝
The price matters because its currently how we gauge purchasing power. Purchasing power is the whole game when it comes to money. Since 99.9999% of the world operates on a fiat standard, it makes sense we measure our purchasing power as bitcoiners in fiat terms.
I absolutely care about number go up technology (quoting nostr:nprofile1qqsyx708d0a8d2qt3ku75avjz8vshvlx0v3q97ygpnz0tllzqegxrtgpzpmhxue69uhkummnw3ezumt0d5hsvge3uc) because it attracts new entrants and selfishly let's me enjoy the fruits of my labor more.
The only point of money is to be able to exchange it for things with 'real' value like food, shelter, etc... Not just to accumulate tokens, whether they are dollars, yen, or bitcoin
Don’t disagree at all! Number going up is probably the reason we all got into it. The increased purchasing power of bitcoiners is a good thing and will continue for as long as fiat exists.
As nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle explains, Bitcoin needs to have a higher price in order for its structure (or matrix or lattice) to be sufficient to support the global economy. Right now it has not reached the point where it could do that. It cannot support flows of trillions of dollars yet like the Treasury market can.
Number go up is what will allow more and more use cases.
Jack described it this way: If someone put $20 billion into Bitcoin to buy the Genesis block (assuming that was possible), then 10 minutes later, when the next 50 BTC was mined, the value of their 50 BTC would now drop to $10 billion. Bitcoin didn’t have the structure needed to support large transactions like that at that time.
One of the genius things that Satoshi did was to make sure there was a quick distribution of Bitcoin early.
As only 3.125 BTC is mined per 10 minutes and there is already so much BTC out there, the dilution is significantly less.
Price going up, block rewards dropping, and Bitcoin asymptotically approaching the just under 21 million cap is what will allow Bitcoin to support the entire global market.
> The only point of money is to be able to exchange it for things with 'real' value like food, shelter, etc... Not just to accumulate tokens, whether they are dollars, yen, or bitcoin
And that’s the cool thing about bitcoin. It is something that has no other purpose other than being a money.
Heck, even gold has utility outside of money (such as in electronics, jewelry).
Bitcoin is pristine money that will get more adoption as its price continues to go up.
When enough people understand this, we get hyperbitcoinization
