No one: Me: “there is a distinct difference between selling your bitcoin and spending your bitcoin… What I need you to grok at a deep level is that NECESSARILY when someone sells their bitcoin someone buys that bitcoin… this is a unique fundamental in how Bitcoin operates atomically When you are selling onchain you are actually just trading Bitcoin between cryptographically secure address’ using a signature to unlock a secret that says “I hold a right to this property that I’m moving to someone else’s custody” and I’m willing to pay a small fee to do so… the receiver doesn’t do much of anything except exist as a receiving address onchain Exchanges place a value on the movement of those funds but exchanges are not actually legitimate price discoverers… in fact the fiat number they place on the trade is arbitrary and it only exists situationally when the receiving address decides to sell their bitcoin for fiat and chooses a price oracle by choosing an exchange by which to sell for that fiat (this is why different exchanges could sell the same bitcoin at the same time for a different price) Spending your bitcoin places real world value on Bitcoin because you and a receiving merchant have cryptographically shaken hands and made an agreement to exchange a good or service for this N number of bitcoin If you Grok this at a very deep level you begin to understand something special Thank you for coming to my Ted Talk … namaste” View quoted note →

i’ll never financially recover from this