pull down to refresh
0 sats \ 2 replies \ @kepford 22h \ parent \ on: Saying 1 btc = 1 btc when fiat price goes down is stupidity/cope bitcoin
Is it? It would be if you had no other money to use. If you hold one money that is undervalued by the market today and another that is overvalued which one are you gonna spend? When you understand why the fiat exchange rate is actually signaling you will get what Jeff is saying. I wrote about it in my comment earlier. This is a good analogy you use. It explains one reason bitcoiners hold bitcoin instead of trading it for perishable goods like food.
Jeff isn't saying price in fiat isn't a metric to look at every. But that's not what most people are doing. They are ONLY looking at price. Because they don't see the full potential of bitcoin. If they did... bitcoin's price would be much higher.
I look at the fiat price as an irrational thermometer for what the ignorant masses think about bitcoin's value. Like many things... they are wrong but will learn as they are taught more hard lessons.
Yes, the number of bananas you can purchase with your bitcoin is very important over the long term. I am not concerned with day to day price movements. Here is something I wrote elsewhere:
Bitcoin is money. A really good money. Perhaps the best money.
But a human does not require money of any form to live their short lifespan on earth.
They need food, water, shelter, etc. The money is just a means to obtain the things we really need either now or in the future.
That is why how many cars, bananas or homes you can buy with a bitcoin is vitally important. Every rational holder of bitcoin would want to be able to exchange that bitcoin (now or in the future, for yourself or your heirs) for more goods/services, not less.
reply
Yeah, 100%. Here's what I may have not communicated clearly. While bitcoin is the best money we've ever seen... it is not a generally accepted medium of exchange. Can it be that? Sure. It can. I believe it will be one day. It isn't today. A lot of bitcoiners don't like to read that or hear that. I'll get called names. The reality is that most people don't see bitcoin filling this function. That's what I'm saying. So... if you need to spend your bitcoin today to live... do it. And price matters a lot to you. No shame in that. Jeff is speaking to traders that trade to gain fiat. I don't have a problem with them. They wanna play games. Fine. I believe in freedom.
reply