195 sats \ 4 replies \ @knorozov 19 Aug \ on: People don't have bitcoins to spend bitcoin
All your thoughts have been adressed in this article from early 2014: https://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/
Until most people save in bitcoin, spending is not important. After that, yes we will spend bitcoin, because we have nothing else.
Or Bitcoin use for MoE has been successfully and slyly obstructed to such an extent that it will never widely be used for MoE.
It will be permanently assigned to use primarily as a SoV.
Much like what the fiat power brokers - bankers and governments, did to gold already.
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It's logical that people will spend the 'softer' money first, then the harder money last if and when they have to. Even if people 'could' spend it... having the technical ability to spend means more sophistication and more education generally, which implies more long term faith in the protocol. And who wants to spend the money someone has more long-term faith in generally anyway?
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The point is that use as a MoE has been IMO deliberately obstructed and as long as this continues to be the trend Bitcoin is not being used as an alternative to the fiat monopoly imposed by nation states and their sponsors the bankers.
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tax reforms really need to take place, i agree with you there. its ridiculous to think yes i just bought a cup of coffee... now what are my capital gains on that? i'm not sure how most people would figure that honestly
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