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GM! I wonder why it’s taking Square so long to integrate Lightning invoices into their POS systems and allow Lightning payments from a dollar balance on Cash App. This should be standard. If a business doesn’t want Bitcoin, the payment could go through Lightning, and the owner would receive dollars. Similarly, Cash App users shouldn’t need to own Bitcoin to make Lightning payments, just like with Strike.
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to play devil's advocate: has gold failed as a monetary good? it is not used in payments on a daily basis, and is most commonly thought of as SoV. i would strongly argue that gold has not "failed" by any means. you know i love you and appreciate your work uncle! but, i think that sometimes these "bitcoin fails if xyz" are reductive and subjective (ultimately)
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↩ replying to szarka
to my mind, currency is a country-by-country standard is bitcoin "currency"? i would argue that bitcoin and gold are in the same camp re currency, that being, relative to something else (i.e., usd) i could pay a bitcoiner for goods/services with utxos, just like i could pay a goldbug for goods/services with gold coins. what is the difference?
↩ replying to dern
I mean it as a response to your question: 'has gold failed as a monetary good?' Gold worked up to a certain point of scale for payments, but it couldn't go beyond that. Sure, its price in fiat terms has risen over time - but if you held gold instead of Bitcoin, you missed out massively. Maybe you're looking at it from the perspective that gold was a success for centuries - I can appreciate that. But this also ties into the main point I'm making - if something comes along that's somewhat similar as store of value *and* is better for payments, that something will win.
↩ replying to dern
Governments (in particular the US Gov) removed our ability to use a money backed by Gold. They converted our Money from Gold and Silver coins to Paper Certificates, then removed the backing of that paper. Do not let them do this again with CGT, ETFs and custodial solutions. Bitcoin can be used as Money today, and in order to ensure it can be used as Money tomorrow, you should use it.
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No. I, and many others, will hoard bitcoin to protect against future uncertainty. I will do this without permission. This is using bitcoin. I will work to AVOID force selling. This is the playbook until: 1) I get paid in bitcoin or 2) the producers of really good stuff refuse my fiat - this will kick off the MOE era
Sorry but i agree with both view. * For me bitcoin is nowadays buy by big investors and it means they will hold a lot of bitcoin they will use as an invest value, to sell it at a higher price. I am not sure you will be able to pay little food ticket with the blockchain, of course you will be able to pay foods, but not the most tickets. I think other payment will do it better than bitcoin (like lightning) and for cheaper fees. So bitcoin will be used for some payment (more expensives ones) due to his fees, and this will not be better when miners will have only fees to "mine" and no rewards anymore. * I also agree with the vision that bitcoin MUST stay a payment / store money value, and not a everything store blockchain. It have to keep prioritizing payment on any other purpose, and there is no debate on this point. If bitcoin became a shitcoin blockchain, it will be the end because investors will leave the chain (no more "value" to store or gain). I also agree with some who say that if you allow to store everything like it is possible today, you can influence the payment time (by higher fees), and this is not acceptable. The priority MUST always be the payment because it is his purpose and even his main value ! In some words, #bitcoin is for payment and to store "money" value for inverstors this is his main purpose. If you let some other things been store on the blockchain it will have to be "secured" enough to avoid any conflict with the main purpose (and it is not the case today). If you don't be careful about that point this will really be the death of bitcoin. It is what all of you (each sides fighters) want ?
Around 1% of global population owns Bitcoin. It’s unrealistic to expect it to be a currency. It will happen but it’s going to take time. Meanwhile all we can do is make sure privacy is inbuilt and the infrastructure is there for when it does become a currency.
Hot take but why spend an appreciative asset, bitcoin, when I can save in it and spend a depreciative liability, fiat? It makes more sense to spend bitcoin in a bitcoin world than in a fiat world.