Would have felt way better when I told him to go hard at $18k…but I gave him some for his birthday then. He gave me bourbon, I gave him 200k sats
Unless he gets assassinated …
And I can’t say that I’ve ever not been able to make a transaction that I wanted to make because I couldn’t , because fees or something prevented me. I have however passed on using Stablecoins because of the high slippage and difficulty getting rid of the excess change
Ok I misunderstood your position then, I thought you were saying bitcoin can’t be a medium of exchange because it stores value.
Technically I don’t think we need currency to scale bitcoin. Fedi mints, LN, or something else can do this much better.
Why trade an abstraction of the thing, when you can trade the actual thing itself?
I’m not sure the reasoning: do you think the currency has to bleed value to encourage people to spend it? Or do you think there is a technical limitation of bitcoin?
Would I trust it? Maybe for a small amount I didn’t care about losing.
But what is the point? Why would anyone want to receive Zimbabwe dollars over USD? That is what USD is compared to BTC - it’s Zimbabwe dollars.
having something to trade that reliably loses value is not required for economic activity - if it were, why isn’t Argentina1000x more productive than the United States?
Have you read The Bitcoin Standard? It’s an excellent primer on money, how it works and how it’s adopted. Are you familiar with the Yappese Rai Stones?
I know you aren’t, I am trying to bring my point to it’s ultimate conclusion to make it more clear (I don’t know the technical term for that, I’m sure there is one)
I’m pretty sure web 5 started as a troll to the shitcoiners pushing fake decentralized web 3 that was supposed to run on shitcoins.
When google and FB and twitter were censoring really hard during the 2016 election, then turned it up to 11 during 2020, a need was recognized to decentralize the web. Shitcoiners saw an opportunity to scam more VC and retail money, and called it web 3.
Web 1.0 being the glory days of mIRC, FTP, Usenet and Torrents, Web 2.0 is the centralized panopticon we have now.
Currency that is “backed” requires trust. If you trust your government, you do you….I’ll hold your bitcoin.
That it has value is what will make it viable as a medium of exchange. Just because fiat sucks as a store of value, does not mean we need to trade with garbage and save in bitcoin. That is a fiat paradigm.
Bitcoin isn’t the dominant medium of exchange because it is not the dominant money. This is part of the monetezation process. Wanting it to be the medium of exchange, before it is the dominant store of wealth, is putting the cart before the horse. If only .01% of people are using it, how can it possibly be the medium of exchange?
#cooking #carnivore
Superfood breakfast: eggs, liver, heart
I contend that sustained issuance is in fact GOOD for a cryptography- and blockchain-based currency like BTC. The function of currency is to be spent, not accumulated.
As long as it depreciates at a moderate to slow pace, there is no downside or "robbery" in that. On the contrary, as coins get lost (that applies to physical cash too), they should be replaced with newly issued ones, to keep prices stable.
In other words, an uncapped supply would be ideal or even required -- if you really want BTC to be currency.
That idea is at odds with the concept of a store of value, which definitely requires and benefits from a capped maximum supply.
So not only we must separate money and State, but also currency from store of value.
nostr:nevent1qqsznldn9j549ach4kyp6adkuuq3lh8fs28em2udmvxmux0q4czzw5cphqngq
I’ll send you some tether on tron if you zap me the equivalent sats back
My experience is bitcoin is superior and I prefer it with every transaction. I will use stablecoins only if there is no alternative because the slippage is high, and large amounts of change $10-$30 are essentially dust because the amount is too small to get back into bitcoin or any other usable form. Stablecoins are complete shite.
I contend that sustained issuance is in fact GOOD for a cryptography- and blockchain-based currency like BTC. The function of currency is to be spent, not accumulated.
As long as it depreciates at a moderate to slow pace, there is no downside or "robbery" in that. On the contrary, as coins get lost (that applies to physical cash too), they should be replaced with newly issued ones, to keep prices stable.
In other words, an uncapped supply would be ideal or even required -- if you really want BTC to be currency.
That idea is at odds with the concept of a store of value, which definitely requires and benefits from a capped maximum supply.
So not only we must separate money and State, but also currency from store of value.
nostr:nevent1qqsznldn9j549ach4kyp6adkuuq3lh8fs28em2udmvxmux0q4czzw5cphqngq
This is the Keynesian excuse for inflation. “If the money isn’t debased, people won’t spend it.”
No, people are not going to starve to death, living under bridges under tarps, clutching to their precious bitcoins.
It sucks as a medium of exchange because only .01% of the people you trade with, use it. Simple as that. If 100% of people you want to trade with, use bitcoin, it is a phenomenal medium of exchange.
Stablecoins aren’t better at anything. The network is USD, and every person on earth you would trade with, either directly or indirectly uses it.
Finally hooked my first family member…he’s not on zero yet, but it’s a start
I’ve been fairly successful orange pilling coworkers…mostly I start by discussing the problem first, which they have a fair to good understanding of. I then present the solution, and a few have had the lightbulb moment.
I know a flight attendant, beautiful woman even into her 40s, who was working the last leg to her overnight. This one dude stayed on the plane until he was the last passenger - no other people on the plane except the crew, all of which were getting their bags near the forward galley.
The passenger walks swiftly past this FA, in one smooth motion reaches down and removes one of her pumps, holds it in both hands and sticks his nose inside, and sniffs the inside like he’s sniffing a cigar. He then drops the shoe and runs off the plane 😂