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100 sats \ 0 replies \ @elvismercury 10 Nov 2023 \ on: Bitcoin Payments: 'Someone-Is-Going-Next' Logic bitcoin
Will bitcoin store value over time or not? If you can rationally explain to yourself why it will, you will save in bitcoin. If you can't, you won't–at least not in any rational way. But if bitcoin reliably stores value, would it store value any better or worse whether you acquired it by converting dollars for bitcoin or directly in exchange for goods and services? No. That is why accepting bitcoin as payment is fundamentally a balance sheet decision. It is functionally the same. Receiving bitcoin as payment is just a different–arguably more efficient–way to acquire it.
How about this: if you have a store that can accept payments in dollars or in bitcoin, and each money can be converted into each other relatively easily, but each time you accept in btc I come into your store and punch you in the face, does that affect your decision at all?
If you want to make the argument that, over time, people will stop coming into the store and punching you in the face; or that the "converted into each other relatively easily" will change in favor of btc; or that additional factors overwhelm the factors that I've mentioned, then that's fine, that's an argument you can make, and in fact that's an argument I would have loved it if he'd made.
But the deductive train presented here adds nothing. People will accept btc payments once they will not be be punched in the face for doing so, rhetorically speaking.
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