While I feel like the moon will be smaller if we don't achieve MoE, I suspect bitcoin will continue to accrue value regardless. The analogies in this post don't map onto bitcoin well either.
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67 sats \ 3 replies \ @kepford 18 Mar
The title alone bugs me. What exactly do you call 100k Bitcoin?
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64 sats \ 2 replies \ @Scoresby 18 Mar
Don't you know the moon follows you? No matter high high the price goes, the moon is always farther away.
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17 sats \ 1 reply \ @kepford 18 Mar
lol
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5 sats \ 0 replies \ @Solomonsatoshi 18 Mar
The price of USD$100k is incredible and certainly demonstrates lift off, but think about why it was/has been achieved-
Because mostly US institutions have embraced a strategy of accumulating custody and control of sats- and their custody expressly prevents those sats they hold from being used for P2P payments.
At current rates US institutions will acquire most Bitcoin ever issued within 5 years.
This accumulation is what has caused most of the price rise in recent times.
What they don't hold custody of will mostly be held by investors who see their stack as a speculative commodity, not as a MoE.
What gives the USD is power and strategic importance- its domination of international trade settlements via SWIFT.
MoE is where money gains control over markets and individuals within markets.
Bitcoin as a speculative commodity is not a threat to fiat MoE hegemony- Bitcoin as a speculative commodity (KYCed and taxed) is a captured and controlled commodity.
The governments and banks have engineered this capture to protect and preserve their fiat MoE hegemony.
Everytime you zap some sats on SN you almost certainly break the law- by failing to report the acquisition cost and sale price and thus capital gain resulting from that transaction.
Governments have slyly made MoE use of Bitcoin effectively impractical / illegal.
And meanwhile most bitcoiners were/are blinded to this by the spectacular speculative gains they have made.
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47 sats \ 3 replies \ @028559d218 18 Mar
we would all spend... if there were places toooo spend. show me the coffee shop or small business that takes bitcoin and i'll show you the happy customer
i have to travel half the world away to find one and i can't do that all the time
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5 sats \ 2 replies \ @Solomonsatoshi 18 Mar
Agree they are few and far between but now that LN is easy to use and reliable it is possible MoE use will grow - except for the sly obstruction of banks who threaten debanking to businesses who accept Bitcoin and governments who impose tax reporting requirements that make legal use of Bitcoin as a MoE practically impossible.
https://btcmap.org
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52 sats \ 1 reply \ @028559d218 18 Mar
a part of the issue is the banks and governments no question. but an equal part imo is users themselves
there is a remarkable opposition to 'spending' among the 80% bitcoin tourists who want to see the 'number go up' or who only see bitcoin as speculative. they aren't here for the revolution or the empowerment, just the 'get rich quick' and if the number 'doesn't go up' they sell. they don't spend they sell... and they have never used lightning or thought about what it could mean broadly
stacker news gives me hope because it's a working, micro version of a better internet
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5 sats \ 0 replies \ @Solomonsatoshi 18 Mar
Yes the projection of Bitcoin as a speculative asset, not a MoE has been very successful- controlling the narrative as the ETFs and other institutional custodians like Microstrategy promote Bitcoin as a digital gold speculative commodity and this narrative is dominant.
The fact that ETFs and MS enable reduced tax on investors reinforces the narrative even more.
Governments and banks combined are slyly capturing and controlling the narrative, and Bitcoin, to preserve their fiat hegemony.
All we can do is support Bitcoin accepting businesses where they do exist and expose and confront the fiat cartels capture and control agenda.
Agree SN gives hope with a working model of what is possible.
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