0 sats \ 3 replies \ @siggy47 19 Nov 2022 \ on: Billionaire Tim Draper Says One Catalyst Will Trigger 1,400% BTC Price Explosion bitcoin
I think Draper's point is silly and simplistic, but I hope he's right. I have to admit that when given the opportunity to pay in bitcoin, my gut feeling is why should I spend my bitcoin, when they will also accept my crap fiat?
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0 sats \ 2 replies \ @f321x_ 19 Nov 2022
Because you're short bitcoin if you own fiat
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0 sats \ 1 reply \ @siggy47 19 Nov 2022
True, but Gresham's Law still applies:
"The course our city runs is the same towards men and money.
She has true and worthy sons.
She has fine new gold and ancient silver,
Coins untouched with alloys, gold or silver,
Each well minted, tested each and ringing clear.
Yet we never use them!
Others pass from hand to hand,
… These we spurn for men of brass …”
The Frogs, Aristophane
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0 sats \ 0 replies \ @f321x_ 19 Nov 2022
Bad money drove out to good because people couldn't use only good money (divisibility, laws) so there was always some bad money in circulation.
With bitcoin this isn't necessary anymore as you can store your full wealth in it and do every transaction in bitcoin. No need to hold bad money anymore, so you can only spend good money.
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