This is the crux of the Keynesian theory, that spending is good for the economy and that the more spending we do the better. We are seeing this play out in real time as the government spent and spent and the economy isn't good.
The economic idea of Satoshi and the Austrian school generally is that all spending must be preceded by savings or all you end up with is a debt economy. Bitcoin allows everyone to index effectively the net efficiency gain of the economy as savings via purchasing power increases.
The idea that it's bad for Bitcoin to just be held in cold storage and never spent is very true, for if a man had "all the money in the world" everyone would just stop using that money. Currently Bitcoin is being used as a hedge against the incumbent monies destruction, but I don't know a single bitcoiner who thinks holding forever is wise. We are all holding until the point at which the current system implodes, at which point we will be there with the answer and the capital to restore the world.
In the meantime it is wise to spend Bitcoin with other bitcoiners while attempting to keep stacking more Bitcoin. As noted above spending always happens, I think most of us use our Fiat for that in the current circumstance, but that won't last forever and at that point Bitcoin spending will commence.
bkb2443
npub1wz…cav9v
2023-05-05 16:44:21
in reply to nevent1q…762z
Author Public Key
npub1wzu2nurqjnun8utdtcfrj53ytjp9q28wuwc6jj2p2an64w89c2yq8cav9vPublished at
2023-05-05 16:44:21Event JSON
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"content": "This is the crux of the Keynesian theory, that spending is good for the economy and that the more spending we do the better. We are seeing this play out in real time as the government spent and spent and the economy isn't good. \n\nThe economic idea of Satoshi and the Austrian school generally is that all spending must be preceded by savings or all you end up with is a debt economy. Bitcoin allows everyone to index effectively the net efficiency gain of the economy as savings via purchasing power increases. \n\nThe idea that it's bad for Bitcoin to just be held in cold storage and never spent is very true, for if a man had \"all the money in the world\" everyone would just stop using that money. Currently Bitcoin is being used as a hedge against the incumbent monies destruction, but I don't know a single bitcoiner who thinks holding forever is wise. We are all holding until the point at which the current system implodes, at which point we will be there with the answer and the capital to restore the world.\n\nIn the meantime it is wise to spend Bitcoin with other bitcoiners while attempting to keep stacking more Bitcoin. As noted above spending always happens, I think most of us use our Fiat for that in the current circumstance, but that won't last forever and at that point Bitcoin spending will commence.",
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}