Subnostr

Wow this is very sensational and quite impossible actually. You're implying that no currency or commodity that could be exchanged for a CBDC could also be exchanged for bitcoin. What you're suggesting isn't realistic or good for even the most all-in bitcoiners.

StackSats.IO 2y ago

You won’t be able to buy Bitcoin with digital currencies. You may still be able to use cash (so long as that’s around), or if you’re lucky you can find someone who takes gold or silver.

Most likely you’ll have to sell either goods or services to acquire Bitcoin in this future state.

This is in fact very good for Bitcoin - every transaction that people want to keep away from the eyes of the State will be on Bitcoin so demand is gonna go way up from where it is today. Sure it’s not global reserve currency, but it’s global money for the blackmarket and the blackmarket could extend to things like tradies wanting to do the equivalent of cash jobs today, meat if they want to introduce carbon credits, etc.

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Discussion

chancellor 2y ago

My brother, I'm one of the most bullish bitcoiners out there, but as long as stables exist, there will be conversion. If I can buy commodities and sell them for bitcoin, there will be conversion. If I can pay my power bill with CBDC, then I'll mine BTC. The genie is out of the bottle. Are you thinking a power bill won't be eligible for payment with a CBDC? People will find ways around in and out. This narrative is overcooked.

StackSats.IO 2y ago

CBDCs enable chain of custody in a way that isn’t possible today. Every CBDcuckbuck in the system can be tracked end-to-end and if they’re to block on/off ramps, then yeah it is likely that companies will reject any payments where that chain is questionable, likely automatically.

I’m not saying it won’t be at all possible but rather that Bitcoin becomes a parallel system in that case where it won’t be competing to pay for power bills but it’s addressable market will still be exponentially greater than today.

chancellor 2y ago

That's all fine and I understand, but it's difficult to watch the doom posts especially here on nostr where the average iQ is substantially higher than the typical citizen or government official. The people who are trying to create these systems haven't even decided the rules yet, so I think it's not fair to decide what the rules will be. I agree that we should prep for the worst case scenario and hedge ourselves against the effects of governmental overreach, as some of us have done! I'm about 75% corn to dollars but with over 3ph hashing, I have high expenses each month or it would be higher, maybe 95%. My goal is to mine what I can afford without selling and buy dips.