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This is why I can't comprehend how people who currently have BTC are so happy spending it, especially if they were able to mine back in the day.

Even worse, they also promote the idea to those who are new and have had to buy BTC and at a much higher price.

When governments ans central banks start to put BTC in their balance sheet, it will be impossible to ever get BTC again.

These people are either irresponsible, or in on it.

Mallory 2y ago

You must have velocity of money to have adoption. If the velocity of BTC goes to 0 we no longer have a viable currency.

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Mallory 2y ago

As the velocity of money increases this money goes through the economy faster making the money supply feel larger. While there is a finite number of Bitcoin that can ever be mined there are an infinite number of transactions possible. The value of BTC absolutely ceases to exist if it’s not being used.

( -_-) 2y ago

There's no way to calculate bitcoin velocity accurately - so the numbers are meaningless

Mallory 2y ago

Do you say so because of price level? Or why?

Mallory 2y ago

Do you not think with the blockchain we have an even better ability to calculate the velocity of btc than any other currency in the past? All the transactions are recorded. We’re not trying to guess about the circulation of cash funds.

Paul 2y ago

Good thing ₿itcoin’s velocity is at the speed of light with zero friction.

Mallory 2y ago

https://cryptoquant.com/asset/btc/chart/supply/velocity?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

hh 2y ago

BTC is not a currency. That's my whole point if you read my note.

Mallory 2y ago

I read your whole note. Is there another note I’m missing? If there is not a note I’m missing I think I may lack a clear understanding of what you perceive BTC to be.

hh 2y ago

You're right, I got this mixed with another conversation.

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nostr:note1fgtdnjals0v8fv29cccdjvew870wre26a9lfs9xyg9zzxa7h086qryvqze

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Mallory 2y ago

So you Bitcoin as a form of property that you can use as collateral in the future? Did I get that correct?

hh 2y ago

Digital gold would about sum it up. Gold was absolute shit as currency. But it was great as a reserve.

Same thing with BTC.

People can't be crying about "fees too damn high" and at the same time for "hyperbitcoinization now LFG!!!"

The blockchain is not for cash transactions.