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↩ replying to Jeff Booth
Crazy timing. So, today I had to work on impairment of investments for a client. And at the end, I had a discussion with my manager. See, if everything was valued in a stable unit of account say #bitcoin, we would not need to waste a lot of our time and energy on ‘evaluating one evaluation already performed by another consultant’ for our client. He was astonished at first and rather mocked me. Then I quoted the money inflation during last century (current unit of account). And that the natural state of free market is deflationary and so on. He was really amazed and convinced with the idea (but not #bitcoin). We are so early. Hell lot of people needs education
When you, a person living on bitcoin for years say "medium of exchange" to be a store of value, everyone calls you a doomer/shitcoinet/fiat maxi with high time preference. When influencer says it, everyone jizzes themselves.
Jeff Booth's avatar Jeff Booth
New podcast explaining why imo most people are falling into a trap by pricing #Bitcoin in USD. For Bitcoin to maintain its store of value, it must also become a medium of exchange.
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Another excellent show. I’m glad you guys touched on USDT, the convo really picked up some speed from there. Quick question if you care to answer, For businesses that accept Bitcoin and have to pay monthly bills in their fiat currency, do you think it would be best for them to just store in Bitcoin, ride the volatility and sometimes take the potential loss if Bitcoin drops from time they made sales until time they pay expenses, or do you think there is another way? Hopefully that makes sense. Thanks for your time.
Agree at most, as far as I understand, I read your book.⚡ With lumber, do please elaborate?, old growth useable for building, this lumber if worth more right? That is being lost in in the world. Enough space to replant and chop down 80 year old spar,,but it value is messured in more than just lumber. The hundreds of years old trees, 500 y and more, 1000 year old growth? This is better quality and is scarce.
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You have to price it in USD because Bitcoin is not the world's reserve currency yet. It's on its way to de-throne the USD as the world's reserve currency but it must first demonstrate that it's stronger and better then the USD. Once that happens it will flip the USD and then everything will be priced in Satoshi. You can't except Bitcoin to be the #1 currency right from the start.