Oddbean new post about login | logout When you’re pricing #Bitcoin in a fiat contract that is being debased (slowly or quickly) you are thinking as a trader. Ie - I’m going to trade my #Bitcoin (at some price) for a money that must be devalued further (at some point) While you may win a short term on the “trade”, the truth is that #Bitcoin is repricing everything. (Just some things are holding their value better than others) And picking up pennies in front of a steamroller is a pretty risky strategy in my humble opinion!!!
Didn't read. Never selling. JK... I read it.
"Never sell, only spend" is my policy. And that is a very subtle difference for a lot of people.
Hi Jeff, if you look back in history, it’s fairly obvious the most powerful in society have always controlled the money supply (past 300 years at minimum, more like 600 years in reality). Why have non of the larger states that oppose Western moneyed interest adopted or trade in Bitcoin? Any thoughts here? Thank you
It removes the ability for a dictatorship to thrive over the longer term because it transfers away the power of the state to its people.
Thanks Jeff. Did you get a chance to listen to Mike and Danny's interview on the What Bitcoin Did podcast from yesterday (10-04-23) where they talked with Mike Brock? I left contemplating the "certainty" group think within the Bitcoin community.
I’ve talked with Brock often and consider him a friend (even though we disagree).
To the extent that we can be certain about anything, I think it’s certain that humans will move to a cryptographically secured digital currency that uses PoW and has a stock to flow higher than that of gold. Whether that is bitcoin or something else is to be determined. Anyone uncertain about bitcoin should be as if not more uncertain about the dollar and any other currency imo. At the end of the day everyone has to pick a horse, I think bitcoin is the fastest horse.
I’ve across some guy who provides an eloquent way of phrasing a solution to this fiat minded problem, “stay humble and stack sats” @ODELL
😂 I too - have come across that eloquent guy and agree with him!
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#Bitcoin isn’t priced in dollars. Dollar is getting priced in bitcoin.
Bitcoin is the future of money and it's not worth gambling with. I met a guy some years ago who had bought a full bitcoin at $100 in the past and then he sold it at 5x. That must have seemed like a great trade then and there, but zooming out we can acertain that it was not. Trading is particularly treacherous because small amounts don't make a dent, and large amounts involves dangerous gambling.
Spend your bitcoin, re-buy what you spent immediately. That's how we achieve the final act.
I understand the theory here. But we need to have something to measure the success of bitcoin against. And the US dollar is the only thing we can do that with. For example if bitcoin were to continuously fall against the dollar then would it would by be repricing anything else successfully.
When you’re pricing #Bitcoin in a fiat contract that is being debased (slowly or quickly) you are thinking as a TRAITOR.
In 2020, your book filled in so many blanks, even though at that time I didn’t buy the #BTC solution at that time. But the deflationary impact of tech was such a key piece of the puzzle that let other pieces fill into my broader view. But then I realize you must feel humbled knowing you were decades behind Wimpy in understanding all of this. https://image.nostr.build/a28db484e93617e6744012ab2cf9cf9ee2d69c846ebe52029c1a734b1b99c29c.jpg
