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Fantastic read. I have one issue here- Bitcoins security model relies on the plebs personally verifying inbound transactions as a valid coin on L1 (as per their own definition of valid). So yes, Bitcoin does scale as a settlement layer (Gold does not)but if plebs mostly use IOUs and cant afford L1 transactions - the banks will just inflate the IOUs and the benefits of 21M wont accrue to plebs. As I see it most of the coins are gonna end up with custodians. Even OG influencers are promoting treasury stocks over L1 BTC. This is a long term problem. How do we ensure enough economic activity by plebs on L1 after 50 years so as to keep the big banks in check? Also high fees might be a problem for plebs, no?

Seriously. My bank just‘updated’ their mobile app and I completely lost access to my account. It’s been a week. How many hours of painful customer service phone calls will it take before I am re-united with my own money if ever?