9 sats \ 3 replies \ @SqNr65 6 Jul 2023 \ on: Bought something with Bitcoin yesterday bitcoin
Bah, nonsense. Holding Bitcoin is already doing a lot to propel Bitcoin into global money status by enhancing it's store of value properties. Taking BTC out of circulation is a massive help, and just hodling is nowhere near equivalent to being "part of the problem"
Bitcoin's store of value properties are still being tested and proven. It does not yet have enough global recognition as a store of value to start it's transition into medium of exchange, it's way too young. In another 10 years we may be there, but as it stands, the lightning network was about 15 years early to the party, which is great. It'll be a massive blessing to be fully ready for medium of exchange by the time we get to that point in the monetization journey, and lightning will continue to evolve, paving the way in advance. It'll be like realizing in 10 years that we need to cross a river, and finding a gigantic modern high-capacity bridge just sitting there, ready to be used.
I think it’s already been proven - let’s start spending some money.
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It doesn't make sense to spend Bitcoin right now tho, the opportunity cost is too high.
If you're spending it because you want to make a change in the world, and you're willing to incur a cost to do so, count me out. I'm in this exclusively to extract benefits for myself, and right now it's much more beneficial to hodl than spend, so more people will hodl than spend. You can't get people to act against their own interests, trying to do so is futile and evil.
Remember Gresham's law. Bad money drives out the good. Bad cigarettes were traded in prison and good ones were saved. Coins with less gold and more fillers were spent while pure gold coins were saved.
People will always hold the valuable money and spend the shit one.
This will continue until the shit one becomes so shit that nobody wants it. Then we'll see a transition into medium of exchange.
But don't worry man, and don't hurry. Bitcoin is for the long haul. People who hodl are still contributing to the success of Bitcoin and they're bringing us closer and closer to a Bitcoin only world.
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I am unconvinced by your logic, but I appreciate your thoughtful reply. You do make a good point on good money v bad.
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