Everyone in Bitcoin is telling you to hodl. Nobody is telling you to spend... 😬 Here's the problem with that: A currency nobody spends is not a currency, it's a museum exhibit. Gold became irrelevant the moment governments convinced people to store it in vaults and accept paper instead. That's exactly what happens when an entire community builds an identity around never spending their money. Satoshi didn't write a whitepaper about a store of value. He wrote about a peer-to-peer electronic cash system... Cash as in, you use it. The path to mass adoption isn't a million people locking Bitcoin in cold storage and waiting to become billionaires. It's a million people buying coffee, paying rent, sending money home to their families, and replacing what they spent. Spend and replace, that's how a currency wins. Hodl to death is how it becomes a relic. image

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Yes, but.... This only works with De Minimis exemption. Otherwise you're asking for people to record literally every transaction they make for tax purposes, which is both insanely complicated and dystopian.
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JackTheMimic 5 days ago
A non governmental money and owing tax are mutually exclusive. Also, you HAVE to self-incriminate for this to be true.
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JackTheMimic 5 days ago
Gresham's Law is specific to currency that isn't trustless. This is like saying physics would like a word with quantum mechanics, they are two separate realms.
I agree with this, at some point we can’t be afraid to spend sats. How can merchants accept when they don’t see a reason to? If a majority of their clients wanted to pay in Bitcoin a merchant would make the switch or at least offer it as a payment method. 🤷‍♂️ View quoted note →
For mass adoption of BTC spending for everyday purchases, one of three things needs to happen: 1. The Fiat system collapses, and with it tax enforcement 2. People buying things with BTC need to laboriously report *every single thing* they buy as a "capital gains event", thereby exposing *not only* their spending history but *also* their BTC history to prove their basis..., or 3. People buying things with BTC need to lie on their taxes at that Big Checkmark that's like question 4 on the 1040 We all hope for # 1, for sure. But that's not here yet. # 2 requires people to submit awfully personal information to the IRS. And # 3 requires people to accept criminal liability.
To a certain extent. But the "speculative attack" scenario (c.f. @npub1hxwm...40pf) doesn't intrinsically require retail spending. Many consider Saylor's "Strategy" to be a speculative attack. Use BTC as collateral to drive up inflation, basically play off a deflating currency against an inflating currency...
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JackTheMimic 5 days ago
And he's a registered business with the SEC and he's extorted for taxes as well, so as long as the Bitcoin appreciates, he is either forced to sell or continue pumping more fiat into the system. This is not an escape velocity strategy. He is a giant target that will either be liquidated or a criminal in the future. There is no third option for him. So again, don't self incriminate to the government and transact with Bitcoin however you feel is appropriate.
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JackTheMimic 4 days ago
Yeah because Gresham's Law was made before public/private key cryptography and an issued currency without an issuer. I didn't "make it up" I applied logic to WHY the law is true instead of taking it prima fascie. The reason people choose the "fast money" is because it is more easily transactable, portable, and more easily obtainable. Bitcoin is also those things WHILE being hard money. That has never existed. This is like FTL travel being invented and someone going "Einstein's Relativity would like a word." Yeah, it's been obsoleted.
Gold has the properties of verification and pseudoanonymity provided by public/private key cryptography. That cryptographic scheme just encoded that capability into software and made it much faster and cheaper because you no longer have to melt it down. Gold has all the properties of Bitcoin while also being hard money. Bitcoin is superior to gold and basically every way, but it shares the same properties, but to a lesser degree. Bitcoin doesn't magically escape gresham's law simply because it better fulfills the characteristics of money.
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JackTheMimic 4 days ago
You are missing my whole point about trustlessness. Lightning is trustless. Coupons for gold are not. There is no trustless way to transact cheaply and instantly with gold. There is with Bitcoin. That's my point. Nothing to do with the components of hard money itself. And yes, it does escape Gresham's Law by this fact.
HODL doesn’t mean “no spending”; it just means that you think twice before spending. So this whole “no spending” narrative is wrong, because everybody spends their Bitcoin at some point. If I already have a @SoapMiner , I don’t need another one
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SoapMiner 4 days ago
Exactly 💯 The HODL narrative is played out. From my perspective, you HODL for your savings/retirement, you keep your "checking" in lightning. Bitcoin is money. Use it as such. Appreciate you my friend 🙏🫂