if you are not paying attention you probably should be
Discussion
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Maybe they’re buying bitcoin with it
Half of that is probably mine
impressive
I like eggs
If you come to the Bitcoin meetup I'll sell you a shitload of eggs
buying eggs with sats from local bitcoiners is one of my very favorite activities
Buying locally produced goods and services using lightning from someone you have an open channel with is peak bitcoin.
For agorism bonus points, give them some goods or services you produced and only settle the net via Bitcoin.
open channels with them is the last missing piece for me. I'm lucky these people are even on custodial lightning wallets...
Maybe I should get into Uncle Jim mode just for this purpose...
do people running their own businesses and providing goods and services have time to manage a LN node?
not yet, no. do they have time to manage relationships and integrations with credit card companies? no, they don't have to - they use Square or something.
well get there
that's why I floated the idea of doing it for them, in the interim.
His question wasn't sincere. He was just looking for an opportunity to shit on P2P bitcoin.
insincere questions are my favorite to answer.
and very occasionally you find out they actually weren't.
the UX hurdle is indeed why I dont run a LN node for my own business.
It may be peak Bitcoin
but the reply was intended to draw attention to why its not being offered.
I use Bitcoin p2p almost every day asshole.
As a business who operates own LN node, the biggest issue is requirement to lock-in BTC in significant amount.
good to know!
ongoing maintenance and channel management havent been a big problem?
Once I figured out how LN is ought to work, I just configured the node to be able to route transactions so that other nodes have incentives to open channels as well. Bunch of swaps at LightningNetwork+, few liquidity purchases at Magma from Amboss and a few channels to big LSPs made it not necessary to manage anything more frequently than once a month. Budget is what hard in my case - I can't just open many 1+ million sats channels
When you consider what they are losing in fiat land it makes more sense to ask how they can afford not to go to a LN node.
40 hour week. Lots of small businesses are paying 10% in CC fees. Let's ignore inflation losses. I don't spend 4 hours a week on my LN node but they are spending 4 hours a week working for visa.
4 hours a week really hurts with small business margins.
Thats true
but you also have to factor in educational hurdles
and probably time spent converting back to fiat to pay expenses
farmers often have a completely different skill set than VPN providers, for example
Most are hodling from what I've been told. We have multiple revenue streams and live below our means. Inbound Bitcoin is savings. Inbound fiat goes to fiat bills and buys some more Bitcoin.
Not a problem until Bitcoin revenue is a bigger % of revenue than the % that goes to buying Bitcoin anyway. We'll just switch to living on Bitcoin fully at that point.
yeah...
"independent businesses will hodl until Bitcoin standard" is hopium
personally its what my business does..
and we mostly succeed in not even being in a position to sell BTC. we have extremely low expenses.
but my rancher cant do that for example.
its not a viable strategy at scale.
thanks for the conversation tho
The question is, is % bitcoin revenue > % savings. It has nothing to do with field of the business or the size of the numbers or profit %.
Unless businesses are in the Bitcoin field or are very deliberate and selective about customers the % Bitcoin sales is usually very low.
well then youve identified a second bootstrapping problem
why would a business invest in its own infrastructure for a payment method with is hardly used?
also it isnt strictly correct to say it has nothing to do with the type of business.
obviously someone who decides to start a VPS provider is better situated to run their own LN infrastructure than a farmer.
and it certainly does also depend on how profitable the business is.
a business with good margins wont need to sell their Bitcoin, even if it makes of a larger % of their total gross
than a business that has razor margins and always needs their assets liquid.
All the plebs on zero are responsible for this.
I’m nowhere on that chart.
Payoff, or keep stacking waiting for debt jubilee?
Decisions, decisions..
AFTER USING THEM FOR 2 YEARS I PAID OFF MY 0% CARDS RIGHT AFTER THE RATE WENT UP, AND THEY TOOK AWAY THE MAJORITY OF MY OVERALL CREDIT LIMIT IN RETALIATION, CRUSHING MY CREDIT SCORE
APPARENTLY RUNNING UP 0% CARDS AND TRANSFERRING BALANCES IS FROWNED UPON BY THE BANKSTERS (ALTHOUGH I WAS NOT DOING THE TRANSFERRING PART). THEY CALL IT 'BUSTING OUT' #TIL
IF YOU ARE NOT PAYING ATTENTION YOU TOTES SHOULD PAY MORE ATTENTION
What % is levered B? Curious….
This bone crushing is sad to see
Now compare that to GDP growth….useless chart
what do you think the GDP growth is measuring?
Apr < hurdle? Wonder who is floating…
hmmm. i dunno what the implications of this are. can someone please explain to me like im retarded.
I was curious myself, so here's what a robot told me:
Imagine you have a piggy bank where you keep your allowance. Sometimes, you might want a toy that costs more than what you have saved. So, you ask your parents to lend you some money, promising to pay them back later. This is similar to how adults use credit cards—they buy things now and agree to pay for them later.
Now, let's say many people start borrowing more and more money using their credit cards. This means they owe a lot and have to use a big part of their future allowances to pay back what they borrowed. When so much of their money goes to repaying debts, they have less to spend on other things they enjoy or need.
For the whole country, this can be a problem. If lots of people are busy paying off debts, they might buy fewer goods and services. This reduced spending can slow down the economy, leading to fewer jobs and opportunities for everyone. So, while borrowing can help us get things we want sooner, too much borrowing can make it harder for everyone to enjoy a healthy and happy economy.
hODL rate vs. hurdle rATE
Most people NGMI 😔
Looks like the opportunities to spend money is the root cause of the so high credit card balance!!
I’m sure some of that is hodlers taking cash advances to stack more sats
You’re lucky Joe Carlasare isn’t on Nostr. He would disagree with you and tell you why. lol
credit cards the real number go up technology
stack sats with your credit card
Jesus on a cycle that is escalating quickly 😵💫. What’s the avg interest on that debt?
29% these days.
Oh lord this doesn’t end well for most 🙉
What’s crazy though, credit cards will throw offers of 3-5% for 10-12mos and I often take them up on it if I can use the capital to earn. So I’ll have a $100k in credit card debt for half the year using their money to make money. Granted, this isn’t where most of these people are on the chart, but that is at least a slice of it if I’m in there.
Crazy. I assume only possible in the US? Or where are you getting credit cards for 100k with 3-5%?
US credit cards do it. It’s a temporary offer to get usage or trap you 🤷♂️. But I just deploy it from a positive net worth position so it’s easily paid in full at the end of the low percentage period. Each card may be 30-40k but they add up. Mind you, they all started at 2-3k but over the years they end up high limit with responsible usage and asking for a bump in limit every 6 months without letting them do a new credit pull. Always keep your credit frozen.
Very interesting. We don’t have that kind of set up or options in Germany.
We get a lot of cards offering 0% on balance transfers for 12-18 months here in the UK.
The scam part is the transfer fee. Most people paying off the minimum payment spend the 12 months just paying off the transfer fee.
I have £5,000 in CC debt, and its time to transfer again. I pay 2x the minimum payment plus the transfer fee divided by the time period of the offer. The last time i did this i was paying £125 a month.
Gets the capital paid off quick which lowers the transfer fee so when i do this agin that fee will be lower. So more of the £125 goes to the capital.
You got to play the gane to your advantage 😂
I hear you Delly… and it’s the worst kinda debt… and it’s being cranked by working ppl with the better credit profiles
But just look how great my credit score is !! 🤣
Plus Q2 layoffs reports and my egg buying habits….Giant red flags
When will there be the next episode of the Citadel Dispatch podcast?
tuesday, steve lee + craig raw
our future generations seems burdened by high debt that will due on their shoulder. sad.
Excerpt from "The Big Print" by nostr:nprofile1qyt8wue69uhh2mtzwfjkctnvda3kzmp6xsurgwqpp3mhxue69uhkyunz9e5k7qpqd3f4m9dgvkdjxn26pqzsxn6lpfn78sxwllxyt8mp76q0a9zyyjlsu8qztu
“Gradually, then suddenly”, not only nostr:npub1w69ya7xs697hk3hky3gllryz8rwverfa0ylz89chf9qnhfcskc2s64zltw but also sir Ernest Hemingway.
This is because of all the bitcoiners rolling their cards into new cards so they can stack sats.
Hahaha
People think the fiat ponzi has no upper bound but it will inevitably be breached and #bitcoin is poised to fill the void with sound money that incentivizes rational capital allocation
Seriously - all heading towards another 2008-like crisis.
This is a bad graph
They keep offering me 0% 1 year APR and I keep accepting so I can stack more sats
People are struggling out there trying to keep up with the joneses…. Sad…
Remember banks are counting this $1.2T as an asset they are charging interest on!
Banks will be bailed out, no need to pay credit cards
Lots of liquidity will be needed to save the system, and the liquidity is unlimited
Probably nothing……😬
who's voice did I just read that in? 😂 the one from tfct and the intro
[generic fear raising comment providing low marginal value]
[picture of a negative graph going to the right and up]
Are people really not thinking about this?
I keep my credit cards paid off, and my wife only uses them enough to get the points and then also pays them off. Carry no balance.
in real values it is deflationary
wonder what the weighted rate is on that bad boy
