Damus
fiatjaf profile picture
fiatjaf
@fiatjaf
Some people think Bitcoin doesn't have to scale and get adopted enough to become money, it can just be a "store of value" forever.

The first thing is that these people don't really believe in "storing" anything, they want their "value" to go up, not to be stored, so the discourse is already skewed from the start.

Meanwhile all the value Bitcoin has today and all its price growth came from the expectation that it would be used as money (i.e. means of payment etc) at some point.

Because random pubkeys stored on blockchains are just worthless bytes, if we stop making moves towards the only real goal (commerce adoption), then eventually markets notice and all the side "store of value" and related discourses are exposed to reality.

Remember those people that used to say Bitcoin was a ponzi scheme -- I don't know, Peter Schiff, Jorge Stolfi? Their takes were nonsense to me at first because I had in my mind that everybody believed that Bitcoin would eventually become money, so there was no way this was a game of the greater fool, everybody would benefit, even the last person to buy Bitcoin on Earth would benefit from it.

But no, these people just assumed Bitcoin would never become money, and with that assumption their reasoning makes perfect sense: if Bitcoin doesn't become money then it is nothing but a ponzi scheme -- as most of the shitcoins clearly are.

And now we have all these self-described Bitcoiners who think the same, don't be one of them. And please make them wrong again.
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McCoy · 3w
✅I will hoard corn without permission; ✅spend fiat trash to live (basics); ✅until/when producers of really really good stuff refuse fiat, my "MOE era" will begin; ✅only other (MOE) factor/incentive would be the US declaring bitcoin legal tender
Bitcredit Protocol · 3w
Allow us some shame-less self-shilling: The Bitcredit Project has been working hard for three years to realise the real goal. It's getting closer. Expect a cautious soft launch with small sats later in May, while the new mint network is hardening. Schiff and Stolfi will soon realise their mistake...
HODLÉire🇮🇪 · 3w
I'm a few years in now. Happy to pay and receive it for goods and services. Naturally skewed that way as it became a larger portion of my cash balance since it felt like I was going to buy it anyway so why not earn it. And then spending sure I'd have to convert out to fiat anyway so why not Time ...
nostrich · 1w
Stolfi. I almost forgot about him. He was the best Bitcoin critic we had. I really liked his attitude as he tried so hard to find failures in the Bitcoin construct. Also Roger Ver comes yo mind. Maybe it's an irony of history that we are forced to meet again with our past critics trying to understa...