@patrissimo I am asking myself, will HODLers even use the LN? Since spending their BTC would kind of weaken the cartel by deviating from their optimal strategy. Will that slow that adoption of new features?
Apparently an official tenet of hodler philosophy is: you can spend, just not sell. Which makes some sense from the cartel perspective, transactions within the system don't directly harm exchange rate. Ie Nick Szabo told me he thinks it's flows to/from fiat that matter.
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Yeah I completely agree with him there. But won't merchants frequently exchange all their BTC to fiat? I'm worried that the moment BTC becomes a functional payment system it will crack the cartel open.
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Unless we get to that full loop - the same merchants paying their workers in BTC so it never flows back to Fiat. Before that point a lot more people have to want to buy BTC just based on it's utility and not speculative value or the price could crash?
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Although on the other hand maybe HODLers who spend for payment will just keep refilling.. that's likely too. Still trying to wrap my head around all the implications
End of conversation
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