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31 sats \ 2 replies \ @DarthCoin 13 Mar \ on: It's a black hole that will consume the rest of the financial market. bitcoin
A friendly reminder:
https://i.postimg.cc/XqjKHdcp/Darth-sovereign-logo.gif
Every time I hear people talking about "X country will declare Bitcoin as legal tender..." I just laugh. They have no idea what is legal tender.

What is a "legal tender"?

Any retailer or individual could refuse to use a legal tender. Nobody can force you to use it.
Why? What is the point of a legal tender then?
The point is that you cannot force a retailer to accept legal tender or indeed any other form of tender. If, however, you buy something from them and there is no contractual barrier to the use of any form of tender, and you offer legal tender in payment, and they refuse it, then they cannot enforce the debt in court.
That's what legal tender means: it's about discharging debts. If you incur a debt you can discharge it with legal tender, but you cannot be forced to incur the debt in the first place, if you see what I mean...
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121 sats \ 0 replies \ @expatriotic OP 13 Mar
Love the GIF. I actually wrote this April 20th 2023. A year before the upcoming halving. I've learned a lot since then. Especially since you sent me the stuff of natural law.
I did actually know the definition and purpose of legal tender :)
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21 sats \ 0 replies \ @TNStacker 13 Mar
People think that "legal tender" statement means everyone has to take it. No, it means the government has to take it for your debts to them. But do you OWE them anything?
They will inflate it, convert it, lend it to themselves, and then send your sons and daughters to die for them.
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