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How do we fast forward to medium of exchange when we have to fight through Gresham’s Law first. Bad money pushes out the good (good gets hoarded) and people exchange in the failing crap until you can’t anymore. People hoarded real pure silver quarters when quarters started being debased with cheaper metals. I’m not sure we can truly get universal medium of exchange until hyperbitcoinization
perhaps users want privacy even on their spends - once bitcoin can be used as simple as a visa card, entities will know the transactions a user makes, and in part the state. a user might have habits they do not want anyone privy to. wide adoption probably goes hand in hand with ubiquitous privacy erosion when the state constantly wants to know everything you do
Reasons why Bitcoin will die aka β€žgame overβ€œ: - too many people wanna use it - not enough people wanna use it - nation state adoption - no nation state adoption - fees are too high - fees are too low - some people don’t get it fast enough - some peiple get it too fast - Elon buys more - Elon sells some - Saylor buys more - Saylor sells some … 🀣🀣🀣
why is that? for me its the effect of good and bad money. As long as i have bad money to spend, there is no reason to let the good one go. Restocking good one after spending it makes me always lose some percentage. And refill the stack is always through high regulated KYC. I always feel they are comming after me. Europe has become a mega glass shithole and day by day it get worse.
↩ replying to npub1xdxu...z7aj
Unfortunately, no. There is also a case where those opening channels may have malicious intent and nothing can be done to prevent this. Only retroactively enforce penalties. Final transaction is a huge deal. Lightening doesn’t get us there for peer to peer. For this reason, I’m a big fan of BTC for store of value and Kaspa for peer to peer. But if you mention Kaspa in Bitcoin circles, there’s weeping and gnashing of teeth.
↩ replying to npub1xdxu...z7aj
I don’t mind lightening, but it’s not final settlement. It’s not Bitcoin. If you own Lightening sats, you don’t own BTC. There’s a reason the addresses are different. You have to find somebody willing to trade out your lightening sats to BTC, like Mallers with Strike. It’s a layer 2. Ideally, a scalable, layer-1 that is POW, that is secure, and allows for final settlement for P2P transactions. We may have this in Kaspa. Although you can’t say that around here because the religious zealots get emotional and stop thinking logically.
Incentives to spend bitcoin: - feels like the right thing to do when supporting services/biz/people you love - you're too short fiat and have no other option - you put a lot of time in your node/wallet setup and its cool AF - fuck the banks/KYC - some privacy and security gains (when you know what you're doing) Disincentives for spending bitcoin: - massive opportunity cost - spend weaker money first - capital gains on every fart - privacy and security risks (when you don't you what you're doing) - limited acceptance - setup friction/malfunction As of today, spending bitcoin is for the tiny minority of tech adept early adopters who make a conscious choice to do so for any specific reason(s). Not spending bitcoin is for everyone else. This dynamic can change when there are better Bitcoin-only products and services built on exquisite/tailored Bitcoin experiences that scale.
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Empty Block Behavior can balance as a natural byproduct when it happens unusually fast compared to either of its neighboring blocks. Almost all blockchains do this but only when EBB is seen more than 2 blocks in a row or having only EBB during 2 block time worth of IRL time before loaded block do we say that the empty block is a bad thing.
Exactly. Bitcoin is already a SoV, no matter what your local twitter influencer says. It’s time to reinforce the MoE part, otherwise the SoV part will lose its significance. Bitcoin that is not used as money fails as gold too. Pro tips: βœ… Spend bitcoin directly whenever you can, then replace. βœ… If you have an online store, consider running a BTCPay server or use someone else’s to start accepting Bitcoin. Woocommerce for WordPress got you covered with a plugin. βœ… If you have a physical store, with a BTCPay server that is completely free you can set up a POS on any phone or a tablet to start receiving Bitcoin via Lightning. βœ… Explore apps like Bitrefil or Bringin that allow you to convert Bitcoin to fiat at any merchant and any service provider. Not ideal because of KYC and jumping in and out of fiat, but it gets the needle moving. βœ… Use zaps on Nostr to advertise your business to Bitcoiners. Or if you’re lazy you can: ❌ simp for Saylor, Larry Fink and Donald Trump and wait for them to pump your bags (they won’t) ❌ complain about the fiat price of Bitcoin ❌ never learn how to use Lightning ❌ stay economy illiterate ❌ be a lil bitch