GM, BITCOIN IS MONEY.
IF IT ENDS UP BEING STORE OF VALUE AND NOTHING MORE, IT FAILS TO BE RELEVANT IN PEOPLE'S DAILY LIVES.
BITCOIN MUST BE USED FOR PAYMENTS TO STAY RELEVANT.
https://blossom.primal.net/5dfa1215a387761b706182add585cf1792d9150d9e8757993112be5e18dd7424.mp4
to play devil's advocate: has gold failed as a monetary good? it is not used in payments on a daily basis, and is most commonly thought of as SoV. i would strongly argue that gold has not "failed" by any means.
you know i love you and appreciate your work uncle!
but, i think that sometimes these "bitcoin fails if xyz" are reductive and subjective (ultimately)
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Gold is failing now, exactly because it couldn't scale for payments.
My life may be a failure because it couldn’t scale for payments 😬
Better luck in the next life
i guess the question really is: what do you mean by "failing"?
because in the past, gold used to back the USD (does that count as payments? one could argue it does). also, the price of gold has continued to rise over time...
I mean it as a response to your question: 'has gold failed as a monetary good?'
Gold worked up to a certain point of scale for payments, but it couldn't go beyond that. Sure, its price in fiat terms has risen over time - but if you held gold instead of Bitcoin, you missed out massively.
Maybe you're looking at it from the perspective that gold was a success for centuries - I can appreciate that.
But this also ties into the main point I'm making - if something comes along that's somewhat similar as store of value *and* is better for payments, that something will win.
ahhhhh yes yes, i see what you are getting at. you mean that bitty is currently outcompeting gold as SoV *and* has better MoE properties.
i agree with that.
my (semantical) argument was that gold technically has not failed, it is just NOT AS GOOD as ol bitty.
gg uncle 🤝 🤗
I think it's fair to say that gold is a monetary asset, but not *currency*. Nor is any currency tied to gold today. As the basis for an international monetary system, gold had its brief day in the sun, but government corrupts everything it touches…
to my mind, currency is a country-by-country standard
is bitcoin "currency"? i would argue that bitcoin and gold are in the same camp re currency, that being, relative to something else (i.e., usd)
i could pay a bitcoiner for goods/services with utxos, just like i could pay a goldbug for goods/services with gold coins. what is the difference?
Governments (in particular the US Gov) removed our ability to use a money backed by Gold. They converted our Money from Gold and Silver coins to Paper Certificates, then removed the backing of that paper.
Do not let them do this again with CGT, ETFs and custodial solutions.
Bitcoin can be used as Money today, and in order to ensure it can be used as Money tomorrow, you should use it.
ETFs and custodial solutions are going to exist because the market demands them, people like good UX and convenience
do you think that bitcoiners should not engage with usgov? i think advocating for what we want is a better play than pure subversion and antagonism
