33 sats \ 3 replies \ @Enemy_of_the_state 27 Feb \ on: ❓ Would You Still Consider Bitcoin a Success If ... bitcoin
If Bitcoin value hits $1 million, most people will cash out back to fiat and go crazy on consumerism; and those who manage to hold onto their coins but have not prioritized ~privacy and ~security will eventually, one by one, lose their holdings to hackers, or $5 wrench attacks.
If it hits $1M….that might be 10% adoption. Maybe a lot of people who don’t understand it will “cash out”…it doesn’t matter.
Everything is good for Bitcoin. Anyone who sells Bitcoin for fiat or fiat garbage is exactly where the wealth should be drained from. Those stuck in the old paradigm should have less power over time.
By the time it hits $1M in nominal terms, what will be the purchasing power? $200k? That’s nothing.
When 100 sats buys 1kg ribeye steak, I might spend some Bitcoin to buy a ranch and start a business. Fiat will probably be dead by then and the dollar value meaningless. Maybe I won’t live to see that, but I won’t be blowing my BTC on much of anything when it’s $1M or even $10M.
If inflation continues unabated, I would expect $10M BTC in a decade, which might buy a nice house…or might not.
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0 sats \ 2 replies \ @Skipper OP 27 Feb
Anyone who sells Bitcoin for fiat or fiat garbage is exactly where the wealth should be drained from. Those stuck in the old paradigm should have less power over time.
That's the point i was trying to get to with this question.
If 99% of the supply gets completely captured by the fiat system and become another asset under their control - because dumbfucks sold their coins back to fiat melting ice, would that be a success? Maybe it would be for the maxis who hodl it, but for the rest of the world... not so sure.
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0 sats \ 1 reply \ @cyberpunk02 27 Feb
? people only sell when they make a value judgement that it is worth it to them, which gives them the control. . The people who receive the bitcoin for the service are only the fiat world if they choose to and they will choose that less and less often.
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0 sats \ 0 replies \ @Enemy_of_the_state 28 Feb
Exactly. It’s voluntary, Bitcoin is still a success. I’m sure the Bitcoin hodlers will have plenty of employment opportunities for the people who squandered their Bitcoin…
We can’t save everyone, in fact, more than half the world doesn’t want to be free. They want safety and not to have to think for themselves. Those are precisely the people who won’t have Bitcoin, and that’s OK.👌
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