cnix on Nostr: Where will they spend their sats if merchants do not accept them? When merchants ...
Where will they spend their sats if merchants do not accept them?
When merchants demand sats and refuse political currency, the only way a consumer can get the goods and services they want is to pay with sats. The consumer must acquire sats or spend from their stack.
As long as people have political currency and sats they will hodl their sats and spend their political currency before it loses more value.
When Washington was at Valley Forge, the army was starving because they had worthless political currency and local merchants only accepted hard money, in this case, British or Spanish coin.
The coin was mostly Spanish, as Britain tried to keep their coin on their own shores as much as possible, depriving the colonies the ability to build and store wealth.
Merchants will drive adoption.
https://www.nps.gov/museum/exhibits/valley_forge/economy_of_the_encampment.html Disagree. People spending sats will drive adoption. Merchants accepting bitcoin doesn’t change anything if no one is willing to spend.
Published at
2024-05-05 02:15:52Event JSON
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"content": "Where will they spend their sats if merchants do not accept them?\n\nWhen merchants demand sats and refuse political currency, the only way a consumer can get the goods and services they want is to pay with sats. The consumer must acquire sats or spend from their stack. \n\nAs long as people have political currency and sats they will hodl their sats and spend their political currency before it loses more value.\n\nWhen Washington was at Valley Forge, the army was starving because they had worthless political currency and local merchants only accepted hard money, in this case, British or Spanish coin. \n\nThe coin was mostly Spanish, as Britain tried to keep their coin on their own shores as much as possible, depriving the colonies the ability to build and store wealth.\n\nMerchants will drive adoption.\n\nhttps://www.nps.gov/museum/exhibits/valley_forge/economy_of_the_encampment.html\n\nnostr:note16cq5shw9zn8dc03sfrer9nsw8x647qakmeqdzshs6h5zxamp9cyq0cyn8r",
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