"_Merchants are scammers because they lead you to believe that your bitcoins are only worth the price of their retail good in order to allow themselves (or those to whom they sell the bitcoins, if they so choose), rather than you, to benefit from future Bitcoin price increases._
## …And That’s a Good Thing
This is not to say merchant adoption is bad. In fact, from the hoarder’s perspective, merchant adoption is great. First, merchant adoption means that there is more demand for Bitcoin, that the Bitcoin network is growing, and that Bitcoin is thus [more valuable](http://bitcoinist.net/the-merchant-adoptocalypse/) than it was yesterday. Second, merchant adoption means there are more places to spend bitcoins.
This does not mean a hoarder will actually want to spend bitcoins. More importantly, he _can_ spend bitcoins. Demand for cash exists because there is uncertainty of future needs, and the holder of cash believes he will come across currently unknown opportunities in the future that can better satisfy his needs than any current opportunities."
- Michael GoldStein
*Everyone's A Scammer*
Marc26z
npub1ma…tf3g0
2025-02-14 04:22:16
Author Public Key
npub1marc26z8nh3xkj5rcx7ufkatvx6ueqhp5vfw9v5teq26z254renshtf3g0Published at
2025-02-14 04:22:16Event JSON
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"content": "\"_Merchants are scammers because they lead you to believe that your bitcoins are only worth the price of their retail good in order to allow themselves (or those to whom they sell the bitcoins, if they so choose), rather than you, to benefit from future Bitcoin price increases._\n\n## …And That’s a Good Thing\n\nThis is not to say merchant adoption is bad. In fact, from the hoarder’s perspective, merchant adoption is great. First, merchant adoption means that there is more demand for Bitcoin, that the Bitcoin network is growing, and that Bitcoin is thus [more valuable](http://bitcoinist.net/the-merchant-adoptocalypse/) than it was yesterday. Second, merchant adoption means there are more places to spend bitcoins.\n\nThis does not mean a hoarder will actually want to spend bitcoins. More importantly, he _can_ spend bitcoins. Demand for cash exists because there is uncertainty of future needs, and the holder of cash believes he will come across currently unknown opportunities in the future that can better satisfy his needs than any current opportunities.\"\n\n- Michael GoldStein\n*Everyone's A Scammer*",
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