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How will Bitcoin become the world's reserve currency, if no one uses it as currency?
You need lower time preference. 🫶
🔥🔥
I think for most is the tax headache issue. Someone was talking about creating a wallet that calculates all the tax stuff for you, what do you reckon?
I think it’s a copout excuse made up by people who wouldn’t spend bitcoin no matter what jurisdiction or tax situation they lived in. But if it’s really an issue, use something like Strike where you can pay on chain and lightning invoices directly from your cash balance without creating any taxable events.
I’m a Euro fag, here we got one tenth of the btc services you guys have in US 😢
Gresham's Law in economics states that "bad money drives out good." It means when there are two forms of currency in circulation, the one perceived as having lesser value (bad money) will be used for transactions, while the more valued currency (good money) will be hoarded or disappear from circulation. This typically happens when there's a lack of trust in the lesser value currency's stability or value.
Did you prompt ChatGPT all by yourself for that reply? You must be so smart.
Haha.. I thought we left the rudeness at X! 🥲 I have a bunch of notes about economic laws and stuff. Thought you would like it, it's not like I was trying to correct your meme. Your memes are great. But yeah, reading it again, I might come off like a prick myself. I blame my INTJ personality. ❤️
“Nostr sucks”
“Never zap anything”
“Why nobody use it”
This doesn't happen if you live on a Bitcoin standard 😏
Chicken and egg. I’d spent bitcoin if shops around me accepted it.
Living off gift cards while larping about being on a bitcoin standard is not the same thing. You’re only profiting the gift card companies.
Therefore the most important thing, ie next 5 years is to HODL Bitcoin which drives merchant acceptance of this asset with price appreciation.
HODL to SPND is my motto.
!!!
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I'm a bit like that cyclist.
I see Bitcoin as a currency, but for later.
For now, I spend in fiat and save in Bitcoin.
I finally spent my first Satoshis with Nostr Zaps; it was also my first use of the Lightning Network.
I'm a bit like that cyclist.
I see Bitcoin as a currency, but for later. For now, I spend in fiat and save in Bitcoin.
I finally spent my first Satoshis with Nostr Zaps; it was also my first use of the Lightning Network.
View quoted note →
Hodling makes sense for a cycle or two to deeply learn about Bitcoin and experience the increase in purchasing power, but after at a certain point this meme applies 💯
Once we finally get over our own mental hurdle though, there is no going back ⚡️
View quoted note →
They are using it as money. Gresham's Law states that artificially overvalued money will drive good money into hoarding. That's still a monetary use. Dollars suck and are overvalued by the welfare warfare state, so the law applies sort of indirectly here even though there is a free market exchange rate between dollars and bitcoin. People want to get rid of their shitty fiat by spending it.
Blah blah blah muh GrEsHaM’s LaW 😂 It’s a hypothesis at best.
It's one example of price controls in supply and demand dynamics, which are very much real.
What I gave was merely a hypothesis because it's not really an example of Gresham's Law except that dollars are overvalued compared to basically all other goods, so all other goods are gonna be hoarded in as much as the people who understand money will use them as money.
But Gresham's Law is certainly true.
I will see your Gresham’s Law and raise you a Thiers’ Law. 😂 My point is, these are just made up “laws” that don’t actually control anything. At best they try to describe behavior, but they aren’t actually laws at all. Do what you want with your money. You can just ignore Gresham and Thier.
They are true descriptions. But human action changes the game. That's how economics always works. You don't have to talk to me like I'm an unthinking redditor. Economic laws govern everything, and yet individuals govern what economic laws will apply to them at any moment.
Notice that I didn't say EVERYONE will or should hoard ALL their bitcoin. I merely implied it's a natural tendency, it tends to often be the rational thing to do in current conditions for a lot of people.
Gresham's Law doesn't even fully apply to bitcoin, as I said
Plus once you run out of dollars completely, what are you gonna use as money?? That's the real problem. People need to go 110% in so that it's hard for them not to spend bitcoin. Hoarding leads to spending, sooner or later.
I will talk to you how I want, just as you will do the same toward me. If you feel insulted by me being direct with you, that’s a you problem. Get used to it or get lost. 🤷♂️ Neither of these (Gresham or Theirs) are laws, as a law is universally applicable. It is stupid to refer to them as such, especially since they contradict each other and yet are both referred to as “laws.” Do they describe human behavior in some circumstances? Sure. Are they universal laws? No. At best they are perhaps hypotheses
The Aco Hypothesis states that a coin in motion will remain in motion.
I didn't feel insulted or bothered. You're reading too much into what I'm saying. I'm afraid you don't understand the economic theory, nor the point I am making. I'm basically saying you're right, but I am clarifying the points for precision. I even said they are NOT universally applicable. If you can't understand that, THAT'S a you problem. I'm only an amateur economist, what do I know about economic laws?
Lol wtf does that even mean, “amateur economist”? 😂
It means I'm an economist but I'm poor lol
😂🫡