Thereās a 3 month shift built into the chart demonstrating that what M2 does, #Bitcoin does 3 months later.
I'm talking to a local merchant's association about the feasibility of incentivizing a "local currency" tap-to-pay NFC card backed by ecash in order to save merchants the ~3% +$0.30 credit card processor fees. Across the entire association, the savings would be enormous - it would at least make the association a cashflow-positive entity itself, rather than something that merchants pay fees INTO (assuming the saved CC fees are reinvested in the association/community).
If it works at the merchant's association level, why not step up to the town chamber of commerce? then the city and the county... Even just saving the credit card processor fees alone yields a capital investment that could right back into communities rather than shipping off to SF and Wall Street for no good reason.
The problem becomes the price instability, because on the gentle onboarding ramp, I'm trying to push talk of bitcoin far into the future. and this is where "full dollar backing 1:1 for each dollar entering the system" starts to appear and things get weird. Here's what I asked in the Cashu Telegram:
> Has anyone experimented with using stablecoins to back cashu?
> i've been working on this plan for a local merchants' association to use a local ecash NFC card at participating businesses, with the goal of redirecting their saved credit card processing fees into local community investment (rather than pissing it away to wall street.)
it _can_ work on cashu, but to keep it as approachable as possible at first, I would want every dollar deposited to the mint to be reserve-backed by a dollar held by the merchants' association (and for the mint to denominate everything in USD so as to not confuse the bitcoin-uninitiated). this is the achille's heel of the experiment - the mint balance would be capped by the dollars in reserve and the association would have to really believe in it to put up dollars that might be lost to a big bitcoin drawdown
> a USD-backed and denominated cashu mint would be a far easier pill to swallow to onboard communities to this structure. and then the default lightning version would be an "option" that communities to switch to. and if they want to still 1:1 reserve-match deposits to protect customers from a drawdown, they could still do so with the risk being balanced by the potential upside of bitcoin appreciation: they could skim off some of those gains either for additional community investment in dollars, or use their increased btc purchasing power to deal with suppliers who accept bitcoin.
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I'm going to re-listen to this nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev episode https://fountain.fm/episode/DsJfhL0gIuqJMeg4HSFc 1 or 2 or 9 more times. I can't tell if I'm a little too early or right on time to hack some shit together that helps make this a reality.
Now Iām well confused. A serious question: wouldnāt #Bitcoin with Bolt cards work?
All engineers know that projects are 95% complete for 95% of the time.
Not my usual subject matterā¦
Ha! I did the sum and then went to post and found jimbocoinās comment. Well done my friend. Now, if only there was some kind of saving/investment that could match/beat 11.5% aprā¦
I have a vague idea forā¦
An app to use at #Bitcoin meet-ups. It would look for other instances of the app and then automatically mix all the #BTC made available. Maybe participants could have two wallets, one for sending and one for receiving.
Just saying. Iām not sure if this would be useful in the real world. š¤
We went away for the weekend and found this. Oh dearā¦
ā”ļøšļø NEW - Theo Von brings up the concern of Palantir Tech having access to our information & his concern that āThey will know if we have 60 bucks in our pocket or have a bad limpā
JD Vance defended the company by citing an example of its software being used to identify an illegal immigrant.
https://blossom.primal.net/c8b617fb1a3e6542fe34586408ee05c72004532bb463716037b16c40563f966c.mp4
The next time somebody suggests privacy is unnecessary if youāve done nothing illegal, ask them when they last had sex and how it went. It works a treat!
Thereās a lesson for governments and citizens hidden somewhere in there.
Whatās that funny typo that sneaked in, the S with a line through it?
#Bitcoin is a crypto currency,
just like humans are animals.
That extra ācollision waverā insurance at the car hire desk. āAre you sure, madam?ā
My super simplistic view on the failing Bond Market
1) Government
- needs to borrow $1,000
- offers a bond at 5%
- will offer 5% interest and return your money after 5 years
- the deal: you will get $1250 ($1000 + $250)
2) Bond Holder A
- accepts deal butā¦
- later thinks government will default on the debt orā¦
- can earn more than $1250 elsewhere. Soā¦
- cuts losses and sells bond for $800 to Bond Holder B
3) Bond Holder B
- has a new deal: $250 on $800 = 6.25%
4) Government
- needs to borrow another $1,000 butā¦
- must match the market expectation of 6.25% whichā¦
- convinces more bond holders that the government will default.
5) Rinse and repeat.
Ok-ish?