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DETERMINISTIC OPTIMISM 🌞

@NVK 1737812998

You don't have to choose between Bitcoin as Store-of-Value and Digital-Cash.

Fighting SOV bitcoin is like fighting water. Bitcoin is a central bank replacement. It's the only non-counter-party thing you can really own.

The Mempool is sub 5sat/vB, it's cheaper right now to send L1 sats than anything else.

So why don't people send it?

NgU and Gresham's Law will work against bitcoin as Digital Cash until people don't have any other garbage to spend first.

Natural incentives hold bitcoin from being used as digital cash not narratives.

Keep building the Digital Cash tools, eventually there will be nothing else to spend but bitcoin.

4624❤️80🤙30💜3🚀3❤2🔥2

Bitcoin Mises · 65w

Yes. This is the natural cycle of monitization

The ₿itcoin Artist · 65w

You don’t think cap gains and the lack of infrastructure has anything to do with it?

Quantoshi.xyz · 65w

This. This is spot on. And it’s why “spend and replace” was what the cool kids did in 2013. The time to spend bitcoin will come…when your paycheck replenishes what you spent. But by then it’ll just be called don’t spend more than you have :)

ManyKeys · 65w

The important thing is net change: if bitcoin inflows are higher than outlflows, you're good.

bitcoinpoorguy 比特幣傢伙 · 65w

yes no worries eventually more people will spend it because they have no choice

Matthew D · 65w

Read the "boring gray metal" Bitcoin talk post. OP covers this well from like 2010. Market needs a large enough pool of reference prices whereby people demand the goods priced in sats. The entire history of economics relies on reference prices, one system referencing the prior system - building ...

Nathan Day · 65w

Did you just watch my presentation at nostr:nprofile1qqsqhnducqt545lyw4x9t3x3p267wh6zul830xjm47p42hs42jg76rgpzdmhxue69uhhwmm59e6hg7r09ehkuef0rk0w50 😂

Agreed. What do you think about people saying that capital gains tax prevents use of btc as a MoE? I think it’s BS, but curious what others think about that. Especially those I assume are transacting in btc regularly.

I do both. Who cares

JonOthen Suddenly · 65w

Natural incentives is spot on

You're analysis contains some truth but you don't mention another natural incentive that arises from the permissionless nature of bitcoin. You only need to get burnt a couple of times till you realize that sending payments to whoever, whenever with 100% control and better privacy IS in an increasin...

Sov vs digital cash is a high time preference argument and last I checked you can do both.

Tipping point will be when producers of very value stuff refuse any money but bitcoin.

To sum up everything: the money is broken and bitcoin will win.

Lyn Alden · 65w

Citizen-DAF465 · 65w

Yes, but we need to put more pressure on governments in regards to the sale of bitcoin being a taxable event. There are many countries in the world where this is the law and if newcomers to Bitcoin have all purchased via KYC then they are not going to use it as a currency and are forced to hold it ...

sister_sam · 65w

I trust you are using "bitcoin" as general for crypto as you can own many types of crypto without counter-party risk. Artificially short blocks are NOT natural incentives IMHO or due to them unless the goal was to make it unusable as digital cash replacement. Nor is a 100% trackable "digital ca...

Yeah to be added that capital gain taxes on bitcoin play a role here The fact u are theoretically taxed when u spend it is what makes “new gresham law” ; original gresham law is due to authoritarian rate imposed on different money not reflecting what people think it should be There is not that i...

go sue some clockmakers you statist cunt

One of us · 65w

According to Gresham's law, paper Bitcoins would be used as digital cash if they were legal tender.

royster⚡️ · 65w

Amen. People need to understand there is a natural sequence of things. It needs to unfold, but it will

JSheaffer · 65w

Never heard it explained like this before, very nice and thank you

Emin, Nuri.com · 65w

Going to build nuri.com into a simple and secure Bitcoin and Lightning wallet with MPC and Hardware Wallet Security! Posting some slides soon, feedback are welcome!

Very true. It’s still so early. When most stores are accepting bitcoin, and when employers offer to pay in bitcoin, people will start spending bitcoin.

dangershony · 65w

So true, from experience.

My biggest reason to use it less as digital cash is the obnoxious tax treatment. Sure I'll send zaps especially because my lightning funds aren't coming out of the Bitcoin I bought anyway (thanks Ember Fund), but the idea of tabulating every small purchase on my tax returns is insane. We need sane d...

This will change and is changing as banks and payment service providers are aggressively monitoring all transactions with consequences for customers like frozen bank accounts until you've proven yourself not guilty. Also a CBDC a year after introduction will probably misuse their absolute control. ...

Palavra de Satoshi · 65w

What if with bitcoin, the dicotomy "store of value vs cash" becomes obsolete?

This is a helpful take on current SoV and MoE. I’m conflicted, and like many at some point, instead of purely Hodling I feel compelled to use Bitcoin. So I start by buying Bitcoin products like nostr:npub12ctjk5lhxp6sks8x83gpk9sx3hvk5fz70uz4ze6uplkfs9lwjmsq2rc5ky offers with Bitcoin. I seek out gu...

It's less that there's no counter party risk and more that it's widely distributed counter party risk, as with gold. That its value grows is relative to how widely distributed that risk gets -- the more users the network has, the more valuable and low risk it becomes.