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There's a lot of noise which can lead to people completely missing the signal. Speculation on "crypto" coins and fiat gainz is the noise. The KYC exchanges are

There's a lot of noise which can lead to people completely missing the signal. Speculation on "crypto" coins and fiat gainz is the noise. The KYC exchanges are the noise. Smart contracts are noise. NFTs are noise. Bitcoiners are not betting on getting fiat dollars out of their bitcoin. They are betting on completely replacing easy monies with money that cannot be intentionally debased. They will never sell their bitcoin for fiat currency, and you would have to prise their hardware wallets from the dead cold hands, only to find you don't have the correct passphrase to unlock it. It isn't solely about wealth. For many, it's almost a religious pursuit. The goal is not only to be better off financially yourself, but to make your fellow man better off by having money which is resistant to multiple forms of theft. Without an understanding of history and the motivation for saving, it probably just looks like a bunch of gambling. The noise doesn't matter. Bitcoiners will continue to save despite it. New users will move their savings to bitcoin to avoid inflation (aka daylight robbery). The feedback cycle cannot be stopped. You can only remain ignorant and miss the opportunity to acquire cheap sats.

qeternity 5y ago
> It isn't solely about wealth. For many, it's almost a religious pursuit. Ok, hot take. Let’s see where this goes. > The goal is not only to be better off financially yourself, but to make your fellow man better off by having money which is resistant to multiple forms of theft. Oh, ok, so it is all about wealth.
- sparkie 5y ago
  > Oh, ok, so it is all about wealth. It's about not having your time and hard work stolen by pigs. And being able to transact and move freely even if despicable humans rate your "social credit score" too low if you do not go along with their tyranny.
- banku_brougham 5y ago
  Well, some new religions really do become successful. But your merchants and customers all need to convert, what if they dont wanna?
  - sparkie 5y ago
    Merchants will prefer to accept the good money as payment (Thiers' Law) because it can retain value for longer. They will offer discounts for customers paying with the good money. Thus, customers might prefer to pay with the good money (assuming they have a low-friction means to convert their bad money to good money).
    - Kbelicius 5y ago
      > Merchants will prefer to accept the good money as payment (Thiers' Law) because it can retain value for longer. While it is true that merchants prefer to accept good money as payment that in itself isn't Thiers law. Thiers law is about good money displacing bad money when bad money becomes worthless or there are no legal tender laws. > They will offer discounts for customers paying with the good money. > Thus, customers might prefer to pay with the good money (assuming they have a low-friction means to convert their bad money to good money). This is not true. The only way a customer might prefer to pay with good money in this situation, all things being equal, is if the discount for paying with good money is bigger than the value of holding good money compared to bad money. Good money doesn't displace bad money because customers prefer it but because merchants stop accepting bad money.
thebean11 5y ago
What makes you say smart contracts are noise? Executing code with the same trustless properties of transferring bitcoin seems pretty huge assuming you value the latter no?

qeternity 5y ago

> It isn't solely about wealth. For many, it's almost a religious pursuit. Ok, hot take. Let’s see where this goes. > The goal is not only to be better off financially yourself, but to make your fellow man better off by having money which is resistant to multiple forms of theft. Oh, ok, so it is all about wealth.

sparkie 5y ago
> Oh, ok, so it is all about wealth. It's about not having your time and hard work stolen by pigs. And being able to transact and move freely even if despicable humans rate your "social credit score" too low if you do not go along with their tyranny.
banku_brougham 5y ago
Well, some new religions really do become successful. But your merchants and customers all need to convert, what if they dont wanna?
- sparkie 5y ago
  Merchants will prefer to accept the good money as payment (Thiers' Law) because it can retain value for longer. They will offer discounts for customers paying with the good money. Thus, customers might prefer to pay with the good money (assuming they have a low-friction means to convert their bad money to good money).
  - Kbelicius 5y ago
    > Merchants will prefer to accept the good money as payment (Thiers' Law) because it can retain value for longer. While it is true that merchants prefer to accept good money as payment that in itself isn't Thiers law. Thiers law is about good money displacing bad money when bad money becomes worthless or there are no legal tender laws. > They will offer discounts for customers paying with the good money. > Thus, customers might prefer to pay with the good money (assuming they have a low-friction means to convert their bad money to good money). This is not true. The only way a customer might prefer to pay with good money in this situation, all things being equal, is if the discount for paying with good money is bigger than the value of holding good money compared to bad money. Good money doesn't displace bad money because customers prefer it but because merchants stop accepting bad money.

thebean11 5y ago

What makes you say smart contracts are noise? Executing code with the same trustless properties of transferring bitcoin seems pretty huge assuming you value the latter no?