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Kolby profile picture
I bought bitcoin today 😁 I bought bitcoin yesterday, and the day before, and the day before, etc., but I bought today too. You should buy some bitcoin!
sms · 40w
Been done before for years: what hypers shall not mention as usual, is how few merchants will actually "receive " bitcoins rather than fiat in such custodial setups .
 Kolby profile picture
Kolby @kolby
The difference is Square is in use by 4 million merchants in the US alone. This roll out is enabled by default for all merchants, meaning customers can now spend bitcoin at 4 million new merchants without the merchant having to do anything at all.
If you fail to see the significance there then you’re blind.
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sms · 40w
You're the blind one for hyping such mass financial surveillance hubs, just for #NGU for yourself. Useful fools and knaves is the way the status quo shall be maintained by your owners in your gangsterment.
Nathan Day · 40w
Come join the Discord! Biggest challenge here is cultural and UX. https://discord.gg/wPqva83uzq
Kolby profile picture
The real point of spending your sats today is to drive and incentivize merchant adoption. We want to live in a bitcoin standard, but to get there we need merchant adoption. Right now Bitcoin is primarily an investment and store of value, and there is demand by merchants for it, so spending sats incentivizes merchants to adopt it as a means for them to grow their stack. But ultimately it leads to wider and wider adoption.
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corndalorian · 40w
https://blossom.primal.net/86aa5cc4fefad6c9a9eba8fad22922ba5c7de908889c903749b7a6635a443106.jpg
 Kolby profile picture
Kolby @kolby
Adoption is a gradual process. Most people can’t live a Bitcoin standard yet. We are still very much in the “Bitcoin is an investment vehicle” phase of adoption.

Ultimately the goal is for it to be used just as money. First comes merchant adoption (as a means to stack sats), then hopefully employees will begin wanting their income as BTC, but before we get there, utilities, bills, taxes, etc gotta start accepting BTC too.

I’m hopeful though! I think we’ll get there eventually. And someday we’ll celebrate those who spent their sats early on to support merchant adoption similar to how we celebrate pizza day now.
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corndalorian · 40w
People just make up bullshit like “phases of adoption” and say “we are in this phase” to try and sound smart. Bitcoin is money. Great for savings. Great for spending. Use it wisely.
Alan ₿ · 40w
A common misconception: miners don’t mine Bitcoin. They mine blocks. The Bitcoin they receive is a byproduct of successfully mining a block, consisting of the block subsidy plus any transaction fe...
 Kolby profile picture
Kolby @kolby

Good post making that distinction.
I recently got into solo mining with a bitaxe gamma. Ive been into bitcoin for years and thought I had a good understanding of how mining works, but getting your hands dirty really blasts away a lot of misconceptions.

I guess I never really had a good understanding of nonce and difficulty until now.
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Kolby · 40w
nostr:nprofile1qqsgydql3q4ka27d9wnlrmus4tvkrnc8ftc4h8h5fgyln54gl0a7dgspzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqfnwaehxw309ah8wcewwpexjmtpdshxuet59ashjan2d3jkjmrd0qcxzmphdge8qut5xg68zetyx9arwcfcwvmu86vm So it is lightning, then how is the auto convert managed? Will square be doing auto-swaps to on-ch...
miles 🌞 · 40w
There’s 4 million square merchants in the US. I imagine we could have a simple toggle to let merchants opt into automatically being added to the map.