Post by twetch#3375

twetch#3375 6.4y
1Abd9y…ujrm Key · twetch

Savings is for taking advantage of new information. New information is created by profit-seekers. If you're not profit-seeking in Bitcoin, you're not adding new information to the economy.

twetch#622 6.4y

So, to achieve the goal that @4179 is looking to achieve of merchant adoption, a (not the only,) good strategy is to make the Bitcoin economy so strong that outside actors are incentivized to join that economy.

What the chain says
Transaction
d69449f8881d31615d2f731816ab32855cc35a8dca280500ae40403ac8667db4
Block
635 507
Time
2020-05-18T22:20:18Z
Signer
1Abd9yJS6mrzMmj1Ni6kjQB9GqtyaNujrm
App
twetch
Type
post
Content type
text/plain
References
887d6313c1adeef767b3c4e4394685e467c2033862cc8d7cdb16f36866a7f0b2
Name in tx
twetch#3375

Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.

Signed by 1Abd9yJS6mrzMmj1Ni6kjQB9GqtyaNujrm Verified

Reposted by (3)

Replies (41)

twetch#3375 6.4y
1Abd9y…ujrm Key · twetch
Replying to@1Abd9y…ujrm

therefore merchant adoption on its own does not create the incentive for people to save in Bitcoin. Only earning bitcoin creates that incentive! If a merchant accepts bitcoin and immediately sells it for fiat, he's not doing anything for us.

twetch#1832 6.4y
17zmPi…WWU2 Key · twetch
Replying to@1Abd9y…ujrm

This is incorrect. The easier a currency is to exchange for other goods, services, or currencies, the better a medium of exchange it is.

If the USD wasn't easily exchanged for other currencies, it wouldn't be as valuable around the world.

twetch#116 6.4y
1HsARx…32gH Key · twetch
Replying to@17zmPi…WWU2

It doesn’t become easy to exchange by going door to door with bumper stickers for a retail window. It becomes easy to exchange by being better for savings than other money!

twetch#622 6.4y
1Eyk15…d43C Key · twetch
Replying to@1HsARx…32gH

I'm not sure it's fair to characterize Steve's position as being about bumper stickers :)

twetch#1832 6.4y
17zmPi…WWU2 Key · twetch
Replying to@1HsARx…32gH

But strategy is different from theory. It's one thing to say "grassroots adoption probably won't work." It's another thing to say that, in principle, any merchant that exchanges for fiat doesn't help the Bitcoin economy.

Continue thread →
twetch#3375 6.4y
1Abd9y…ujrm Key · twetch
Replying to@17zmPi…WWU2

The value of money has to do with the ability of people who save with it to respond to new information coming in to the economy. People only bring in new information into the economy of the money that they profit-seek in.

twetch#1832 6.4y
17zmPi…WWU2 Key · twetch
Replying to@1Abd9y…ujrm

If Amazon accepted BSV for payments, they would distribute new information to millions or billions of people that BSV is a worthwhile digital currency, and its value and utility would immediate shoot up.

Continue thread →
twetch#1832 6.4y
17zmPi…WWU2 Key · twetch
Replying to@17zmPi…WWU2

If I am unsure whether my BTC is worth saving for the future, I might want to see whether it's accepted now (and works) as a medium of exchange.

If it fails - or worse, if it undergoes anti-adoption - then it's a signal to not save in that currency.

twetch#622 6.4y
1Eyk15…d43C Key · twetch
Replying to@17zmPi…WWU2

I agree with you here, @4179...

This is part of my expectations about a given commodity/good and whether or not I find it valuable as money.

Continue thread →
twetch#622 6.4y
1Eyk15…d43C Key · twetch
Replying to@17zmPi…WWU2

@24, must one profit seek in bitcoins to be adding value to the Bitcoin economy?

As in, must one seek to increase one's Bitcoin holdings to add value to the Bitcoin economy?

twetch#3375 6.4y
1Abd9y…ujrm Key · twetch
Replying to@1Eyk15…d43C

You can also do something nice for the other profit-seekers. You have to improve profit-seeking for somebody, not necessarily yourself.

Continue thread →
twetch#15699 6.4y
1735b9…GNh5 Key · twetch
Replying to@17zmPi…WWU2

This is incorrect. USD is easily exchanged but holds no value. The reason the Dollar has value is because a group of powerful people mandated (Proclaimed) USD as the Reserve Currency. That is the only reason it holds value. Bretton Woods.

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