People seem to have trouble with this. It's worth considerin...

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2026-08-30T11:01:41Z

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Bitcoin maximalist falsehood #2: “Never sell your Bitcoin.” Bitcoin is money. Holding $100 worth of Bitcoin may support scarcity, but it does little ...

People seem to have trouble with this. It's worth considering the depth and liquidity of the market, not just scarcity. Because if you withhold 15 million bitcoin the scarcity shoots up, for sure. But as soon as you go to SPEND that 15 million bitcoin, you find there's not much market there, and you'd run into quite a bit of slippage.

Ironically somewhat, the degen traders are doing a lot of our work for us by trading constantly to keep the market afloat in the first place. I know WE don't consider that using Bitcoin as money, but at the end of the day they're buying and selling fiat with their Bitcoin.

So I guess I'm saying don't panic too much at the lack of MoE because there are those people using it, but also, don't be confused about how money works either. Absolute supply and market liquidity are two very different things. I think we have both covered fairly well at this point, but they both matter.

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  "content": "People seem to have trouble with this. It's worth considering the depth and liquidity of the market, not just scarcity. Because if you withhold 15 million bitcoin the scarcity shoots up, for sure. But as soon as you go to SPEND that 15 million bitcoin, you find there's not much market there, and you'd run into quite a bit of slippage.\n\nIronically somewhat, the degen traders are doing a lot of our work for us by trading constantly to keep the market afloat in the first place. I know WE don't consider that using Bitcoin as money, but at the end of the day they're buying and selling fiat with their Bitcoin. \n\nSo I guess I'm saying don't panic too much at the lack of MoE because there are those people using it, but also, don't be confused about how money works either. Absolute supply and market liquidity are two very different things. I think we have both covered fairly well at this point, but they both matter.",
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