Thread - Nostr Hypermedia

Cyph3rp9nk cyph3rp9nk@getalby.com 5 months ago

Why do I insist so much on Bitcoin markets for exchanging goods and services? It's very simple. If we only use Bitcoin for Hodl (Saylor narrative) and goods and services are not offered for Bitcoin, you are forced to sell Bitcoin for Fiat to obtain goods and services, favoring the fiat system and having to pay taxes on the sale of Bitcoin. In this case, Bitcoin is harmless to the state; it is no more dangerous than a stock. But if you can buy goods and services with Bitcoin, this changes everything. You don't use Fiat, you take volume away from the Fiat system, and the state has no control over what you have purchased because there are no bank accounts, making it extremely difficult to collect taxes.

Replies (23)

DeCentHuman 5 months ago

Saylor is a Fiat maxi. We need a BIP to de Saylor his stack..

SoapMiner 5 months ago

Using their system gives it life. Extricating yourself from it deprives it of such.

Rycarl Jorhane 5 months ago

Cyph3rp9nk cyph3rp9nk@getalby.com 5 months ago

I used to be a Gold Bug, so I know very well how gold works, and you will never see me discredit it as some Bitcoiners do, but at this point, I will sound a warning to Gold Bugs who discredit Bitcoin. The reason I went from being a Gold Bug to a toxic maximalist Bitcoin enthusiast is that I can't buy goods and services with gold, as I explain in the attached note, and for this reason, gold and silver are useless in fighting the system; they don't change anything.

View quoted note →

Soap21 5 months ago

100% why I started making soaps as quality goods for Bitcoin only!

Choke choke_this@NostrVerified.com 5 months ago

You don't have to sell bitcoin, you can borrow against it, no taxes...and you are shorting fiat. Some things are so captured by regulation, it is extremely difficult to buy with bitcoin. HODLing bitcoin IS ALSO BEING USED AS A MEDIUM OF EXCHANGE. It is a trade from your present self to your future self. The "medium of exchange" vs "store of value" argument is a false one. They are the same thing. Bitcoin cannot become a medium of exchange without being the majority of cash balances...the majority of wealth has to be bitcoin before it becomes money in the sense that it is used more transactionally.

Cyph3rp9nk cyph3rp9nk@getalby.com 5 months ago

No thanks, I don't do anything that promotes the debt system and fiat currency.

Hanshan hanshan@hanshan.io 5 months ago

You honestly think mortgaging your BTC to spend fiat is in the greater interest of human freedom?

Hanshan hanshan@hanshan.io 5 months ago

that makes sense. If you are into KYCed Bitcoin anyway. I'd rather live in a shack in the woods than ask the state for permission to transact tbh.

Hanshan hanshan@hanshan.io 5 months ago

of course not. I just deal with the friction of exchanging directly p2p and don't pay taxes.

Hanshan hanshan@hanshan.io 5 months ago

it's not a budgeting problem? everybody has fiat expenses. I just hold cash rather than deal with the friction of moving back and forth.

Hanshan hanshan@hanshan.io 5 months ago

unless you earn in BTC, this makes zero sense.

Hanshan hanshan@hanshan.io 5 months ago

KYCed Bitcoin is a shitcoin my friend. good luck with your trade!

Hanshan hanshan@hanshan.io 5 months ago

iow you want to speculate on fiat-denominated purchasing power appreciation to the maximum extent possible and are fine with getting permission from the government to do that. and Bitcoin is down vs USD over the last year so.... I prefer keeping sovereign control over my stack and having a lower fiat-denominated "net worth"

Hanshan hanshan@hanshan.io 5 months ago

on the face of it, that's fine. except you don't factor in that the kyced coins are cucked, permissioned and cease to function as freedom money. normalizing using Bitcoin usage in this manner makes it just another government slave token. you're not "using the evil system," you're mortgaging your coins for more fiat purchasing power. and I'm sorry but, you're absolutely feeding the system more than someone who simply keeps their head down and their stack private. therefore its better (and also takes less administrative overhead) to simply have a fully sovereign private stack and use kyced fiat to render unto Caesar that which is Caesars.

HODLÉire🇮🇪 5 months ago

I try to spend it as much as possible. It's the real win. Would love to just spend and earn it as my main money

Rand 5 months ago

hIT/\/ a p2pn meatmeet/\/ /\/ a/\/ area whERE thERE is rObust/\/Ess wITh trade \/4\/ 🧡 *\*ya/*****

Rand 5 months ago

Hanshan hanshan@hanshan.io 5 months ago

you mean lend your Bitcoin to the mint for Bitcoin-backed tokens?

Hanshan hanshan@hanshan.io 5 months ago

I mean "permission less?" fedi tokens are a shitcoin. but if you trust the community bank, it's probably fine right?

Hanshan hanshan@hanshan.io 5 months ago

I'm just not sure what problem it solves exactly. It does FEEL like there's a use case here, far in the future when people have solved online reputation maybe. But its not particularly useful if the user has to vet the mint themselves is it? I agree that trust is the fundamental question here. Fedi *requires trust but doesn't do anything to solve the problem. How can I confirm the mint is actually being run by separate entities and not one guy who spun up several different keys?

Hanshan hanshan@hanshan.io 5 months ago

makes sense. if we're talking bitcoin-backed Chaumian ecash adoption long term, I think we need to first normalize private key self-custody and control.

Hanshan hanshan@hanshan.io 5 months ago

even if it's an ecash shitcoin, people are spending by signing a transaction. personal key control is freedom.