Andreas' current use of BTC - page 4.

Rikafip

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Quote from: superbotolo on October 30, 2021, 10:34:52 AM

He was talking about living on Bitcoin and he said that he HODLs his BTC and basically spends only USD. He gets paid in all different fiat, and he spends this fiat for his daily life. When he can, he buys more BTC and HODL.

I don't see anything wrong with it, what is he supposed to do since he is paid in fiat? Take that fiat and buy BTC, and then do KYC on some of 3rd party service to be able to use their card and pay for groceries, utility bills and all other everyday expenses? He wouldn't accomplish anything beside loosing percentage of that money through various fees.

Quote from: superbotolo on October 30, 2021, 10:34:52 AM

Second, if everyone HODL and nobody spends BTC, isn't this becoming just a pyramid scheme?

Using that logic, anything you buy as an investment is pyramid scheme, which is not true of course.

DaveF

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Quote from: superbotolo on October 30, 2021, 10:34:52 AM

I love Andreas Antonopoulos. Having said this, he recently said something in one episode of his podcast that surprised me. He was talking about living on Bitcoin and he said that he HODLs his BTC and basically spends only USD. He gets paid in all different fiat, and he spends this fiat for his daily life. When he can, he buys more BTC and HODL.

While I understand that many of us HODL, isn't this just wrong for the future of BTC. First, Satoshi created BTC as a currency. It is intended to be spent. Second, if everyone HODL and nobody spends BTC, isn't this becoming just a pyramid scheme?

You kind of answered the question. He gets paid in fiat. So he spends it. If he has any left over he then buys BTC
Taking it all and converting it to BTC to turn around and spend it is pointless.
As for holding it. I get paid in fiat too. I buy stuff with it, I put some in a savings account, some in my IRA and with some I buy BTC
Some BTC gets spent, but not all.

I am part of a signature campaign that pays in BTC. Some gets spent as BTC other gets saved. If I don't need to spend something, be it fiat or BTC or whatever why should I spend it?
With your question, you are more or less saying he should spend for the sake of spending.

-Dave

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: superbotolo on October 30, 2021, 10:34:52 AM

First, Satoshi created BTC as a currency. It is intended to be spent.

Well not really, if you don't need to spend it then there's probably not much point. A spending culture has been prescribed into a lot of people already, spending on something that's you're going to use or need is fine it's when you start creating waste that's the problem...

You spend inflationary currency because its value drops.

Quote from: superbotolo on October 30, 2021, 10:34:52 AM

Second, if everyone HODL and nobody spends BTC, isn't this becoming just a pyramid scheme?

A pyramid scheme like the stock market?

Most things, realistically, become problematic when people have a lot to sell and choose to sell them all at once. Shaving $5tr off the US stock market for example wasn't $5tr leaving thst was already there - it was too many people selling for the order book to absorb (and if people collaborate or have a lot already, they can manipulate the price of things quite well).

superbotolo

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I love Andreas Antonopoulos. Having said this, he recently said something in one episode of his podcast that surprised me. He was talking about living on Bitcoin and he said that he HODLs his BTC and basically spends only USD. He gets paid in all different fiat, and he spends this fiat for his daily life. When he can, he buys more BTC and HODL.

While I understand that many of us HODL, isn't this just wrong for the future of BTC. First, Satoshi created BTC as a currency. It is intended to be spent. Second, if everyone HODL and nobody spends BTC, isn't this becoming just a pyramid scheme?

Topic: Andreas' current use of BTC - page 4. (Read 515 times)