people will spend bitcoin more over time
businesses that make bitcoin standard living easier accelerate the process
not concerned but also accelerate
Discussion
Working on it boss
I've spent more Bitcoin in last couple of months after I started converting more of my mined fiat every paycheck into Bitcoin via nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9
Will keep supporting small businesses who are putting in the work.
I think the govt needs to pull back cap gains at some undertermined amt for it to actually accelerate
the tax on savings is unconstitutional and should be repealed
that said, if people are not spending better money because they have to pay tax on gains that is lame as fuck
In the US at least you're technically required to calculate capital gains on *everything* you purchase with Bitcoin. $4 cup of coffee, $20 book, $50 meal... IRS expects you to break out the spreadsheet and calculate FIFO/LIFO basis on every single purchase.
Can you imagine doing that for a *full years* worth of purchases? This, to me, is problem #1 for mass adoption.
i hope you realize how lame you sound
It’s this high-level discussion of cutting-edge technologies shaping the future of humanity that makes Nostr the best place ever
I think it is an interesting point that nostr:npub147fp2j606qpfysp38phhzvempt7ewsdqwm6uww9uycp6tdvavu0s5paq44 has raised and I don’t think they just meant more taxes, more admin maybe that hasn’t been shared on a broader basis of how to handle. It can be quite confusing to the everyday user of how to use bitcoin as a method of payment. But you’re totally right Odell, and I think there lies the truth, isn’t it incredible stupid that people might not be using the tech, due to a lack of understanding.
Just standing in the CBD the other day - waiting for the lights to cross, and I hear two people enthusiastically talking about bitcoin and buying low and selling high and paying their credit cards at the end of month. They weren’t talking about how cool it was to grab a coffee with their lightning wallet☕️
That sounds like those sales taxes I heard about in history class. Something about paying taxes on tea or some shit like that.
Agreed. It took me a while to come to this realization. I just think it’s going to take extra time to get others who are less down the rabbit hole to do this
The more Bitcoin I earn, the more I'll spend..
More El Zonte’s and Uvitas
I think we all need caps Odell back
I put twitter back on my phone as soon as he went lowercase.
SHIT EVEN ODELL NEEDS CAPS ODELL BACK
Happy ODELL :))
If he's really serious, he needs to also change ODELL to odell as his screen name.
Mfw Odell posts in small caps
Sometimes I think Yes, somestimes I am not sure since h has its reasons why he „retired“ on that. 🤔
he’s definitely been speaking less clearly
😁
It doesn't make a lot of sense to make daily or monthly purchases in BTC if you live in the US. Get a Citi 2% cash back card, buy your coffee and ammo on credit, pay off your credit card each month with a Fold card (get 0.5% in sats rewards), humbly save any remaining fiat you have left over in BTC. Larger purchases, that take multiple months to save for, should be saved in BTC and exchanged for fiat when it comes time to make the purchase. Fold is great for converting BTC to fiat for spending.
is lighting network really a solution? if tech is really deflationary, then shouldn’t tx fees trend to zero?
No, they shouldn't. Global and macro daily goods trend to zero. Plenty of individual charges, fees, and truly scarce assets can go up in price. That's the markets at work.
nostr:nprofile1qqsg86qcm7lve6jkkr64z4mt8lfe57jsu8vpty6r2qpk37sgtnxevjcpzpmhxue69uhkummnw3ezuamfdejsz9thwden5te0v4jx2m3wdehhxarj9ekxzmnyw3azsv thoughts?
No, because fees are the cost of block space. And block space is limited, which is what ensures bitcoin's decentralisation. That's why you see shitcoins with near 0 fees, because they're not secure or decentralised.
Our online store that ONLY accepts bitcoin and crypto - and to date we have sold ZERO t-shirts in $BTC
Maybe it's because you call it a "crypto-only" store? Bitcoiners would probably be more inclined to use your store if it was bitcoin only. Crypto is just a distraction.
Gradually then suddenly
Need this.
No caps nostr:nprofile1qqsqfjg4mth7uwp307nng3z2em3ep2pxnljczzezg8j7dhf58ha7ejgprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5qyt8wumn8ghj7un9d3shjtnswf5k6ctv9ehx2aqpr9mhxue69uhhxetwv35hgtnwdaekvmrpwfjjucm0d5klqft7 is the reason we're slowing down 😂
I will spend bitcoin when places where I want to spend it (IN MY COUNTRY) accept it.
WHERE'S ALL-CAPS ODELL!?
Living & breathing the network with all aspects of my life already 🧡🤙🏼
Our bitcoin only #coffee shop is ready for the #coffeechain acceleration 🫂
Hi ODELL 🤟😉🏴☠️ Exactly. As more businesses embrace the Bitcoin standard, spending will become more natural and seamless. The key is the infrastructure once the ease of use and convenience match the value of holding Bitcoin, the floodgates will open. It’s not just about holding; it’s about building a world where spending it feels as easy and intuitive as using fiat. The process will accelerate faster than we think as adoption spreads and more solutions emerge.
Greshams Law
Greshams Law
The “Bitcoin Law”: Any good or service must be of sufficient quality and necessity to be transacted in Bitcoin.
Goods and services will need to improve significantly for that to happen. What I am giving has value over time, and what I will receive in return should have it as well. Consumerism does not go hand in hand with Bitcoin