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181 sats \ 2 replies \ @Undisciplined 20 Mar \ on: Hypothesis around bitcoin adoption bitcoin
I agree with the overarching point you're making, but on a few particulars I don't think you're right. I'll grant that you're talking specifically about medium of exchange, since obviously the cost of not choosing bitcoin as a store of value has been enormous.
I think the issue is that the cases where there is a cost of not using bitcoin do not come up frequently enough for most people to make learning how to use bitcoin worth it. However, there's a related knowledge problem that we presumably can overcome, which is informing people of the cases where bitcoin has lower transactions costs.
My impression is that people discover bitcoin and become super impatient for everyone else to discover it, too. For now, the use cases are somewhat limited and that's going to mean we have a fairly gradual adoption rate.
One of the things that's so exciting about Stacker News is that it is the type of thing you're talking about. This is the best social media environment I'm aware of and anyone who wants to take part has to use bitcoin to do so.
since obviously the cost of not choosing bitcoin as a store of value has been enormous
Yes, that is a good point. I think most people are still in disbelief in this regard, however. In their eyes, this is not a cost.
I also said a few things with too little specificity. E.g., the costs outweigh the benefits. I should have said the costs outweigh the perceived benefits. People don't know the benefits so their perception of them is small.
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Right on both counts.
Also, now ETF's and MSTR stock will usurp holding bitcoin's function as store of value for most people.
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