Nostr Web Client

Thanks for the interview, nostr:nprofile1qqsxe3pztauhp3ttna9p0p9gthdmm6t4n83ktw5vse9ymyg9js4hygsprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet59w7r6u.

I'm not a fan of Howard Lutnick specifically saying that Bitcoin is not a currency and that it's a commodity, but I guess in the end that's fine for now. Bitcoin has to be a store of value for many, before it becomes a medium of exchange for most. Until then, us Bitcoin Maxis will keep zapping.

https://youtu.be/BPlnUxDblaE

Frank Corva 8mo ago 💬 3

My pleasure, nostr:nprofile1qqsr7acdvhf6we9fch94qwhpy0nza36e3tgrtkpku25ppuu80f69kfqpz9mhxue69uhkummnw3ezuamfdejj7qgkwaehxw309ahx7um5wfjkc6t5v4ejummjvuhsepevmj

I disagree with Lutnick’s take on bitcoin as a commodity instead of a currency, as well. Unfortunately, in this interview, I was only allotted a certain amount of time, and I had other questions I wanted to ask. I didn’t have the time to get into it with him on this topic.

I also wanted to bring up the dangers of too much of a hashrate coming to the U.S., which I knew might be a dicey topic, so I had to choose my battle in this one.

Thank you for calling it out, though. We’ll need people to continue doing so until the likes of Sec. Lutnick change their mind.

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Discussion

Satosha 8mo ago 💬 5

Why though ? .. what is so great about calling something currency that most bitcoiners can't seem to get over ?

CitizenPleb 8mo ago 💬 2

If it just becomes “digital gold” and nothing else ever, it fails to meet its massive potential as a global medium of exchange.

Derek Ross 8mo ago 💬 3

And thinking extremely long term, miners fail or go under or are extremely rare if no one is transacting. That's not good for sustainability and network security.

CitizenPleb 8mo ago

Agreed, but might be pretty healthy mining ecosystem in a store of value “digital gold” future, given that medium of exchange would scale out on lightning and beyond… 🤔

Devin 8mo ago

I honestly think that if the most popular use is "digital gold" in contries with relatively strong currencies (US, Canada, Western Europe, etc.), the rewards will continue to keep miners afloat just based on Fiat price growth.

Devin 8mo ago 💬 1

Playing devil's advocate... Does transacting on lightning really help keep miners sovent, though? I understand opening and closing channels, but in a world where bitcoin is a commonly used currency, custodial lightning wallets will almost certainly be the most commonly used method. Transacting on chain would probably be "reserved" (using the term loosely) for relatively large, important transactions.

Maybe I'm totally off base. I don't know. I use Bitcoin (big and little "B") however suits me best in the moment just like anyone else would. Some earn and spend it, some buy and spend it, others save with it. What they choose is none of my business. That's the beauty.

CitizenPleb 8mo ago

Yes, stated more clearly

Satosha 8mo ago

Network is the asset .. base layer creates value .. second layer spreads value .. and there will be ten more layers ..

Think of it as a home .. then water supply ..then electricity and sewage .. and then roads ..

Layers and layers of networks HODL value ..

Currency is NOT a network ! Never

Satosha 8mo ago

It's been 5000 years - give or take - we didn't stop trading gold .. are you talking k nger horizon ? Good news .. gold is still the hottest cake in bakery ..it is not going anywhere for next 5 k .. miners are safe .. in fact they become rich if it is gold ..

Cuz if it becomes currency then next thing you would want to do is to peg it to daily price milk .. and eggs :-) .. well eggs is not a good example... anyways

Satosha 8mo ago 💬 1

But becoming gold is super massiver .. you literally need a super nova to bake gold :-)

And here Satoshi did it with power of math , cryptography and code !

Even macro econists can create a currency 😉

CitizenPleb 8mo ago

Yes

Frank Corva 8mo ago

I use it as money, as do many around the world. For this reason, and because it was designed to be peer to peer cash, we should call it money.

Satosha 8mo ago

That term #money is source of all confusion :-)

Every network of value is peer to peer .. goldsmiths trade in gold .. that doesn't make it currency .. neither does Apple stock even though people get paid in stocks all the time .. esops ..

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Sam 8mo ago

Confusingly, arguably bitcoin is a “commodity money” if we extend Mises’ definition for a pure monetary asset. It’s not credit or fiat.

https://mises.org/online-book/theory-money-and-credit/chapter-3-various-kinds-money/3-commodity-money-credit-money-and-fiat-money