Post by db
Kudos to #SteakNShake!
It would be awesome if we show them much love at the start... but, these incentives are backwards for the long run (capital gains tax notwithstanding).
As long as it's financially more rational to spend fiat, that's what we should expect rational people to do - even hardcore bitcoiners. Even someone using strike to live 'bitcoin only' (like jack mallers) is going to have a credit card that allows them to pay in fiat and earn a % or 2 in rewards.
Presumably, the service SteakNShake is using charges them a fee to convert their bitcoin sales into fiat. Until merchants start actually valuing bitcoin for themselves - and offer a discount for bitcoin purchases (at least to compete with credit card rewards) instead of paying a fee to convert to fiat - gimmicks like this aren't likely to have a lasting impression.
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Whatever service that SteakNShake are using, depending on how they’re treating the sats that they convert have the sweet deal. I’d do it without the fee. Sounds like a good way to stack nonKYC ₿ at market value with no upcharge. 😂
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