still mind blowing to me that my lightning node sends me cryptographically verifiable receipts of cytographically verifiable transfers on a decentralized L2 network of computers that are on top of a cryptographically verifiable ledger built on exahashes of proof of work.

wtf is even happening


Well, you hope that’s what’s happening. Probably just PHP and JavaScript under the covers ¯\_(ツ)_/¯


what are you smoking up there? lol


knowledge


Now if only you could buy a coffee or a sandwich.


:Bitcoin:


Onward 🫡

Onward 🫡


i do this all the time in Vancouver


A new monetary system


The future … future … future …


Imagine what can be built on that…


Sounds like there could be a business opportunity in your area, selling coffee an sandwiches and accept lightning payments


I pay with my node in Warsaw for stuff in El Salvador and Guatemala. No one can stop it. I got chills everytime I do this https://video.nostr.build/aab250f5b5e5636dcf7a3df960705c611238f4439b6f672967cac450108984d0.mp4


You think that is cool? All i am thinking is this poor bit that needlessly gets shuffled all over the place among billions of transistors in an exercise of endless useless actions born out of all the abstraction layers and shitty implementation. Yet no1 notices because its happens with billions of actions per second.


And where is your privacy and anonymity?


You’re amazing. That’s what’s happening. Oh, and a lil bit o’  digital revolution.


Respect ✊


:suit:


:mindblown:


One step at a time


Imagine people still calling Bitcoin a bubble 🤷♂


Not with stable prices


With prices in Bitcoin fluctuating like that I wouldn't know how to plan financially as a business.


I predict it'll pop sometime around the time we start traveling around to other star systems and it being tied to the terrestrial Internet will be its big drawback, just as money needing to be sent over long distances quickly was gold's downfall.

Everything's a bubble; just depends what sort of time horizon you look at it with.


definitely. we’ll need something different, and a different internet as well.

keeping your bitcoin node in sync would be annoying. ecash actually might make the most sense?


🐢 🐌 steps


Oh no, what will we do if our money becomes more valuable!


Well, when running a business you will have to lower prices and face deminishing income for one.


How does lowering prices hurt if it doesnt affect your purchasing power lol god forbid workers not have to fight for raises to keep up with inflation that theyre rarely able to keep up with


Onward 🫡

Onward 🫡


Use one of the solutions that allows you to accept btc & convert to your desired fiat currency on their backend.

You don’t need to touch btc at your end, while still being able to offer lightning as a payment option to   customers.

For your financial planning keep the amount / percent of savings you want to in btc, the remainder in fiat.

Fiat will reliably & with stability loose purchasing power every year, BTC will increase in purchasing power with decreasing volatility. Only need a 2+ year time horizon on avg for that volatility to become favourable to your business savings.

If you have a business with cash flow that allows for zero savings, say week to week or month to month, instead of 2+ years timelines, then just offer btc as payment option & keep saving in fiat


Daghe 🫡

Daghe 🫡


Let's get started with a business that allows for zero savings for starters. Just breaking even would already be great. If there's room for savings later I'll look into that later.

The key concern here is that as a business I'll have to spend today and earn later, like buying a commercial ice machine for $3000 and selling iced coffee for the next couple of months to make my money back. Add interest if the machine was bought on a loan.

My income from iced coffee needs to be stable so I can estimate whether can sell enough iced coffee. If the price of iced coffee goes down much because of deflation I'm stuffed.

Fiat has done a reasonably good job at being stable. Could be better but Bitcoin has been much worse. So running a business on Bitcoin is a no-go.

With a business accepting lightning payments converting to fiat on the backend I have nothing to gain. Might as well accept fiat only.

How do you run your business? Do you accept lightning? Do you pay your suppliers in Bitcoin? How do you deal with inflation?

Yes the fiat price of Bitcoin has gone up. But why would it go any further. Depends on the misery and dreams of the naive masses who have a few dollars to spare to stack sats. If that's what you want to speculate on be my guest.


As a business you need to have income to cover expenses like the investments that you made to get the business started in the first place.


Like most people here you're arguing from the point of the consumer. But lower prices across the bank will mean lower prices that workers can demand for their labor too. I.e falling wages.


*across the board


Nominally, sure. Still puts the worker at an advantage that they didnt have though. An employer has to justify paying you less, instead of you having to justify getting a raise. Ill take making a lower number if my purchasing power is mostly not affected though lol


And as a business, if your treasury gets more valuable then thats good. I dont understand how income just vanishes if money isnt losing value lol. People are still going to spend


What's a "treasury". A business' assets is stuff that it owns to make products and render services.

People are going to spend, but spend less.

Just running a business is a great way to verify one's ideas btw. Strangely everyone here has great theories and predictions about Bitcoin but none of these people actually run a business based on Bitcoin. Except for nostr:nprofile1qqs99d9qw67th0wr5xh05de4s9k0wjvnkxudkgptq8yg83vtulad30gpzpmhxue69uhkummnw3ezumrpdejqz9thwden5te0dp5hxapwdehhxarj9ekxzmnyqyv8wumn8ghj7un9d3shjtnwdaehw6r9wfjjucm0d5eechmk who at least tried and faced with deflation started calling his customers "wet wipes" because they were willing to pay less and less.


If your business allows for zero saving the only way Bitcoin can help you is accepting btc payments to attract / retain / reward (yes there are btc rewards / cash back solutions also) potential customers.

If making online sales your addressable market of Bitcoiners is huge,   some estimations 100 million. And we’re passionate (to a point of being labelled as a cult by some) towards fellow Bitcoiners esp w/ businesses, the benefits of offering btc payment option to a potential customer base like that is obvious.

If your business only makes brick & mortar sales, you’d need to be in one of the globes Bitcoin circular economies for there to be any impact from btc sales. At this early stage of bitcoin’s evolution it would likely be a rounding error in terms of total sales.

If your business allows for zero savings, then that is all academic really, first point of order is to join the ranks of the millions & millions of businesses world wide that run an operation that has savings & thinks about how best to protect & grow that balance as the years roll on.

That’s when Bitcoin can really help the bottom line. You could even be someone that has a time preference that is so high that 2-3 years seems like a long time. Even on that timeframe the volatility of your savings in Bitcoin will become very favourable to the business bottom line.

Keep adding to the savings in Bitcoin, keep your borrowings an expenses & cash flow in fiat as required.

Bitcoins diminishing volatility over its lifetime has happened within a 120 million percent USD denominated price increase.

People & businesses with any form of savings only have to lower their time preference a little bit, e.g think in terms of 4 years halving cycles, to benefit massively from that volatility.

For any person or business with the opportunity to think about their savings, fiat is pathetic in comparison. It is really good at loosing considerable amounts (7%, 12%, 15%…) of purchasing power every 12 months, with low volatility / great stability. The popular CPI is the CPLie, it is provably not a reliable indication of how much purchasing power your fiat savings are actually loosing. And that effective loss in savings compounds negatively!


All Bitcoiners also have fiat on hand so they'll shop in my shop regardless.

As for Bitcoin future growth, "past performance does not guarantee future results" as they say.


Not sure how you can say all bitcoiners have fiat on hand? The saying ‘get on zero’ means get on zero fiat, by getting 100% onto the Bitcoin standard.

It’s an evolution of the saying ‘get off zero’ which encourages ppl to begin with Bitcoin by just allocating 1% to BTC.

It doesn’t just apply to ppl living in Bitcoin circular economies, some searching online shows ppl posting & podcasting about it, it’s not easy, but possible.

As more businesses, for e.g. your competitors, start accepting btc over time, they’re more likely to attract bitcoiners compared to businesses that don’t.

Peter schiff was saying things like past performance…. And Bitcoin is tulip mania…as far back as 2011 or 2012. He was very articulate about how the price will crash soon etc etc. 12-13 years & 2-3 million percent later we’re still all waiting on his call to ring true


I have no fiat on hand.


You sound dumb and scared.


I know it's "possible". It's also possible for me to wear a car tire around my neck. But how do I benefit.

If my competitors start accepting Bitcoin to the point I'm losing business I'll hop onto the bandwagon. But don't forget a business competes on the products and services offered first and only payment convenience second.


As for "get on zero", it's nice you have a saying but you also have fiat.


Can you say that for every single bitcoiner on the planet today? No, of course not. The trajectory has been pretty clear for some years now, more are joining the ‘get on zero club’ while less and less are remaining part of the ‘fiat only and no btc club’

The waters warm, you may as well swim, it’s better than drowning in fiats poison pool


The wide range of benefits from Bitcoin are pretty clear at this point.  Safe to say a little more than wearing a car tire around your neck 🤔

Perhaps you’ll be jumping on the bandwagon to accept btc payments when BTC in USD denominated terms is $0.1M per coin, $0.25M, $1M? Fiat printing has no ceiling, there’s no limit to how much your fiat savings iceberg can melt in purchasing power. Bitcoin is just the best expression of that fact.

History has shown the earlier you adopt it the more you benefit. Every person gets Bitcoin at the price they deserve


Like I said, I first worry about running a business at break-even savings comes later.


As for the exchange rate of Bitcoin vs. fiat, 0.1M or 1Mz why would I care of my business is Bitcoin in, Bitcoin out?


*if


The world’s a big place, you do you. Some businesses are 30 years old sitting on millions, someone just registered a business yesterday.

Bitcoin is here today and will be there tomorrow as an apex predator in the world of savings for whoever is ready.


Despite the current stage we’re at in regards to the USD’s state of decay as a global reserve currency, it still remains the widely accept global UoA in most domains.

If the lifecycles of previous global reserve currencies, like the pound, livre, guilder etc etc, is any indication, USD should be nearing the end of its reign.

So while goods & services remain denominated in USD, those who obtain BTC earlier and can manage to hold onto it longer, win.