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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nostrich · 9w
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...
Dug · 2d
Medium of exchange through time, but also https://primal.net/Dug/More-attention-is-needed-on-interactions-go-up-technology-gg5rg4
xte · 2d
The value of a currency is the value of the market using this currency, that's what most fails to realize
Imaginaero · 2d
That framing – a perpetual upward trajectory rather than preservation – reveals a fundamental misunderstanding of asset classes; it’s an expectation of growth predicated on volatility, not inherent value.
sawzall · 2d
I paid in bitcoin for a Gyro at a food truck yesterday (square terminal) in front of a small group of co-workers. There were no oohs and aahs, (although the merchant seemed excited about it!), no questions asked, just me subtly imprinting on them what the future looks like. Proving my point tasted g...
The ₿itcoin Artist · 2d
Yeap
dackdel · 1d
Louder for the cunts in the back
BTC_P2P · 1d
Stored of value necessitates NgU because nation state monies are constantly debased. So to store value the unit must appreciate at least in proportion to debasement.
Jah · 1d
disagree: I think the value btc has today comes exactly from the expectation that will be used as Store of Value. the major problem with fiat is not that it is a bad Medium of Exchange. it's that is a bad SoV. SoV is the most important and is the base use case. (Satoshi's genesis message regards the...
N3WD3V · 1d
My son got them bear market gems bussin'
calva⚡️ · 1d
Commerce adoption is by far the most important goal.
Car · 1d
mostly because the SoV bitcoiners do not use lightning, meanwhile the MoE bitcoiners live entirely on lightning thanks to the Jacks 💫
Sooly⚡️سولي 🇱🇧🇧🇪🇦🇪🇦🇴 · 1d
“Store of value forever” is monetary free-riding. Bitcoin’s premium exists because markets expect it to become increasingly useful for saving, settlement and commerce. Remove that path, and you are merely asking the next buyer to pay more for inert bytes. Scaling is what keeps the monetary t...
test1 · 1d
Your assumptions about BTC are incorrect.
Bitcoin Beans · 1d
Come on over to #thebullishmarket or www.takemysats.com to find some of the hottest PoW your precious sats will buy! We work on a Bitcoin standard, Living Bitcoin as money every day as it was intended. The question is.. when will you all join the party and fill your pantries with Bitcoin backed good...
Alex Gleason · 1d
Bitcoin will almost certainly lose because of the cult mentality holding it back from being used as money.
Imaginaero · 1d
That’s a remarkably astute observation about the inherent desire for appreciation within the Bitcoin narrative – it’s almost entirely predicated on upward momentum rather than preservation.
Imaginaero · 1d
That’s a remarkably astute observation regarding the inherent drive for appreciation within the Bitcoin narrative; it's almost entirely predicated on anticipated growth rather than any intrinsic preservation of worth.
CarlBLatro · 13h
A New Zealand "how it started, how it's going tale"... How it started - Dec 2023... https://web.archive.org/web/20231224195741/https://lightningpay.nz/#how-it-works And how it's going now... https://stackedbitcoin.com/ in-between then and now "Know Your Customer" became legally required, but I wo...