the single best advice you can give friends interested in bitcoin is to download a nostr app so they can feel it first hand
https://cdn.satellite.earth/f1d02aae9008afc6e10c320d5f34b05c5c9e87f02ad21309de3539cfbea3ed40.mp4
Why can't #bit oin act as currency ?
#askNostr
Tip
The core feature of currency is stability of price - not holding value .
The way Fed ensures stable price is it issues ten years debt and promises to stand by the agreed coupen ! A promise reflects the future price. In essence it fixes future price of an asset .. unless someone does that for #bitcoin , it can't be used as medium of exchange !
I don't agree. Its more of a market cap size thing, not a debt thing. Im sure Zimbabve issued some 10year debt, but it doesn't really help their currency. Its more of a size of the user base, how many people share the collective halucination that currency xyz has value and will have it in the future. Bitcoin is just in its teenager phase, don't expect too much from a teenager :)
Gold has more market cap than any currency ..chinese and US out together .. have you ever bought coffee with Gold ?
Btw ..gold has bigger user base than any currency too ..
Gold doesn't really provide a payment network, there are some cards out there, but thats just visa that settles in $ in the backend. IMO the strongest collective hallucination out there about what is "money" is still fiat and that gives it "relative" price stability, since most people are willing to accept it and hold it. Most people also still falsely believe that gold somehow backs fiat, so gold is part of it in a way. My point is just, that the promise on the debt in itself can not be the reason for price stability, since there are many cases where that is just not true. If that was true we wouldn't have 30%+ price inflation in the last few years even with the strongest fiat - the dollar. I think it just the fact that most people don't really understand it and also do not distinguish between nominal and real value. If they would "get" it, the fiat system would probably implode already...
Fiat system is the biggest innovation of modern society..
The reason I say this is - there is no problem on fiat side of the house .. there are credit cards that let you buy without any money for a month .. and then for those who value privacy , there is never a shortage of cash .. these are the only purpose of fiat .. to allow transactions seamlessly - in physical world and on internet .. it just works ..albeit an inflation cut which doesn't matter cuz no one is supposed to store value in fiat .. I mean 2 percent annual reduction in value is printed on dollar in bold letters ..unless someone not to read the fine print !
The problem is really on the assets side - most poor people are priced out of real estate , equities , futures , and gold markets.. cuz you need certain minimum to enter the market besides there is an acquisition cost .. eg six percent for buying real estate .. #bitcoin solves this problem .. you can acquire sats for as low as a tenth of a dollar .. and lightning is practically zero fees .. that is why #bitcoin is the apex asset of mankind .. much better than #gold ..
As regards to payments network .. #bitcoin neither has a payment network nor it supposed to have one .. the universal ledger or the network of nodes is a mechanism to store value .. and it is meant for insiders only .. all other assets classes have similar networks .. insiders always find ways to trade in kind .. bitcoin network is just better ! That makes it most liquid network for value hoarders too .. but that doesn't mean it can replace fiat ..
To be able to replace fiat , every vendor ( without exception) must accept bitcoin .. and then at a very minimum every spender needs a month of credit .. not going to happen no matter what strings you pull .. and it is not even needed .. we can't solve a problem that doesn't exist :-)
Besides you need to make sure the prices are stable .. at least for the consumer basket of bread and milk .. you know what happens if eggs become volatile .. the most effective way to regime change is volatility in consumer basket ..
That is why Fed function is extremely important.. unfortunately most #bitcoiners didn't read macro-econ 101 .. and they are misguided by thought leaders who are driven by political ideologies.. they are the ones holding bitcoin back ..
