Oddbean new post about login | logout People have taken the reason Bitcoin was invented completely wrong, Satoshi didn’t invent Bitcoin to make you a millionaire in fiat, it was made to BE THE MONEY, you don’t “Take Profit” by selling, you already took profit buying it.
I feel like I have to “unlearn” everything…
Hold your own keys and support developers! You’re ahead of everyone.
imagine selling now 🤣😂 like seriously…for what??? shelter/food would be the only excusable options to sell for at a time like this
Yeah, seriously. Maybe medical attention too, but not much else.
All my income gets converted to sats. Once a month I sell some sats to pay for my food/shelter.
No need to sell anything. Ima about imagining world peace 🕊️ & constantly creating a better world 🌍 #v4v and #p4v https://image.nostr.build/4a6437d4477542f82a6b2262ce775028da8d3bcdd37f0bf5c1178c094e312d2b.jpg
If my family needs it urgently, I shall sell! Won’t even think twice!
This is why I’m happy the price is heading up so I can just keep holding and convincing people to take it as currency
Obviously 🙄 no sarcasm. It’s literally peace 🕊️ money for a better world. 🌍
This is the most retarded thing I've ever heard. To assume that taking profit means you aspire to make quick millions on Bitcoin is ludicrous. Taking profit is the habit of healthy investors. There is NOTHING wrong with taking profit here and there, and there is nothing wrong with making 1m dollars on Bitcoin. The idea that "oh im not doing what satoshi wanted" is supposed to determine my financial decisions, is laughable, stupid, and the mindset of someone who likely only has a few hundred dollars worth of Bitcoin anyway. nostr:nevent1qqsfma4cfeujdvvrqvy6a998pccemhyva4q3uv6xlfmzp6t7jvudcugpzamhxue69uhky6t5vdhkjmn9wgh8xmmrd9skctczyz5ql398sc6wuf42hjkf2x6vl4a4dtsch27n83d0mnmta4kusr4azhuamkz
There is a difference between using your bitcoin for something meaningful and selling it for dollars. If you want to use it, go ahead, but if you think of it as an “investment” where you can get more dollars, then you’ve misunderstood what it is In other words, your dollars are worth a LOT more in Venezuelan Bolivares. Why don’t you take profit in your successful dollar investment so you can get those billions of bolivares?
Right, if you’re using the value/gains of an investment to do something else, great have fun with that. If you sell a million dollars worth of corn, congratulations. Now what’s the plan? Because you’re now the proud owner of a highly depreciating currency that needs to be put somewhere so it doesn’t melt on you, oh and it was already in the hardest money ever discovered.
Exactly right.
Does anyone sell bitcoin to just hold literal cash? You can sell bitcoin and invest in stocks or real estate for example, for diversification purposes or income-production.
But why would you diversify into something with counterparty risk and that can be inflated away from something that has no counterparty risk and is perfectly scarce? Still aren't understanding, it isn't an investment. It's a money. The entire apparatus and culture of "diversify your investment" is a product of a shit money system that we've grown up in. It never made sense and is nothing but a pointless, wasteful friction.
"Perfectly" scarce is a bit of a stretch. It is scarce by consensus, and yes that is a pretty strong convention. Perfect, maybe not. It's OK for people to have doubts. Consensus can be gamed. Especially if we are not careful. Indeed the chain could split due to conensus gaming. I am quite sure there are those that would like to see that happen. And it has happened before, almost fatally. We need to stay humble and avoid being complacent on these issues.
It’s simpler than that though. Bitcoin is 21 million and it’s perfectly scarce because of that explicit limit. I run a node, therefore no one can say that anything is different. Bitcoin’s consensus is and will be defined by the intolerant minority. I run a node that defines it as 21 million, and anything incompatible with that is invalid. I think accepting the notion that this is NOT set and determined is itself a mental concession. One that I refuse to give. There is no way to “game consensus” and make bitcoin not 21 million, because I will never call anything that changes that Bitcoin. If we accept that this can be gamed, we literally give up leeway to game it. From the POV of my node and my bitcoin, it can’t be.
So, as nostr:nprofile1qy2hwumn8ghj7erfw36x7tnsw43z7un9d3shjqpq3ndpm2hm9hud4azsq5euhf5mv3d05r90wymwxsd7rdn29609hhvq42j0zv said: 'In Bitcoin, consensus is not built, it is enforced.' I think we’re on the same page here, though not everyone might see it this way. If some believe consensus can be built, then it's up to the community to actively enforce it. But that only works if enough people are willing to stand firm. The 21 million limit would be incredibly difficult to break; it's likely an extreme example. People could try, but they'd probably fail. However, if someone controls the longest chain, they do hold significant power. Now, consider another scenario: What if there’s a divisive issue that splits the community? For example, say there's a proposal to activate an OP_CON opcode. The specifics aren’t the point; it’s that the community is divided. You could potentially engineer this or introduce enough ideas to create a split. At that point, there’s a real risk of a chain split. You’d end up with 21 million on one chain and 21 million on another, and there’d be confusion, at least temporarily, about which is the 'real' Bitcoin. We need to be vigilant about this because it’s a legitimate possibility, as history has shown. So, to say that Bitcoin’s scarcity is 'perfect' might be a bit too strong. It’s something we have to continuously protect. Hope that makes sense!
It is arguable that there is still a place for investment (by that I mean, capital outlay in hopes of more capital in return over time) in a civilization and not simply storing all value in money. A prime example is in the case of needing/wanting a way to acquire more bitcoin. Bitcoin does not replicate itself into more bitcoin. Traditionally stocks and real estate investments have been inflation hedges (perhaps not as good as bitcoin). In particular with real estate leverage via fixed income debt is method to capitalize on inflationary environments. Taking your thinking to the extreme, every public/private company should liquidate into bitcoin and distribute it among shareholders. As you've said, owning businesses or other assets makes no sense, it is "pointless, wasteful friction"
You already [cut your losses] by buying 😘
Insert Obligatory nostr:nprofile1qqstnem9g6aqv3tw6vqaneftcj06frns56lj9q470gdww228vysz8hqpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqg6waehxw309ahx7um5wghx7unpdenk2urfd3kzuer9wcq3wamnwvaz7tmjv4kxz7fwvd6hyun9de6zuenedyvu6425 matrix meme here
