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0 sats \ 11 replies \ @Tristan OP 17 Oct \ parent \ on: Bitcoin’s Scalable Future: How Collateralized Credit Cards Will Drive Adoption bitcoin
How is it bullshit?
How so? What does adoption look like to you at scale with onchain fees? What about lightning infrastructure? Developer adoption? VCs funding these tools? Developer education? Is it so bad if we used fiat as a bridge to onboard millions to Bitcoin?
The end goal is to onboard to people to LN Wallets and such, but until then, this is the next best thing imo. The closest thing we have to this today is people using cash app, but even then, how many people USE the Bitcoin they bought?
Definitely not. This is a very realistic future.
If Bitcoin is the future of money, we have to USE it.
we have to USE it.
oh yeah? by giving them away to Saylor in exchange for crap fiat ? That is the future in your vision?
FUCK THAT SHIT.
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giving them away to Saylor in exchange for crap fiat ?
No one said anything about Saylor, it seems you didn't read the article I wrote. You can use BitEscrow to deposit them into a contract.
I have been building it for 3 years with my CTO so that you don't have to use a bank at all. BitEscrow is noncustodial and open source. I encourage you to have an open mind and check it out.
My Vision is the following:
- Deposit Bitcoin into a contract from any source you want; it's your money. This can be from Coinbase or wherever else.
- Hey THIRDPARTY I have 1 Bitcoin in a non-custodial deposit account, can I get a credit card backed by that? Or a loan in fiat? (anything else you can imagine)
- Let's assume it's a credit card: "sure thing, here you go. This card works at any point of sale, by the way!"
- you are now using the existing rails of fiat to use Bitcoin.
What do you think? I really encourage you to think about the implications of Bitcoin as collateral.
Furthermore, I don't think very highly of Saylor. His lack of contributions to developers is disappointing.
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The question is simple:
If I deposit BTC, what you will give me in exchange? Fiat? NO FUCKING WAY!
you are now using the existing rails of fiat to use Bitcoin.
I do not need any fiat rails! ONLY Bitcoin.
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Listen, I get where you’re coming from. Using Bitcoin and relying on fiat rails can feel like a contradiction, especially for hardcore maxis like you.
But let’s be real about the current state of adoption and infrastructure. If the goal is to bring Bitcoin to the masses, we have to acknowledge that most people aren’t ready to completely let go of fiat money, let alone the systems. They’re familiar, ingrained in daily life, and work with existing habits like credit card usage. The idea behind Bitcoin as collateral is to bridge this gap for the average person.
What you’re getting with a Bitcoin-backed credit card isn’t fiat in the way you might think. You’re using Bitcoin as collateral, allowing you to spend against it without selling it or converting it to fiat. The goal isn’t to stay tied to fiat forever, but to use a tool people are already familiar with (credit cards) to drive Bitcoin’s real-world use at scale. It’s modular, scalable, and doesn’t force people into complicated technology right away.
The world isn’t ready for a Bitcoin-only economy yet, but we can’t let that hold us back. Using Bitcoin as collateral is a good way to get started.
Example: Mutiny wallet. An AMAZING wallet. It was perfectly aligned to the ethos of everything Bitcoin. Love the team and product. But it did not get adopted by the average person.
The average person may have heard of Bitcoin, maybe they have some Bitcoin in Coinbase, but they have definitely not heard of the Lightning network. But they already have a credit card.
The goal is to gradually reduce reliance on fiat as Bitcoin becomes central to the financial system.
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If the goal is to bring Bitcoin to the masses
No is NOT.
You learn, adapt and change to Bitcoin or... die as a fiat slave.
allowing you to spend against it without selling it or converting it to fiat
So what I will spend? If you give me another sats, then why I should give them to you in the first place?
I spend what I have. That's it.
I don't have enough... I so not spend, I work hard to earn more.
That's all.
Please stop saying this bullshit "bitcoin as collateral". This will bring only more problems. Who doesn't want to adapt to Bitcoin, so be it. Fuck'em!
It is Bitcoin and that's it. NOTHING ELSE.
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That’s too harsh a leap. They aren’t going to abandon their habits overnight. We can talk all day about ideals, but the fact is, the average person isn’t ready to ditch fiat entirely—yet.
Godspeed.
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I don't give a shit about average Joe, that one will never use Bitcoin, will die as a poor slave.
As I said: Bitcoin is only for the brave and knowledgeable.
Making "bitcoin as collateral" you will bring only more trouble from gov intervention and create again and again the same bullshit fiat: some banksters will hold BTC and they will give in exchange some bullshit fake money.
With this crap proposal you only want to fool idiots to give you their BTC and you give them in exchange a bullshit crap token.
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some banksters will hold BTC
BitEscrow is non-custodial.
Anyway man, I enjoyed our conversation. Obviously we have different views and goals and I’m not changing your mind. I encourage you to check out our source code and what we built.