Fiat currency is a weapon of mass corruption! Fortunately #bitcoin can in fact fix this too. ✌️
I think it's time to rehash some of the reasons that IMO spending #Bitcoin doesn't make sense to me at this particular moment in history:
1) The Tax Code:
In US at least it's absolutely bananas when attempting to figure out the cost basis of #bitcoin whether it's short or long-term capital gains, and then the purchase price of the product. Anyone who actually attempts to use this as their daily currency would be overburdened here IMO.
2) The Infrastructure isn't ready:
While there has been great progress with lightning Network and other second layer solutions, most of the easy to onboard second levels are centralized and have yet to develop the Slick interfaces necessary for Mass adoption.
3) Why separate yourself from the hardest asset in human history (#bitcoin ) when enough people are still willing to sell you real world goods when you use your slave Beads (fiat currency)?
IMO this window is closing & at any time it could shut forever. Don't risk your #BTC stack.
4) The $ price of #Bitcoin is still highly suppressed by #tradfi.
IMO this suppression will unravel as more people DCA and hold #sats in wallets that they create themselves which will in turn drive the $ price and also in tandem further development of 2nd level scaling for #btc
In summary, IMO as more dollar cost averaging plebshold their #btc in self custody it will not only drive the Fiat price of bitcoin, but also the second and third layer scaling Solutions in a more easy to adopt method that will allow for the true separation of state from currency
What a sad thing to watch (for him). He's
watching the end of the fiat empire which he's ascended to the very top of crumble before his eyes and he's completely powerless to do anything to stop it other than dragging his feet as hard as possible. He's going kicking and screaming, but he's still going.
#bitcoin fixes this.
Absolute fiat corrupts absolutely.
Opt out with #bitcoin before it's too late.
While it may be technically fine, it's operationally not for many people in poorer parts of the world as the fees exceed their UTXOs and / or budgets. This absolutely matters! IMO the #ordinals and #insciptions attacks are closing the window on the self custody revolution too quickly for too many and we should do our best to keep that window as open as possible for as long as possible as to make the #Bitcoin revolution as widely distributed as possible.
Thank you for your reply and tip! In the end it's not relevant whether or not this was intentional or not but rather about understanding the current State of Affairs and how we need to think about this collectively as a community so we can formulate the appropriate response as soon as possible.
I agree with you regarding your opinion on the eventual block size increase however I believe that we're aways from that being a necessity in the near future. However as the cost of the hardware to store the larger blocks comes down along with the price for moving data around the world, coupled with an increase in usage of the layer 1 for Bitcoin transactions increases, it's likely that eventually so too the block size will increase.
They key is to keep things as decentralized as possible for as long as possible and in order to achieve that in my opinion we must get the private keys in as many hands as possible as soon as possible.
To those who advocate for the ongoing Layer 1 #bitcoin attacks known as #ordinals and #insciptions here are my thoughts this far:
For those saying " It's a good thing as the miners are getting paid more fees" I say this:
Fees are only seen as low as they're currently being measured in $ and not in #btc . They're only measured in $ because the $ price of #bitcoin is being artificially suppressed by the $ system /aka banks /tradfi. In order to solve this problem, we need to pry the fiat price away from traditional finance' control by taking physical custody of our #bitcoin ASAP!
To those who suggest that this is somehow good or OK because it forces folks to lightning which is inevitable here are my thoughts:
While I certainly agree that eventually we all will be forced to a higher layer for our daily spending when bitcoin becomes a universal currency, I'm of the opinion that LN is not truly bitcoin but more akin to something like using a credit card in the fiat system. Essentially it's a way of showing that you have L1 Btc and that you can settle there if you want to, but it's basically a network of claims on L1 Bitcoin which is completely fine for the Medium Of Exchange use in a post #Hyperbitcoinization world. That as it is, I truly believe that L1 should be where the vast bulk of our savings are to stored as it truly is digital gold and the only real bitcoin.
IMO we are well into the then they fight you stage and for those thinking that these attackers will eventually run out of money might end up being very wrong. Perhaps these adversaries are being funded directly or indirectly by those with access to the money printers. Perhaps even these centralized exchanges are behind them as they're truly insolvent and trying to minimize the liklihood of going bust by making the bulk of their customers unable to move onto L1 as doing so would make their UTXOs economically locked while the dollar price of #bitcoin is captured by #tradfi? Regardless I expect these attack on self custody #bitcoin to only increase until a solution is implemented (whether soft Fork or otherwise) but as things stand now it appears they are closing the door to Layer 1 bitcoin transactions for those who need it most.
We need to keep L1 fees on the main chain as low as possible for as long as possible to allow as many as possible to participate in the #Bitcoin self custody revolution.
IMO they're either testing an attack vector or have started their longer term assault by attacking #bitcoin L1 self custody. They're seemingly playing up the narritve that "if it's good for miners, then it's good for #btc." IMO anyone with any seriousness about the longevity of Bitcoin should immediately see through this BS. How is it good to make the smaller UTXOs economically unfeasible to move and also make 3rd world countries completely reliable on the lightning network? Most of these lightning solutions are centralized AF and the most popular ones are non self custodial so you never even have your own sats in the first place! I hate to say it by LN is only #btc when you close the channel on L1 #bitcoin..which is fine as long as it's just for your spending #btc and not for your savings which should be L1 #btc in cold storage that you created the entropy for yourself offline.
The miners supporting this attack are either short sighted or complicit with the fiat cartel. They must see that as long as the price of Bitcoin can be subservient to fiat currency then the incentive for BTC are also fiat inclined as the miners benefit from the short term fiat UOA view by people at the cost of the medium to long term success of the bitcoin UOA goal post.
IMO they're either testing an attack vector or have started their longer term assault by attacking #bitcoin L1 self custody. in an attempt to keep their $ They're seemingly playing up the narritve that "if it's good for miners, then it's good for #btc." IMO anyone with any seriousness about the longevity of Bitcoin should immediately see through this BS. How is it good to make the smaller UTXOs economically unfeasible to move and also make 3rd world countries completely reliable on the lightning network? Most of these lightning solutions are centralized AF and the most popular ones are non self custodial so you never even have your own sats in the first place! I hate to say it by LN is only #btc when you close the channel on L1 #bitcoin..which is fine as long as it's just for your spending #btc and not for your savings which should be L1 #btc in cold storage that you created the entropy for yourself offline.
The miners supporting this attack are either short sighted or complicit with the fiat cartel. They must see that as long as the price of Bitcoin can be subservient to fiat currency then the incentive for BTC are also fiat inclined as the miners benefit from the short term fiat UOA view by people at the cost of the medium to long term success of the bitcoin UOA goal post.
They are attacking the #bitcoin L1 self custody in an attempt to keep their $ 💩 coin as relavant as possible for as long as possible. They're playing up the narritve that "if it's good for miners, then it's good for #btc." Anyone with any seriousness about the longevity of Bitcoin should immediately see through this BS. How is it good to have them maintain the fiat price of #btc while they make the smaller UTXOs economically unfeasible to move and also make 3rd world countries completely reliable on the lightning network? Most of these lightning solutions are centralized AF and the most popular ones are non self custodial so you never even have your own sats in the first place! I hate to say it by LN is only #btc when you close the channel on L1 #bitcoin..which is fine as long as it's just for your spending #btc and not for your savings which should be L1 #btc in cold storage that you created the entropy for yourself offline.
Shorting #bitcoin IMO is shorting freedom and (whether intentionally or otherwise) is helping to perpetuate the fiat currency / centralized system of control over the masses. It's time we collectively opens our eyes to this once in a species opportunity before us and not let ourselves be lured into the wrong side of history. Just like bitcoin's blockchain, nostr doesn't forget either.
#SelfCustodialBitcoinOnly
Okay so let me get this straight, the world has over 2,000 billionaires and not a single one of them is going to decide that they want to spot buy up all of the Bitcoin on these centralized exchanges and hold them all in self custody? I mean how else would you want to go out? This would cement your legacy as being one of the pivotal human beings to transition the world away from a debt based fiat currency into a global hard money standard that would prolong and advance our civilization more than potentially anything else you would be able to ever come close to doing in your life. Know a billionaire? Maybe you should tag them here and ask them that question.
They want to maintain their control over us via fiat rule and decree. #SelfCustodialBitcoin scares the 💩 out them as they see it's potential to completely eliminate their grasp of power over us all. We're definitely in the "then they fight you" phase.
#Bitcoin isn't red or blue, it's orange. 💪 #HODLYourOwnKeys #nyknyb #SelfCustodialBitcoinOnly
💯 He knows all he can ever buy are #bitcoin IOUs and not #SelfCustodialBitcoin. He knows that if he tries that he'd drive #Hyperbitcoinization and instantly devalue his socioeconomic status while we all rise to the top. He can't and won't accept that and will use up all his resources to kick #bitcoin down the road as far as possible IMO.
Bitcoin isn't about making more dollars, it's about ellimating them!
Put another way, #Bitcoin is about the separation of state and currency and if successful will eliminate the vast influence fiat currency has in the world today and will make the vast majority of wars a relic of the past. How many wars do you think would be fought if nation states weren't attempting to defend the value of their currencies? ✌️
Still unsure if the US created #Bitcoin as a dead man's switch for China's global reserve currency aspirations, or as an early warning for quantum computing supremacy. Maybe both? 🤔 Either way I believe #BTC is our only hope and will continue to DCA and hold on self custody ✌️
There is only one stable coin, #bitcoin !
1 BTC = 1BTC
IMO 🇺🇸 needs #bitcoin to win. They likely created it as a dead man's switch to 🇨🇳s world reserve currency aspirations. IMO it's the only thing they don't have to rule the world. Why not let everyone have their own sovereignty with #btc vs letting 🇨🇳 rule the 🌎 with impunity and simultaneously getting us all through that great filter! ✌️
