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Gm, just woke up from yet another horrible dream.

I was at a Bitcoin conference 15 years after the project’s launch, and everyone was paying for stuff using their credit cards.

“It’s Greaham’s law, you spend the fiat first, earn points from Visa, and only HODL your bitcoins!”, they proudly said while ignoring the simple dynamics of supply and demand.

(they decrease the demand for bitcoin as money, while strengthening the demand for fiat)

Anyway, woke up and I’m happy that I am going to Pizza Day at Paralelni Polis next week 🍕

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Discussion

tolot 1y ago

I agree, we need make sats flow way more into the real economy.

I cannot agree with the supply-demand reasoning: the fiat money acceptance is NOT subject to supply-demand rules...you just HAVE TO accept it, no demand-driven acceptance. By not demanding to spend our sats we simply lower the supply of sats-payable services. No "fiat-supplied services" number is increasing, full stop

LogicallyMinded 1y ago

Just wait about the horrible nightmare in which you can only spend #Bitcoin to and from KYCed addresses because of #covenants.

Cyber Seagull 1y ago

I've been thinking about your post on that, but the key thing is that most bitcoiners know not to custody their coins, its part of the culture.

Cyber Seagull 1y ago

The jailing of the economic branch was weird, dictator stuff, as some of them were likely political challengers, and three years on he is still doing the personality cult thing rather than building up strong institutions and building up other personalities.

If you were an el salvadorean i doubt ypu would complain though, compared to what it was like before.

I've met hard core libertarians who don't like him though