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I've wondered for a while why bitcoin fanboys aren't more keen on buying teslas when bitcoin moons. My plan is to pick up a tesla roadster (2020) when bitcoin moons. I'll likely need it to hit 10 million/coin first but I guy can dream, right?
Me 2. I hold one bitcoin to buy Tesla, Just wait for time when 1btc be enough.
I believe that one of the most negatively disruptive unwritten rules of society is that the world economy must continue to grow indefinitely.
Why is this a thing?
Can an improvement in the quality of an economy (less wasteful products being purchased with an emphasis on long term ownership and use) outweigh the growth of an economic output as measured in fiat money?
It makes sense to me that this could be the case, and if so I believe bitcoin is perfectly poised to take on the role of value transaction in that type of economy.
My reasoning is as follows -
A stagnant economy that is measured in dollars would see salaries rising, but prices rising even further in order for businesses to keep up appearances of growth (due to less people buying) in order to appease investors and keep investment flowing in (similarly to what we see Apple doing now)
This means that especially in a stagnant economy, peoples real wealth measured in dollars would decrease.
Looking at this same scenario using bitcoin instead of dollars, we can see that people would likely only use their ever-appreciating monetary units and only buy iPhones that would somehow continue to improve over time - possibly a subscription model that allows you to trade in your phone every year to upgrade for free.
Why might Apple do this you ask? Because the monetary unit at its present value is now driving the sale, and the time preference necessity from Apple is immediate. The .001 bitcoin they receive now, will always be worth more to them than .001 at any time later than now.
I think this turns most every economic transaction into a subscription model, whereby the company initially gives products away for a very low cost, but continually works for their customer to improve their service in every possible way at a gradually decreasing cost to the customer (but at the highest possible time preference for them).
I'm sorry if some of you Mises buffs are offended at my ignorance here, but I just thought I'd jot down some thoughts that hopefully lead to further discussion on the topic.
Do you know about the dry laundry fallacy?
In the USA, a mine produces ore, smelted into steel, made into a drying machine, which runs on electricity, powered by coal. All of these items add GDP to the economy. The outcome is dry laundry.
In Italy, a grandmother hangs the laundry to dry outside. This adds nothing to the economy. The outcome is dry laundry.
So, is all of the economic activity in the USA worth it? The same outcome is achieved. This is a complex problem for measuring economies. It is not just what you produce that counts.
But just go to yalls.org, click on 'About' and in the bottom left there should be an option to pay a dollar or two to open up an inbound channel with .01 btc.
I thought this would be important to let you guys know about since there is starting to be more people asking how to receive funds....
If this has helped you, upvote :)
Thank you!!!! This is awesome, such an easy process and everything worked as it should. I can now receive payments.
@Zelgada 0307d8fcbb68c73730379d3cf76ea460eddad4651f9461a3a0d3e81a05288c104f Is my node key. My alias is Camron :). I did go to yalls.org as @PBRVega mentioned. I was stunned at how easy the process was. I feel we could implement something similar here too. Maybe charge a % of the satoshis transferred out when creating a channel to a user? This site would be completely self serving if users could open LN channels to receive funds too.
I tried to connect to you but I can't find your connection info. I need an IP to connect to you if you are not already connected to me. My LND node can't see you since you appear to be behind some anonymizing layer.
Open a tiny channel to me if you can, or private message me an IP address that I can connect to.
Absolutely a great idea. I think this can be done. I don't think that I would charge anything for this - it's all about adoption right now.
Interesting read and perspective. I for one am very excited for the potential of LN. It is just in it's infancy. There are so many more features coming to enhance scalability and privacy that it feels like the early days of Bitcoin again.
New ideas, thoughts, and "woah" moments.
@kohbaka needs to read this, I was trying to break down how Bitcoin can be considered valuable. Thank you for this find!
I haven't read it yet. It is on the reading "hit-list". Andreas Antonopolis also has some great Bitcoin books.
Same here. I'm holding and if it Bitcoin really moons I can buy a Tesla!