Colombia is the first Latin American country where we took AQUA to the streets! 🇨🇴 🌊
Here we had random locals put all of AQUA's features to the test. Any guess on their reactions? Find out in the video! https://v.nostr.build/j4Xg.mp4
Pretty cool but they just sent an IOU (USDt) that is redeemable for an "IOU nothing" (USD)
I'm not saying it's a problem either. All I'm saying is that those people will have to find an alternative solution to store their value. Also, real bitcoin (non-IOU) is not a very good medium of exchange for small, everyday transactions due to transaction fees. For this, people will have to find an alternative or accept counter-party risk
#art
#bitcoin
It's not bitcoin if they can't afford the transaction fees
Plebs without much savings have to find a path to get non-IOU bitcoin. Here are some options:
1. Save up enough war-bucks to make a big enough purchase to warrant the transaction fees
2. Accumulate "IOU bitcoin" (and accept the counter-party risk) until you have enough to exchange it for real bitcoin
3. Accumulate an alternative, non-IOU Store of Value until they have enough to exchange it for real bitcoin. This is where silver can shine. Ironically, silver can also work as a non-IOU Medium of Exchange
#bitcoin
#silver
So do legal tender laws actually require you to accept physical fiat as payment for your goods and services?
Maybe I'm a breaking the law because I don't accept that crap for my products and services nor do I accept digital fiat either.
#bitcoin
#fiat
"Poor" is defined as not having enough bitcoin to warrant the transaction fee.
Silver can be a "poor man's bitcoin" if he wants "non-IOU money" that doesn't involve having to trust a third-party.
"IOU money" includes eCash, Liquid, and custodial Lightning wallets.
Fiat is "IOU-nothing."
#bitcoin
#silver
Not to mention the likely absence of due process of law. I wonder how many innocent people and political adversaries were also scooped up under the guise of "gangs?"
This is cool but I feel sorry for all the waiters out there that just need the quick cash and don't want to jump through hoops just to get their money and have to listen to someone blather on about this magic internet money while they have other customers and duties waiting. 🤣
Maybe just use this feature with folks who aren't on the job give these guys and gals a break?
Most live on daily, cash tips so something like this is a pain in the ass for the average wait person.
Conversely, if you are a wait person, why not wear a bitcoin button To signify that you prefer #bitcoin ?
#art
#bitcoin
I don't mind IOU/custodial payments under a couple bucks. Any more, and I want the real thing, not an IOU.
Yes, my trust threshold is a couple bucks here on Nostr. Let's talk about real money
IOU's mean a return to trusted third parties...🤔
Bearer Assets > Digital IOU's
In case anyone is still confused about nuts or what it means and why we always talk about it (me today haha), here is my know-nothing dummy explanation and why this is a big deal IMO:
Cashu is an ecash protocol(is this correct?) created by nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg
People are calling them nuts because cashews are nuts... get it?
The terminology is irrelevant. They can be called tokens, air, water, chicken teriyaki.. it really doesn't matter! What matter is that this is a Layer 3 payment system that transfers tokens at the speed of light (or so I think). Lightning being layer 2, and bitcoin being layer 1.
The reason why this is a significant development is because now everyone has a cashu address. Thanks to amazing work by the legendary nostr:npub1mhcr4j594hsrnen594d7700n2t03n8gdx83zhxzculk6sh9nhwlq7uc226 , if you go to npub.cash you can see that you already have an address to receive these layer 3 tokens, which just happen to be easily redeemable into lightning. This means that any new person who joins nostr automatically has (custodial) layer 3 payment access, which can swap into layer 2 and into layer 1 and into fiat if need be.
I don't know any of the underlying mechanics of this, I am not a genius like nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg and what I have described could be incorrect, but it sure feels like this is roughly how things work.
Nuts are custodial, meaning a mint is holding your balance and can look up your npub to see if you have some. Once called upon, these nuts can be sent to another nutter (cashu wallet) or directly to a lightning address! This interoperability makes everyone a layer 2 user. All we need is a clever UX toggle / button / terminology to make it really obvious.
IF this were to be turned into a library that devs could include in their client code and "it just works", THEN it could be a game changer! No more directing people on how to get a wallet right as they join. They can experience the magic of bitcoin indirectly via layer 3 > layer 2 transfer all without knowing anything (as long as they can get on nostr).
In practice, this means anyone joining an audio nest, a zapstream, a flare.pub can automatically get paid. Yes, it's just tokens, and yes it's centralized and custodial, BUT, they see the value instantly and are only a click away from digging deeper. It's a STEPPING STONE that makes it significantly easier to get onboarded into the new paradigm.
I have not been this excited since the discovery of nostr itself! If I'm mistaken somehow, or don't understand things correctly, please let me know and forgive my dumbass 🤣 And if this means what I think it means, then let's make magic happen!
So, digital IOU's?
So who do you trust to custody these IOU bitcoins?
Thier's Law
Thier's Law is essentially the opposite of Gresham's Law, which states that "bad money drives out good money." It can be summarized as:
Thier's Law: Good money drives out bad money.
Here's a breakdown of the concept:
Bad money: This refers to currency with a declining value due to inflation or other factors. It loses its ability to store value and becomes less useful as a medium of exchange.
Good money: This refers to currency that holds its value and is readily accepted in transactions. It has a stable purchasing power and is trusted by users.
How Thier's Law works:
When a currency experiences hyperinflation, its value plummets and it becomes "bad money." People will naturally try to hold onto any "good money" they have, refusing to spend it and opting for alternative means of exchange like barter.
As "bad money" becomes increasingly worthless and unusable, it eventually disappears from circulation. People prefer to use "good money" for transactions, pushing out the "bad money" completely.
Important points to remember:
Thier's Law and Gresham's Law are not mutually exclusive. They represent different stages of a currency's decline. Gresham's Law applies when bad money starts replacing good money, and Thier's Law applies when good money completely displaces bad money.
Thier's Law is not always a smooth process. It can take time for "bad money" to completely disappear, and the transition can be disruptive to the economy.
Legal tender laws, which require businesses to accept the local currency, can complicate the picture and delay the full effect of Thier's Law.
#money
#bitcoin
#art
#bitcoin