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10 sats \ 3 replies \ @fiatbad 23 Sep \ parent \ on: If you don't spend Bitcoin you're shorting the Bitcoin Revolution. bitcoin
Maybe the hidden "taxes" we are all paying by staying on the Fiat Standard are far greater than the measly taxes we pay via spend-and-replace.
Maybe paying taxes and fees to get this revolution going is exactly what we need.
How does one "replace" without already having some melting fiat on the side ready to buy more btc?
My suggestion is to simply spend the fiat you already have and avoid paying fees/tax.
If we're talking about a pure circular economy (a.k.a. "spend and earn"), then I agree totally (assuming you aren't taking a pay-cut or paying extra fees to earn directly in BTC).
I heard someone argue once that "spend and replace" is great because it helps the bottom line of bitcoin businesses that facilitate exchange. IMO you're not a bitcoin business if you primarily facilitate fiat/btc trades. Those businesses are just another middleman seeking rent from bitcoiners (making them poorer).
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Yea, good points.
The story of Bitcoin Beach in El Salvador sounded like one of competition. Merchants began accepting Bitcoin because they were losing business if they did not.
If we want to end The Creature from Jekyll Island, then we have to have something like Bitcoin Beach happen everywhere else. This only happens if revolutionaries force the matter. It never happens if we just use fiat and are complacent about adoption. In my opinion, Bitcoin loses its major use-case if we just continue using fiat forever.
I love this discussion because I'm 50/50 with my opinions on it... I agree with both sides, and talking through the nuance is fascinating. I think it is at the heart of the Blocksize War as well.
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Circular economy does not have to start with the "spend" side, it can also start from the "earn" side.
Instead of looking for ways to spend more of your sats "for the greater good" or whatever, focus on making things bitcoiners (rich people) want to buy "for your own personal gain".
Either way, you're helping the circular economy, one way just happens to make you richer while doing so.
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