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5 sats \ 12 replies \ @saunter 16 Feb \ on: Bitcoin Jungle needs buyer adoption, not merchant adoption bitcoin
We have too high supply of merchants compared to the number of bitcoiners that are willing to spend bitcoin.
That applies to almost all bitcoin circular economies. What we need longterm to do is to kill the "hodl don't spend" meme. There are bitcoiners living in those communities and not spending bitcoin at all, see #721082
Short term, each of the communities needs to find a way to create or bring supply of spenders, otherwise merchants will start to drop the acceptance with time.
If a bitcoiner doesn't pay at a place that accept bitcoin then there should be a device that slaps them with a wet trout.
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Agreed!
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Savings is a use case. Its economically irrational to spend the hardest asset you own instead of shittier when possible.
I understand the sentiment but I think its also very contradictory to everyone being free to do as they please without people trying to bully them into spending their hard earned sats.
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"Keep the hardest asset and spend the softest" is economically irrational in the world of bitcoin where you can easily exchange fiat for bitcoin in seconds to minutes (and minutes to hours without KYC). If exchanges would not exist, then you are correct - "keep the hardest asset", but in the world with exchanges that just doesn't make economical sense.
Just buy however much bitcoin is your target to have. You can buy it right now, in the next minute, you don't need to wait until you spend all your soft assets.
Really think through this - you are not talking about your house or gold in vault. These assets are very illiquid. Bitcoin is extremely liquid.
You are saying "I want to have as much as bitcoin as possible, e.g. 1 BTC by the end of year and I'm going to get it by spending $100k fiat on my usual expenditures". Why would you do that to yourself? :) You can literally just buy the 1 BTC right now and then still pay your expenditures the same way. You can have your target today.
Again, everyone is free to do whatever they want with their bitcoin, the same as I'm free to highlight the illogical approach they take :)
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DCA is a trick to make people better, but it's just a trick.
DCA is a method to spread volatility risk over time. It makes extra sense if you have a salary in fiat and/or you don't have that 100k right now, for example because you still need to earn it - like most people. Taking out a loan and buying the 1 BTC now is a gambler move: DCA is a much safer strategy.
If you're living off sats and your income is in sats (or you're filthy rich), then it makes no sense whatsoever - agreed.
I don't particularly care to explain the nuance of all the things you've just hand-waved away as your comment is very naive and simplistic.
point of my original comment was that bitcoiners for all their suppose believes in freedom and whatnot quickly slip into a very prescriptive mode of "i know best, you should do as i think". You keep going on with "everyone is free to do whatever they want" and "i know whats best for everyone" at the same time, so I'll stop wasting my time with this conversation now.
Buying BTC with short-term horizon invites volatility and taxes. It is only hard if held for 5 years or so. If I expect expenditures in the near term, I hold cash in the account for those.