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21 sats \ 2 replies \ @028559d218 OP 31 Dec 2024 \ parent \ on: How is 'Bitcoin the Money' supposed to function in this environment? bitcoin
If all that Bitcoin does is 'sit there' like a pet rock to be 'sold' on an exchange at some later date...
It is a shadow of what it could/should be. It gives credence to the central banker/Federal Reserve explanation that says it has "no use case" in society which is total utter nonsense.
The fact that I can transact here on SN... to provide for a better forum experience alone gives it value.
But if the accounting is too complicated to do anything but buy, withdraw, hold, and sell later from the very same addresses... the vast majority of the value and utility is hidden IMO.
Shinobi had a great article on this which says the same thing.
https://bitcoinmagazine.com/takes/bitcoin-use-it-or-lose-it
Bitcoin as a P2P payments protocol has been very successfully obstructed.
As you point out the central bankers disingenuously suggest it has no use case when in fact they have deliberately and very cleverly prevented its use case from being developed by obstructing MoE utility...via tax rules and other strategies.
And nearly all Bitcoiners have not even noticed, or just don't care...distracted perhaps by the NGU speculative gains.
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It is a sad situation friend.
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