Replying to Deleted Account

I don’t get your point? How can money ever be used as MoE when people don’t use it as a UoA? They use dollars as the unit of account and then convert that into sats to get the price. Unit of account can only be had after we have dethroned the dollar. This can only be accomplished after sucking all of the monetary value out of the system.
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Saberhagen The Nameless 1y ago

MoE comes before SoV according to the Mises/Menger

Not that I care about the theoretical, but the SoV > MoE crowd are "austrian econ" fanbois as well. That's why I brought up Mises/Menger. If you're not, then yea this won't be persuasive. But in that case, I'm curious where are you getting the idea that SoV comes before MoE from?

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Deleted Account 1y ago

I outlined it above, it only makes sense. Humans have a tendency to get rid of the weakest moneys. If you were in Africa a couple centuries ago and had the option to trade with glass beads, which would lose all its value in the near future, or gold. Which would you choose?

Same thing applies today. Why trade in Bitcoin if you hold fiat. Only once everyone saves in bitcoin and it sucks up the monetary premium laying around in real estate, gold etc and the price stabilises, then it should be used as MoE. It’s only justifiable to spend bitcoin if you earn in bitcoin and hold no fiat.

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Deleted Account 1y ago

We are going through the monetisation of bitcoin. So we are incentivised right now just to save in it and ride the wave. Spending now has a Huuuuuge opportunity cost.