"A rising number of bitcoiners are all in, forcing them to spend some of their bitcoin. If 100% of your inflow is in bitcoin (or: no inflow, 100% BTC balance), you will have to spend sats on food, shelter, and other necessities. No matter how much you don't want to." —Block 649,120 (2020-09-19)
Not wanting to is a rejection of one component of Bitcoin that is absolutely necessary for its success (medium of exchange). nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe convinced me of this.
nostr:note1pfzs0ejkzpylv4dlzqpehqsllk3ehkjzwl8ur6czghx8kqhxz7gq7aj7w4
Which is likely bigger than most will ever achieve 🤙
What about SoU crowd?
System of Uncontrolled (striving towards such)
Most will be stuck paid in fait for awhile. I’m lucky to be earning more than I spend. Saving in bitcoin only. When fiat stack is empty or when paid in bitcoin only, I will spend Bitcoin on food and shelter + other very high-quality items.
Plan is to own BTC only or really, really good stuff.
Hm looks like deflation discourages spending. Funny how you want to get a currency started by discouraging spending.
Discouraging spending is a feature, not a bug. We need a world of increasing efficiency that benefits everyone, where you spend less but receive more. Debt based FIAT systems are incompatible with this, ₿ enables it.
I'm 99.9%ish all in. I keep between 3 and 5 Thousand of fiat for floating life and I only make cash.
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Been 100% since 2021 so feels normal now. (Even though I have to trade to fiat when spending)
Fiat maxis would love to spread the message "never spend your bitcoin" cause then they can trade dollar shitcoins on top of it forever. Only way to kill Fiat is to adopt medium of exchange.
It really makes you think about your spending before you do it and I like that.
I've been all in for about a year, I hate my outflows 😂
not true. borrow (short) fiat, use Bitcoin as collateral, never sell.
How do you do that? With what do you pay back the loan? With a new one?
Depends on what you need to do. There are many good options. Firefish.io is Bitcoin-native, or you can open long future position, that is also a loan.
I don't pay back the loan. When interest rate is lower than inflation and when Bitcoin's upside potential is higher, it does not make sense, I just have an open credit line. I can pay it back any time, so no stress from the loan.
Can you do it while keeping self-custody? I know people who tried this with Celsius. Obviously, it didn't end well. 🤷♀️
To various extents yes. Obviously there needs to be a way to liquidate the loan, but there are many good approaches. Firefish locks your collateral in 3-of3 a multisig with liquidator (see their protocol documentation, it is open). Liquidation oracle has pre signed transaction to the liquidator, so the oracle can't sell it or move your coins anywhere else.
Another approach is through futures, there are also many options, you control your risk appetite vs convenience. For example with 10101 you get a DLC channel. In both of these you see your coins in a UTXO, so you can verify at all times it's not moving (Celsius was gambling with user funds).
Another option that would work is taking the other side of stablesats channel. Not sure in anyone tried that.
Also note that the alternative is selling your sats, which is the ultimate loss of custody.
Thanks will check it out.
Bitcoiners are the best when it comes to #HFSP
nostr:npub14mge80nm5r0zj0gncxvpunlr28jyku95547q0m82ec475x3yy92skvjgm5 how are we doing in bitcoincity Arnhem? 😉
The mindset of "never sell bitcoin" would also mean to discourage against and never ZAP someone on NOSTR. HODLing is great, but if we're not using bitcoin, what's the purpose?
Not during a btc bull market. btc collateralized loans FTW https://bitcoinmagazine.com/markets/what-i-did-to-fix-my-bitcoin-loan
