Subnostr

Can someone more knowledgeable explain to me the reason so many Bitcoiners embrace the #hodl mentality?

I get the logic, that's not the problem. Saving money is generally better than spending. That's just wise personal finance skills. However, money is money and if you never use it to buy things, how is it any better than an incredibly expensive collection of cryptographic data? And how are more businesses expected to start accepting #Bitcoin if Bitcoiners don't ever spend their money? Furthermore, how will a Bitcoin-powered parallel economy function if everyone is stingily hoarding their coins?

As always, this is a genuine question. No hate or coin wars intended, I'm just trying to figure out what the argument is. #asknostr

halalmoney 1y ago

A key factor is the % of one’s wealth which is in Bitcoin. If the % is low, it makes sense (from a bullish on Bitcoin perspective) to spend out of fiat first. If and when the % nears 100% then spending one’s Bitcoin will become more of a necessity (assuming one doesn’t use the Bitcoin as collateral for a fiat loan).

Both the right ideas, the timing and the major flows of capital need to intersect for a paradigm shift to occur.

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Discussion

Jacob | Five Eye Tea 1y ago

I guess I can grasp that. I just don't see a reason to never use Bitcoin even when you still have fiat in your possession. If I were able to obtain Bitcoin (tried and just can't figure out a viable means for me), I'd obviously save and stack as I can but I'd also try to use that Bitcoin for transactions if it's a possibility.