overinvested in bitcoin
It’s funny. I never hear people say, “overinvested in
(dollars|euros|whatever)”.
;-)Can one be overinvested in money? Is that like allocating too much cash in your portfolio?
Firing at random, for I am now something like 20 pages behind WO. ATH yet?If all your bills are denominated in bitcoin, then no problem to keep all your money in bitcoin -otherwise, if you have bills in dollars, you might be forced to reallocate some of those 100% bitcoins into dollars in order to make good on those bills.. and you may end up making such conversion at a time that is not of your choosing.
Point taken—as consistent with hard experience, personally. My remark was tongue-in-cheek, wink-wink
;-), just because I am unavoidably amused at the notion of being “overinvested” in money.
You can amuse ur lil selfie all the way to the poorman's house, if you are rich in some kind of money that nobody
(relatively speaking) wants.
If I walk up to any random business and ask them if they will take bitcoins to settle or to render a good or service, there are pretty low odds that such random business is going to agree to transact with me in bitcoin.. because likely their first response would be, "what's that?" No one wants to appear dumb, of course, so they might fake it and they may have even heard of it, but they are not set up with an ability to receive bitcoin, an they might be reluctant to set up such ability, especially if they are approached from random peep (namely yours truly) off of the street.
The last time that I tried this, the response was dismissive: “It may go to zero.” The business proprietor knew what Bitcoin was. He thought that it was a stupid idea.
There are a decent number of peeps who believe that they know what bitcoin is because they heard the name or they have some idea-ers about it... but in reflection of our pretty narrow adoption level, there are a decent number of peeps who have way fewer clues about what bitcoin is than they believe.
Look at several of us forum members who have been studying bitcoin for years and years and years, and we are still grappling with what bitcoin is or various ways that it may serve us in the present or the future.
That was when Bitcoin was in the doldrums around $4k–5k for a long time. Maybe I should try it during a FOMO bull run, rather than a bear market.
Sure. Probably does not hurt to attempt various real world interactions, and probably in the longer run, the more that interpersonal interactions are attempted, the more bitcoin will become adopted or better known to have use cases for more people, even if several peeps might just be storing it on the side.
I do think that business owners should immediately swap to Tethers* the exact amount that they project they will need to cover their fiat-denominated Accounts Payable in the short term (approximately the marginal cost to them of the underlying merchant transaction), for the reason that you state to me personally: Losses and potential insolvency are bad for business, too!
Likely many business owners will prefer whatever is easy, and surely if they recognize an ability to save or value to appreciate, they would likely be o.k. with that too.. so long as they figure that they have ways to easily liquidate, if they so choose... accounting issues can also be one of the complications that they consider if they are hesitant to get involved in bitcoin or any other asset on a grander scale.
I have considered writing software to support this, but it got kicked down on the priorities list... It is something that BTCPay Server should consider, to solve their weak point that keeps many businesses stuck on outsourced payment acceptance. (Many ideas here, will omit for now.)
* Much better than using Shitpay!
Sure, there are likely quite a few developers considering these various kinds of angles, including lightning network developers considering ways to build businesses around ease of use, too... and of course, if something is considered to be pegged to the dollar, then there might not be a tax event, perhaps.
Did theymos learn nothing from monetary policy, Gresham’s Law, etc.?
- prices are ridiculously low atm, since meetings and parties are forbidden, therefore there's a huge overstock)
