jack's avatar
jack 9 months ago
Satoshi: “Bitcoin: A Peer-to-Peer Electronic Cash System” Governments: “Bitcoin: Digital Gold”

Replies (134)

Matthew's avatar
Matthew 9 months ago
Not mutually exclusive. The former reinforces the latter. Adoption of a functioning p2p digital cash happens for the same mimetic reasons that gold emerged as the preferred monetary asset. If it's something I think others will want as money, then it's what I should use as money.
1 replies ↓
jgbtc's avatar
jgbtc jgettbtc@jgett.com 9 months ago
Every individual user has different circumstances and so different needs. Government needs digital gold so that's what bitcoin is to it. Other people need p2p cash and that's what it is to them. It can change for the same person one day to the next. There's no reason to impose one use case on everyone.
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npub19q7c...3ajd 9 months ago
You need one before the other. No one will use it as cash until it is accepted as a store of value by most people we are not there yet.
1 replies ↓
WolfMacbeth's avatar
WolfMacbeth wolfmc@iris.to 9 months ago
You’re absolutely right. Satoshi envisioned Bitcoin as peer-to-peer electronic cash, but governments and institutions often frame it as “digital gold,” potentially to limit its use as everyday currency. For instance, Federal Reserve Chair Jerome Powell remarked that Bitcoin is “just like gold, only it’s virtual,” emphasizing its role as a speculative asset rather than a payment metho
Derek Ross's avatar
Derek Ross derekross@grownostr.org 9 months ago
Governments adopted that saying from Saylor, but I believe bitcoin for purchases comes next in this long process. Eventually the price goes up enough to where people with their own stockpiles of "digital gold" will want to utilize their new purchasing power.
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Brock's avatar
Brock 9 months ago
Bitcoin is better than gold because it is a peer to peer electronic cash system. But it holds value better than anything else that is transmitted electronically. From a government’s lens, the immediate value is in the storer of value function. The ease of transmission is one of the reasons why they should save using in bitcoin rather than gold.
1 replies ↓
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npub1ah3a...l76e 9 months ago
That was part of the Bitcoin takeover orchestrated by CIA/Bilderbergers. Now we have Monero. Bitcoin is not fungible. Never will be.
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npub1ah3a...l76e 9 months ago
We already see the fungibility problems right and left. BTC will never be a MoE. Maxis got their SoV at the cost of never becoming MoE. Use Monero if you need a good MoE.
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npub1p8k5...784l 9 months ago
We need to accelerate lightning integration across the web Lightning login should replace Google login Until that happens, Bitcoin will remain "digital gold"
Tomson's avatar
Tomson 9 months ago
If I had to build a time machine, I would start with Bitcoin, and if not, ask the one who was running and and also to the one inventing the bitcoin trees.
1 replies ↓
Satosha's avatar
Satosha satosha@nsec.app 9 months ago
If the price goes up ( for foreseeable ever ) why would I spend my #sats ? If I don't , then no ancillary infrastructure (like plastic cards and swipe machines ) would be built and mass adopted .. It becomes cash ..only if corporate like Strategy ( or #SBRs) fix the price of #bitcoin at say 10 K .. which they can do very easily .. eg - start selling if the price goes above 10 k and start buying if it goes down ..
1 replies ↓
Satosha's avatar
Satosha satosha@nsec.app 9 months ago
Which means people like Jack should do something to make this future happen .. or else it is just a lip service ..
Laser's avatar
Laser laser@primal.net 9 months ago
The lowest risk position to hold in #Bitcoin is to purity signal against governments and corporations. But here's the reality: #Bitcoin is nonpermissive. We can't stop groups from saving in #Bitcoin. Not corporations. Not governments. Saylor's posture, of #Bitcoin realism, takes more courage than Jack's, IMHO. Getting the trojan horse in through the gates takes huge personal risk and lots of work. Sitting back and negging is great for making anarcho friends online but does not advance game theory or shape it in our favor. The adoption path for #Bitcoin is not linear. It is occuring all at once. Power is ordered in the world, but still distributed. Governments and corps would plainly be the last to adopt private internet cash. SoV clearly comes first for them. But developing and deploying privacy-preserving payments is not blocking on Gov approval. We don't need permission to, slyly and in a round about way, introduce private payments into #Nostr and into real world economies. The developmenr of #Ark, for example, doesn't need to care about how govs and corps use Bitcoin. Think nonlinearly. Think nonpermissively. View quoted note →
2 replies ↓
Ioana 's avatar
Ioana 9 months ago
let's embrace their interpretation for now. still much to be discovered.
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npub10jnx...vcrd 9 months ago
If only people could easily spend Bitcoin at point of sale, like say at those ubiquitous square terminals image
SenditMike's avatar
SenditMike 9 months ago
Gold is an analog peer-to-peer cash system. So they are both right. Bitcoin doesn't care what we say it is. Bitcoin just is. Whatever it "is" to each entity, that is what it "is" to them.
1 replies ↓
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FikaTimeBooks.com levijohnsonnet@iris.to 9 months ago
There are two major personality types, on a gradient. There are Sensors who understand the world through their senses, what they can touch, see, taste, etc. They tend to strongly prefer non-abstract, concrete language, so they would prefer calling Bitcoin "digital gold." Peer to peer e-cash system won't make sense to them because they can't see it or touch it. Then there are Intuitives who are far more comfortable with the abstract and conceptual dimension and language along those lines. A description of Bitcoin as "Peer to peer e-cash" rapidly makes sense to them even though it's not a system that anyone can touch or see in a physical domain. This is why gold bugs like Peter Schiff struggle so much with Bitcoin. Peter Schiff's unchangeable psychological temperament is Sensor. Since they can't touch Bitcoin, but they can touch gold, and they would gravitate towards gold, since it works kinesthetically in the moment, spacially. The major distinction between Bitcoiners and goldbugs is the domain of their psyche's that they trust and are more sensitive to, whether Sensory, or Intuitive. So if the government says Bitcoin is digital gold, even though we know that's not fundamentally true, try to cut them some slack because they may be doing their best to communicate in a way that Sensors are more familiar and comfortable with that will help them get on board.
jack's avatar jack
Satoshi: “Bitcoin: A Peer-to-Peer Electronic Cash System” Governments: “Bitcoin: Digital Gold”
View quoted note →
Konqueror's avatar
Konqueror 9 months ago
Both represent real value that can be stored or exchanged. Trying not to get too caught up on the word choice.
Micael's avatar
Micael micael@primal.net 9 months ago
IT IS BOTH. It's natural for some actors to want to pigeonhole it into a box. But that doesn't change the fact that it is still a superior form of a medium of exchange, thousands of times faster, more secure and more private than any other. And its also the best form of money, property and store of value ever invented. We the people must push it as a medium of exchange since its not in their best interest. Which comes first the chicken or the hen? View quoted note →
2 replies ↓
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npub1r52w...euf3 9 months ago
Bitcoin can never be used as a currency because it cannot be scaled. There is a currency out there that we can use that is available right now. It's called Monero.
1 replies ↓
🐈's avatar
🐈 9 months ago
And if I wasn’t, then why would I say I am.
🐈's avatar
🐈 9 months ago
Ever hear of lightning?
O Expedicionário's avatar
O Expedicionário 9 months ago
Or eventually people accepting bitcoin desist the tax nightmare —a global (transparent) currency doesn’t mean global transparent taxes. Hope i am wrong
1 replies ↓
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npub1r52w...euf3 9 months ago
Monero has fees, but it's very little. You have to be a retard to think that Bitcoin can be used in society as a currency. Manero could be used as a currency, but it was severed dated around 2012-2013 by the CIA to lower the hash rate, the transactions per second, so they can't compete with Visa and MasterCard. But the people that work on Monero knows the end goal of the world elites. Total control with a digital dollar social credit system, AI system, whatever they want to call it. It's the control grid and we're making a counter to that and that is Monero.
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npub1r52w...euf3 9 months ago
01001111 01101011 00100000 01110010 01100101 01110100 01100001 01110010 01100100
Clippycoiner's avatar
Clippycoiner 9 months ago
Bitcoin is both. Former is Lightning Network, latter is the Blockchain.
ShiShi21m's avatar
ShiShi21m shishi@nostrplebs.com 9 months ago
"I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions." -Hal Finney
lilith's avatar
lilith 9 months ago
lol. lmao. are you people ever going to explain why you took twitter algo away from me?
Toby McMann's avatar
Toby McMann 9 months ago
The world is searching for the next reserve asset, and it is now defining the battlefield of East vs. West power struggle. In times when nation states don't trust each other, what neutral asset will they accept from the other? Not yuan. Not dollars. Etc. They are not neutral and their ledgers are not immutable. The US is leaning into BTC. Russia has declared gold. China is buying gold. The world will decide.
rift 's avatar
rift 9 months ago
You’ve done your homework
ADK's avatar
ADK 9 months ago
The ‘digital gold’ narrative is played out and doesnt add any valuable incentive anymore to the future of Bitcoin. At the start of the Bitcoin network it was needed to create the urgency for people to HODL Bitcoin and to gain exposure for the network. Yet after the Bitcoin ETF was introduced at the 10th of January 2024 the narrative became futile. Are only hope to keep the Bitcoin network going in the future is transforming Bitcoin into ‘A peer to peer electronic cash system’ just like Satoshi Intended. Don’t waste to much of your wealth on grifters in opensource development @jack but rather invest it in highly curated projects to achieve Satoshi’s objective. Tried to work with several people within Nostr to create dapps and innovate peer-to-peer electronic transactions.. they don’t care. They just want to grift for grants or become a ‘name’ in the Nostr community. Waste of time.
Newton's avatar
Newton 9 months ago
jack's avatar jack
Satoshi: “Bitcoin: A Peer-to-Peer Electronic Cash System” Governments: “Bitcoin: Digital Gold”
View quoted note →
hasky's avatar
hasky 9 months ago
Satoshi must have be headcahe 🤕
hasky's avatar
hasky 9 months ago
This is not as expected bitcoin tone digital gold
tainya's avatar
tainya 9 months ago
なあ あんたが昔作ったアプリ壊れてるで
Latrica's avatar
Latrica latrica@primal.net 9 months ago
The OpenSats grants are currently on hold. What are some other ways to get funding? What’s the process to get a startsmall grant/award?
Nostr Recap's avatar
Nostr Recap recap@nostr.eco 9 months ago
========================== #7 ⚡ Most Zapped Last Week ========================== Nostr’s Value4Value (V4V) model is all about plebs directly rewarding creators for the value they receive, no middlemen fees, no ads, just pure community-driven support using sats via the Bitcoin Lightning Network. Thanks to
ZAPLIFE.LOL
A decentralized Craigslist running on Nostr
 by @PABLOF7z for providing this data. Here are the top zapped posts from last week, showcasing creators who received the most engagement: 🔥 Top 3: Most Zaps 1. Zaps Received: 87 Sats Earned: 11k View quoted note → 2. Zaps Received: 71 Sats Earned: 30k View quoted note → 3. Zaps Received: 58 Sats Earned: 9k View quoted note → 💰 Top 3: Most Sats 1. Sats Earned: 130k Zaps Received: 54 View quoted note → 2. Sats Earned: 30k Zaps Received: 71 View quoted note → 3. Sats Earned: 11k Zaps Received: 87 View quoted note → #most-zapped_nostr_recap
cinta's avatar
cinta 9 months ago
Wish everyone have a good day .please have a look at my art and if you like , tip me here image
flatoshi's avatar
flatoshi 9 months ago
Interesting. I've been thinking about this a lot lately. I think it's a temporary phase because people are slowly starting to understand what hard money is.
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Dan 9 months ago
Not helping the rumours 😂🤷‍♂️
rift 's avatar
rift 9 months ago
you are traitor to Satoshi .
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