Replying to Avatar S!ayer

bitcoin increased 1Yr something like +122.31% - so yes, putting your fiat into sats makes more economical sense than spending it. Buy and Hold is the new motto. What's it, stack sats? hodl?

no one is willing to spend, especially when you can potentially double your money in a year. However, you need to eat. Spending fiat in present value terms on groceries is nothing vs losing out on sat value.

$10 on food vs $10 on satoshis is way different.

I get that's what the Bitcoin White Paper set out to achieve, a p2p electronic cash without the need for trusted third parties, but here we are today.
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ButtercupRoberts 11mo ago

And as long as people still earn fiat that they can’t turn into satoshis , they will spend the fiat and keep the sats.

That’s one of the cunnundrums of #bitcoin being better money.

Unless you’re on a full bitcoin standard or you have extreme necessity, people will always get rid of the money that loses purchasing power.

And by being on a full bitcoin standard, I also mean being able to place all your fiat in btc at the expense of shortterm volatility, and also having merchants for all your necessities that accept bitcoin.

Spend and replace is a great philosophy if you can, but not everyone can.

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S!ayer 11mo ago

up until that point, of full standardisation, it makes more economic sense to buy and hodl the sats than buy and spend the sats.

you get rid of the fiat in exchange for groceries, but until there is a full standardization and bitcoin pricing normalises, the opportunity cost to save rather than to spend is a lot higher.

That's why I said earlier, we look back and laugh at the guy who spent 10k bitcoin on two pizzas, even have a day for it too - but that was a 10 year time frame.

He could have held it and be fiat rich, increasing his purchasing power in 2021 peak for instance,

it's just the way bitcoin has developed over the years, away from the Bitcoin Whitepaper initial idea of SPV and on-chain p2p exchange and more towards Nick Szabo's bitgold.

Nothing wrong with that either.