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I'm writing this to critique this post here appearing in Bitcoin Magazine:
"Beyond The Vault: Why Bitcoin’s True Power Lies In Motion" https://bitcoinmagazine.com/culture/beyond-the-vault-why-bitcoins-true-power-lies-in-motion
Posts like this one (from the chief of staff at Breez) in my opinion do not help us, and they completely miss the forest for the trees. They miss the big picture.
The author writes, critiquing Michael Saylor's "Store of Value narrative":
Your SoV obsession misses the mark—badly. The biggest aspect of Bitcoin is the medium of exchange.
Not true. A ****coin can be a 'medium of exchange' and used 'for payments' too but it would be pointless. In fact many proof-of-airtoken ****coins are better 'at payments' than Bitcoin in some way. But are they better overall? Do they matter?
No.
...but simply using Bitcoin just to store value is attacking it. That approach will turn it into digital gold 2.0, captured.
Total nonsense.
There’s no store of value without a medium of exchange! The medium of exchange comes first.
A medium of exchange without the 'hodling' and savings and trust as a foundation... is completely pointless. It's not worth anything.
...then immediately call Bitcoin one of the world’s most liquid markets, running 24/7/365. Guess what? Liquidity means medium of exchange.
Yes, well you know what else has a liquid, 24/7 market that runs 365?
The Bond Market.
And guess what isn't so "risk-off" as of late? That isn't looking as "safe" anymore?
  • US Treasury Bonds
Billed on Wall Street as so rock-solid safe they’re risk-free, US Treasury bonds have long served as first port of call for investors during times of panic. They rallied during the global financial crisis, on 9/11 and even when America’s own credit rating was cut. But now, as President Donald Trump unleashes an all-out assault on global trade, their status as the world’s safe haven is increasingly coming into question.
This has profound implications for the global financial system. As the world’s ‘risk-free’ asset, Treasuries are used as a benchmark to determine the price of everything from stocks to sovereign bonds to mortgage rates, while serving as collateral for trillions of dollars of lending a day.
In other words, does this look normal to you?
Because when US Bonds, Stocks, and the Dollar all sell-off simultaneously... we call that the "sell America" trade.
  • So what is the 24/7 liquid neutral alternative, that countries can begrudgingly agree on, to America? Where do you go to 'protect capital' that trades 24/7 that's neutral, safe, without the risk and manipulation of any one country?
The Swiss Franc? The Japanese Yen? The Euro?
Because it's not looking like the United States:
It's time to look at the big picture.

Back to the original article:
Where does Bitcoin fit into all of this? The prevailing narrative urges holders never to sell, positioning Bitcoin solely as a store of value.
It is impossible to 'convince' people to HODL. Or to sell. Or even to 'use' Bitcoin. Market forces shape all of those things. You can't 'convince' people to buy an ice-cream cone.
And the truth is that people have many ways to spend. Companies provide more apps, services, and "methods" with which to spend than ever before. People don't have a "spending" problem...
[These pictures are taken from this article about the Miami luxury real estate market which is BOOMING: https://www.wsj.com/real-estate/luxury-homes/miami-real-estate-entry-level-homes-62f252d3?mod=hp_featst_pos4]
A couple with no children that buys a 12,000 ft house with 11-bedrooms in Miami... doesn't have a "spending" problem clearly they know how to spend.
Drive around Miami and you'll see what I mean...
To the contrary, they have a "savings" and a "capital-management" problem because energy is capital and traditional capital is CONSTANTLY losing energy at-risk of dilution.
THIS is the front page of Bloomberg this morning.
Do you see anything here to suggest that people face a "spending" problem?
To the contrary... it's a capital-management problem. Where do I put my capital, energy essentially so it's at the least risk of dilution with the greatest risk of return?
Well?

I will "die on this hill" when I say that Bitcoin is an energy distribution and capital management network. It is NOT a "payments network" per se. Shitcoins can be used 'for payments' but they have ZERO energy.
To the contrary, when energy is settled on the Bitcoin network a payment takes place. And when capital/energy exchanges hands conservatively from peer to peer ON Bitcoin... Bitcoin is "for payments" plus capital distribution.
There is no reason to believe then, that value settlement the size of the Bond Market can't and won't "settle" on Bitcoin in the future, at which point Bitcoin becomes a global settlement layer foundational to ALL the Capital Markets.
What do you NOT see on this page?
Any mention of Bitcoin. Which is a shame because when the world, in my opinion, finally figures out what Bitcoin is relative to everything else risk-adjusted it will 100x.

I love Lightning and use it everyday and I couldn't be more positive on its future. And I think 10s of thousands of companies will integrate Lightning... to be more productive, more profitable, with better customer service. It really is Bitcoin's scaling layer and it works.
From the original article:
[in writing to Saylor] Instead, you’re speculatively hitting those who fund your Bitcoin buys. You’re not just hurting them; by strengthening the dollar...
The dollar is not strengthening.
Even this guy says so.
So don't forget the big picture. Lightning is amazing and when there are more places to "spend" Bitcoin:
The world will 'get' it.
Bitcoiners are just far, far ahead of everyone else.
If I had to pick sides though I think I'd pick the Breez guys and what they're doing over what Michael Saylor is doing
I basically think bitcoin can be used as both a MOE and a SOV and we want to build tech that makes both as simple as possible
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I agree. And like I said I think Lightning is amazing. I think Bitcoiners are just 'early' and 'wall street' is oblivious. Otherwise bitcoin would be traded risk-off rather than risk-on but that is changing too I believe... and when that light-bulb clicks it will be momentous.
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Zap this comment!
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Bitcoin is being captured by the narrative of it being a speculative commodity. This narrative has been supported and encouraged by fiat operators. Because as a speculative commodity Bitcoin is of little to no threat to fiat money. It is just another speculative commodity plaything they can KYC, track and trace, deal in and tax. The more Bitcoin is seen as and used as a speculative commodity the less it is used as a p2p payments protocol. How much Bitcoin is now not KYCed and taxed? 10%? Maybe less. By defining Bitcoin as a speculative commodity governments have made use of it as a MoE impractical and largely succeeded in obstructing adoption for use as a payment mechanism. Because as a speculative commodity every time you buy a coffee or zap a comment you are obliged to make a tax liability calculation and pay the tax due. This makes it impracticable for anyone to use Bitcoin as a everyday MoE. It achieves it subtly and slyly without out banning it- but it achieves it nevertheless. The monopoly over MoE is fiats basis of power and Bitcoin has been successfully obstructed from challenging that base. ETFs and strategies like Saylors concentrate custody of Bitcoin into mostly US domiciled institutions. They hold custody and prevent that portion of Bitcojns total issuance from being used as a p2p MoE. They are also vulnerable to any compulsory order the US government may make- such as an Order 6102B- where their holdings could be compulsorily acquired if it was deemed necessary to protect and preserve the strategic integrity of the USD. The original order 6102 was very effective because most of peoples gold hiolding were already held under the custody of banks who could be more easily forced to comply with the order.
As long as Bitcoin remains almost exclusively a speculative commodity no Order 6102B will ever be required- they have succeeded without need for such a crude and overt suppression.
While banking bans on businesses accepting Bitcoin may have reduced under Trump they are still in place in most jurisdictions where Bitcoin is allowed to be traded as a commodity. Here in New Zealand anyone opening a bank account is asked if you are involved in any 'crypto' activity and if you will use the bank account to facilitate any crypto trading. Banks can refuse to provide a bank account if any 'crypto' involvement is declared. Businesses declaring Bitcoin involvement eg accepting it for payment are very unlikely to be accepted as an account holder with the bank.
The obstruction of Bitcoin as a MoE in liberal western democracies is subtle but comprehensive and effective. In autocracies and quasi autocracies like Turkey or Thailand it is usually much more direct with clear bans on use of Bitcoin as a MoE.
Because in both democracies and autocracies, Bitcoin is a real threat to fiat hegemony.
To think that threat is not being taken seriously and obstructed very comprehensively is to be drunk on hopium. Bitcoin is a peaceful revolution - confronting the most powerful, wealthy and determined organised power structures on the planet. Banks and their client governments.
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The medium of exchange comes first.
I think this misses the mark because it's not use as MoE that comes first, but rather proof of the MoE potential. Bitcoin is valuable because people expect to be able to exchange it later. This is similar to gold. It doesn't matter that there's almost no gold use as MoE, because we know gold can be used that way, while preserving purchasing power.
Now I'll continue reading your commentary
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How do you use bitcoin day to day?
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Nice try fed
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For now, just stacking and working on the minds of local merchants to accept sats. It's difficult in a big metropolis, but little by little I'll get there.
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Stacker News, Nostr, Bitrefill Occasionally
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sooo... that means NOTHING. I suggest you to read this old article https://fee.org/articles/what-gave-bitcoin-its-value/ then let me know when you start earning in btc, spend in sats and save in sats. as I do for many years now...
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If there were more places to spend Bitcoin I would use it. There aren't where I live. I made this post to detail my experiences with Lightning in Lugano and it was great #838975
But I had to travel long distances just to get there
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If there were more places to spend Bitcoin I would use it.
LOL the old idiotic excuse for lazy fiat maxis...
There no enough places to spend your sats BECAUSE YOU ARE SO LAZY AND DO NOT CONVINCE AND HELP MERCHANTS AROUND YOU TO TAKE YOUR SATS.
But I had to travel long distances just to get there
WRONG. You do not have to travel to be able to pay with sats, You have to create the Bitcoin circular economy around you. That is adoption.
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Most people do not have the time, energy, understanding and thus motivation and ability to do as you advocate.
The fiat powers know and understand this and use it to their advantage.
I don't really get anything out of this post
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That's ok. Thank you for your feedback
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