pull down to refresh
101 sats \ 6 replies \ @SatoshiNakanodo 27 Dec \ on: Implications Of Alby's New Pricing bitcoin
Dios mio people... Pay in bitcoin and then replace the amount you spent with fresh bitcoin immediately. It's that simple.
Alby is in a position to educate their base. Play this on repeat...
"Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace. Spend and replace..."
People don't understand what spend and replace means and still think they're losing out by spending BTC.
I've gone through it numerous times. have to play out each scenario step by step, even better if you show it on a whiteboard.
It's the Bitcoin pizza fallacy.
"he lost millions by using Bitcoin to pay for pizza, he should've used fiat and kept BTC."
Yeah but by using fiat, that's fiat that went to pizza instead of BTC. So it's the same thing. He didn't lose anything. Both scenarios are equivalent.
If anything the only right answer is he lost out by buying pizza in the first place, even if paid with fiat, that's 10$ he could've bought BTC with therefore he lost BTC by paying with fiat.
TL;DR were still early and people still have ways to go thinking about money, economics and opportunity costs
reply
You buy it back immediately, rather than later at a higher dollar price. This is the key they are missing.
reply
so... I'm confused. I speeend... and then, what do I do?
reply
If for example you spend 100 dollars worth of bitcoin on some good or service, immediately trade $100 for new bitcoin to replenish the BTC you just spent.
It's how you spend in BTC while maintaining your same bitcoin stack.
If Laszlo had done this in 2010 after buying his pizzas he'd still have his 10,000 BTC.
reply
sorry, fren. I was taking the piss out of you.
I'm well aware :)
reply
I like it. Makes me feel ALIVE!
reply