Regarding the beginnings of Bitcoin (and the Regression Theorem):
Functioning as a MoE implies having exchange value. Having the expectation of functioning as a MoE provides use value (such expectation is valued) but not exchange value. Exchange value is provided by purchasing power (knowing that can be exchanged and for how much) #Bitcoin
#Bitcoin fix the money, fix the world.
I will send 210 sats to anyone who retweets this post and pledges to thank another Bitcoiner for their work with at least 21 sats.
#v4v
As of today, if you were to spend the equivalent of $10 on 21 sat zaps, you could support content creators with two zaps per day for over two years.
#v4v #Bitcoin ,,🤷
The fact that when there is a crisis governments can increase spending almost without opposition encourages crises to "appear." In my opinion, if #Bitcoin was in charge, governments would not continually go into debt, so when a REAL crisis arose they would have the ability to go into debt AND PAY THE DEBT.
Yes, I am saying that many of those crises would not exist.
And I add that governments rarely solve crises. And much less thanks to the flexibility to print money, because in this case what they solve on the one hand they ruin on the other by causing economic cycles
What Bitcoin means to each person is subjective, of course. But whatever it is, the success of Bitcoin lies in the fact that the vast majority of those who approach Bitcoin never turn away.
I was woken up by a dream and the heat, but I went to sleep late, so after seeing that Bitcoin has not gone to zero and some interesting articles like the latest one from Marty Bent, I go back to bed.
On the relative importance of privacy in Bitcoin 👇
Bitcoin is a medium of exchange. That is, a good that everyone can easily buy on the market and that is used to a greater or lesser extent in indirect exchange. By definition, Bitcoin is not yet money, since its use as a medium of exchange has not become widespread. However, outside of academia or formal scientific debates, there is no problem in referring to Bitcoin as money. Bitcoin is potentially money, and because of its status as a medium of exchange, the laws of indirect exchange and money fully apply to it.
Those of us who use Bitcoin as a medium of exchange tend to think that transaction privacy is an important issue. And, fortunately, we have very privacy-conscious Bitcoiners who work hard on this front to make life easier for all of us. However, the merit of these Bitcoiners and the recognition that their work deserves should not be an obstacle to pointing out where they may be wrong. It happens to all of us at some point that we cannot see the forest for the trees.
In my opinion, these Bitcoiners too often forget that Bitcoin is fundamentally a medium of exchange (MoE). In fact, they often avoid referring to Bitcoin as MoE or as money. And unfortunately, once you get over the fact that Bitcoin is essentially a medium of exchange and that all practical use cases are a consequence of that MoE status, it's easy to lose your way.
By focusing exclusively on privacy, they don't seem to realize that if Bitcoin weren't a medium of exchange, no one would care about Bitcoin's privacy, because no one would use it, not even them. By not being aware of this, they are prone to underestimate or even belittle the work of those developers who seek to make mass adoption of Bitcoin possible.
They also tend to underestimate the importance of Bitcoin's price. Certainly, prices are only historical data, a thing of the past. However, they allow us to attribute to Bitcoin a certain purchasing power (both in the present and prospectively). And there is nothing more important in a medium of exchange than its purchasing power. In fact, no one uses a good as a medium of exchange without assuming a certain purchasing power. In this sense, it should be clear that the process of using a good as a MoE is successful thanks to the historical exchange prices that continually occur in the markets.
When someone considers the future of Bitcoin in the short and medium term, their expectations may be favorable or unfavorable, depending on their point of view and their analysis. But these expectations can hardly be stable, since Bitcoin is still going through a discovery process. During this process, adoption may stagnate or steadily decline, which would mean that Bitcoin would be failing. That is, during the discovery process, Bitcoin's success necessarily implies a continuous increase in adoption. And for this, tools that facilitate mass adoption are necessary.
Adoption is essential in order to maintain or increase the purchasing power of Bitcoin (a fundamental aspect of a medium of exchange). If purchasing power were to decline on a sustained basis, Bitcoin would not be adopted as a medium of exchange. And of course, in such a case Bitcoin would not be used as a store of value either. Since Bitcoin's store of value is nothing other than the reserve of its purchasing power for the future. That is, Bitcoin's store of value implies its status as a MoE.
In conclusion, Bitcoin's privacy is very important, but so are its adoption as a MoE, its purchasing power and its price, since without them privacy would not be necessary. Therefore, both tools that facilitate privacy and those that promote adoption must grow simultaneously.
Publicado aquí en español
https://hyper.media/d/2oKv7XxDD9MRMgR1P7J4kb?b=a/z6MkhvvTApvFgwVBoyLvLqZwBZB97Zux6DvCnVqiTgXR1QsK
Thank you for your reply. I also think that BTC will be widely used as a store of value (SoV). I'm just saying that this use as SoV arises on the basis of BTC being an MoE, that is, on the basis of its liquidity and ease of exchange. Furthermore, I'm saying that this use as SoV is only a use as a MoE deferred over time. If Bitcoin were not an MoE, that is, if it were not liquid and it were difficult to exchange at economic prices (as Menger would say), it would not be used as a SoV. Of course, I agree with you that the current use as a MoE is still small.
Well, at least they are all thinkers, and Rand's novels attracted many people to libertarian ideas and, indirectly, to the Austrian School of Economics.
If you passed the Covid IQ test and the #Bitcoin IQ test, you have proven that you are not brainwashed and, above all, that you are essentially free.
But if you are a bitcoiner and you gave in to Covid pressure (e.g., to be able to travel), then you put a price on your freedom.
I don't mean to shame anyone with this. I just want to make bitcoiners think. In life, you have to make difficult decisions. Covid was one of them. But there will be others. When the time comes, don't put your freedom aside.
For those of you who have been in Prague, how do you see the future of using Bitcoin as money through Lightning and the new developments that are emerging compatible with Lightning? Has anything interesting been said about it?
When you deposit your wealth in Bitcoin, you convert it into purchasing power. Ultimately, nobody wants to have a certain amount of bitcoins, what is intended is to have a certain purchasing power (present or future). Therefore, we must recognize that the price of Bitcoin is fundamental.
Hace un año nostr:nevent1qqsvdy60vysrh09lq9rpx2glcm43ha9u6k4wnevaw9z2rhj5pylau0cpp4mhxue69uhkummn9ekx7mqzyzpp7tclr5w2dhdrczfxpweg3l92ywnpse6w8s52npzw6j2w74sczqcyqqqqqqg4j7xvv
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Es el Día de las Profesiones ("Mira, pregunta, conoce, encuentra tu vocación y ¡elige tú futuro!") y desde el Colegio de Economistas de Madrid me encargaron dar una charla sobre Bitcoin. Así acabó la charla 👇 https://image.nostr.build/a549ecca913ecd6e479141e67984b443b68e4cc137f97fdf640290f4c71757f6.jpg