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Joe Nakamoto 8mo ago

GM!

I x-posted from twitter but I feel you guys will get it more.

Also I'm shilling nostr so you will like it.

🐻 🎤 A bugbear of mine is Bitcoiners misusing Gresham’s Law.

“Muuuh, Gresham’s Law” is not a valid excuse to keep spending dollars and never spend Bitcoin.

I get YouTube comments all the time like: “Only a fool spends their Bitcoin—it’s Gresham’s Law!”

Nope. Wrong. Gresham’s Law applies when two monies are accepted at a legally fixed rate.

That’s not the case here. Bitcoin and fiat float.

No one is forced to accept them at parity. So the law doesn’t apply.

Granted, it is technically "economically rational" to spend fiat over Bitcoin—especially if you’re not all-in, you don’t fully grok Bitcoin, or you only hold a tiny allocation. Or you're a dollar loving li'l b*tch who's only in it for fiat gains. (oops did i say that?)

But hoarding Bitcoin and spending fiat isn’t “Gresham’s Law in action.”

To me, it screams:

“I love paying Visa and Mastercard 3–7% in fees.”

“I love extending dollar hegemony.”

“I love being part of the problem.”

If you want a Bitcoin world—and trust me, you do, because you are currently HODLing btc—then at some point you have to spend it.

Want to live in a Bitcoin world? Put your money where your mouth is and ₿e part of the change.

So. How to start?

Download BTCmap to see where to spend btc near you, (do it—it's free), visit a bitcoin circular economy near you—promise you'll be blown away—check out Nostr where you can zap creators (easiest is to download Primal), send me btc on my website (hehe but srsly i'm independent and will thank you), check out Travala, ShopinBit, Bitrefill and many other online marketplaces that take bitcoin or bitcoin through gift cards.

And if you're going to a bitcoin event or conf, please pay in bitcoin for your tix. Satoshi thanks you in advance ✌️

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Discussion

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Achilles 8mo ago

GM & PV Joe happy Tuesday. Interesting learning thx for sharing however, I’d personally rather see exclusive Nostr content 💜🗽🧡

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Mark 🐢⚡💜🫂 8mo ago

GM Joe ☕ 😎🤙

1d
Sam 8mo ago

Spot on! The answer is easy: everyone should go all in and spend bitcoin to kick start the circular economy.

A minor transitional tweak could be to only spend fiat on a credit card so that you are consistently negative fiat…

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chrizzz 8mo ago

I’d rather spend cash only because 1) privacy but 2) a cash transaction is closer to a Bitcoin transaction so maybe the merchant would be more inclined to accept Bitcoin

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DarthCoin ₿⚡️ 8mo ago

and here is a meme for that

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Joe Nakamoto 8mo ago

ty. stealinhg!!

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DarthCoin ₿⚡️ 8mo ago

sir, all my memes are FOSS 😄

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Kingbee 8mo ago

First of all I really appreciate those who are all in. That takes true conviction. All I would add is if you work and get paid in fiat, pay your bills with fiat and put excess in bitcoin. Just to avoid fees of moving in and out of bitcoin. Plus here in the US it's a taxable event and a headache in the least. Still I understand what you are saying and love bitcoin.

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Zaikaboy 8mo ago

Blame the likes of Make Keiser, Stacky Herbert and the new god, The Fed that is Saylor. All this bs about Bitcoin is Jesus does not help anyone. Do people not understand that these people are billionaires. That's a fiat term for fiat people.

You are quite correct, Joe, a circular economy will serve everyone in the future. That future needs to start immediately. Spend and replace. If you can earn. Before the likes of Saylor and his fiat friends (Black rock et al) buy it all.

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Pinguimdarelva⚡ 8mo ago

# ⚡☕🇧🇷GM

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₿oniz23⚡️🏴‍☠️🇮🇹 8mo ago

GM joe! Your speech doesn't make a fold. If you are all-in bitcoin you necessarily spend bitcoin. But if for obvious reasons you can't be all-in bitcoin it's obvious that you spend fiat! You get rid of the weakest coin. Why if I've hardly saved a ₿ in 5 years with my life's savings and I also have fiat (becay I earn by working in fiat and because I have to get a mortgage and other things) why should I spend ₿? I spend fiat! Of course! And not to feed the dollar market, but to get rid of a currency that doesn't make an X2 every 4 years 🤷‍♂️ 💜😉

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Toum 8mo ago

GM Joe 🌞💪

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bitcoinpoorguy 比特幣傢伙 🇭🇰 8mo ago

Gm Joe ☀️

Most people still accepts fiat.

Most people still have fiat.

Let’s be realistic.

People will be forced to spend BTC when no one accept fiat anymore.

That doesn’t mean we shouldn’t advocate bitcoin circular economy.

Especially for bitcoiners we need to be a role model and involve bitcoin in our life as much as possible.🫡

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₿ujuX 8mo ago

All we can do is take it day by day.

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Fotoart 8mo ago

It's a 4 year hold. Anyone in fully for that amount of time would have seen no more losses In any other spending. But many want their came and eat it too. Be rich later but maintain their lifestyle while waiting for the hodl to work.

Bitcoin reduces unnecessary consumption, putting a focus on those who are willing to fast financially for those 4 years minimum. And the reward? It's actually the self realization that you are capable of living ok and happy without that wealth. So now you are truly rich. But those who look in how to spend it usually won't go through the suffering and thus, don't get it (literally and figuratively).

And what does such a rich person do who doesn't it need it anymore? Spend it on those who do, spending to spread the good message, stoties of triumph giving hope to tbose who are struggling through a cycle, creating a community, especially with educational material (like you nostr:nprofile1qqs034ppyjnjakycjcj84kgj737aw6kxkmxazrlp0r67qjk0atgdfgspz9mhxue69uhkummnw3ezuamfdejj7qg4waehxw309aex2mrp0yhxgctdw4eju6t09uuzmtx5

💪🫶) and wanting toand wanting to shareand wanting to share theand wanting to share the and wanting to share the true and wanting to share the true value.and wanting to share the true value of what Bitcoin of what Bitcoin really of what Bitcoin really gives of what Bitcoin really gives.