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71 sats \ 7 replies \ @LibertasBR 4 Jun \ on: Are we thinking about MoE all wrong? bitcoin
That premise isn’t true from any angle. I’m not saying that donations or charitable acts don’t exist—what doesn’t exist and never has, is free daily consumer goods. Whether we’re talking about AIs, robots, or even alien slaves, everything has a cost.
That said, Bitcoin’s use as MoE can already be implemented today. The high volatility of the currency will only decrease as more people use it as actual money. Once an economic cycle for any good is carried out entirely in bitcoin, volatility will be the least of the concerns—within that cycle, all that will matter is that 1 sat = 1 sat.
Yeah I should have been more clear..free at the consumer level as i told Undisciplined below...Cost will always exist, it's fundamental to reality. But for the everyday person, I simply wonder if MoE will even be a thing, or if it's shifting into a more abstracted background function that keeps the economy moving, and what that looks like in practice
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I just read your comment to Undisciplined. I get what you meant, but I think the reason we see things this way is because we're not fully hyperbitcoinized yet. Fees are still low due to low demand and the current incentive to use the Lightning Network, for example. As mentioned here on SN before, LN won’t always be a low-cost network once it becomes the main layer for everyday transactions.
On the other hand, looking at it from your perspective, the costs we deal with today are inflated due to the massive number of intermediaries involved in every transaction. Even if LN fees rise, they’ll likely still be far below the costs we currently face in the fiat system.
Sorry if I misunderstood the concept you were conveying in your post.
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Except that Bitcoin use as a MoE is explicitly OUTLAWed in most autocracies and very slyly obstructed to a substantial extent in almost all 'liberal democracies'- where to use Bitcoin as a MoE you have to either comply with extraordinarily complex recording of all transactions in order to collate and pay the tax legally due, or IGNORE the law and use Bitcoin as a MoE UNLAWFULLY- which is what almost everyone who does use it as a MoE does- which means that the vast majority are not going to use BTC as a MoE.
You ignore this reality as do nearly all Bitcoiners.
Bitcoin us as a MoE is effectively unlawful or at least impracticable in nearly all jurisdictions.
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Illegal according to whom and for whom? I don’t even need to explain how Bitcoin works to refute the basis of that argument—it's as bad as a troll comment.
Pay your taxes like the slave you are, and be happy!
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Yes you can boldly declare Capital Gains Tax laws irrelevant and declare you will defy them, but most people will not.
You are unlikely to do so in any way you are likely to be identified and prosecuted by your governments tax department too.
These laws have been put in place, imo, to deliberately obstruct BTC MoE use.
I agree given how Bitcoin was created as a P2P payments protocol the laws are absurd- but they are nevertheless the law/s and they do severely obstruct the lawful MoE use of Bitcoin.
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Laws will have to be defined by Bitcoin, not the other way around!
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Yes, except that is not what is happening.
And it is very difficult to see how it would happen- can you explain how it might?
Nation states under which nearly all of us live are applying these laws as they protect the nation states fiat monetary monopoly.
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