If you think fees are high now, imagine what they will be when 1b ppl are using bitcoin and it's 1 BTC @ $1M
And on the bright side no more talk about security budget is worth every Sat vBytes 🤣😂😍
Discussion
Opening new Lightning channels will also be incredibly expensive. I hope none of mine go down 😭
L3 is how we scale further nostr:note127ru680e9vckk3yrajp68s9d3yt8p9ys2wjpecc9z6t9dd36kmkqfy8ywz
😅💯
💯
In the future… near future, possibly, on chain ₿itcoin transactions will solely be between nation states and sovereign individuals not normies.
Normies will have ubi and CBDCS.
I don’t see it playing out any other way, based on how slowly adoption is taking place among the normies. The promise of “free” currency is just too damn intoxicating to your average NPC.
Yeah it’s going to be an easy sell when the economic problems start getting shoved in their face and they are presented a “safe & simple” solution.
This is why I can't comprehend how people who currently have BTC are so happy spending it, especially if they were able to mine back in the day.
Even worse, they also promote the idea to those who are new and have had to buy BTC and at a much higher price.
When governments ans central banks start to put BTC in their balance sheet, it will be impossible to ever get BTC again.
These people are either irresponsible, or in on it.
Value is subjective. ₿itcoin is for saving and spending. It’s an individual choice.
First, back in the day this was a moon shot experiment. So any person who had very early coins would have to be nuts to think otherwise. "Moon" use to be the dream of Bitcoin @ $1k. Then there is runway, ppl want to create things so they need to spend money, many didn't have much money so they spent the few thousand BTC they had to build businesses. And so on. The firm understanding of bitcoin as ultimate store of value came later. Early on most though of it as uncensorable payments. It's easy to see things as they are now. At first it was just one paper, by some guy, Satoshi, and not much else aside from "obscure" pre-bitcoin cypherpunk attempts. Engineers and Silkroad types (most of the first comers) didn't have much economics understanding either. It's all been a long learning exercise :)
I'm not talking about back in the day, I'm talking about today and the future. I think everybody now has a clear idea of what BTC is and can be, and what not.
We can't say BTC is going to be a reserve in the central banks' sheets and an absolutely scarce (and indirectly deflationary) asset, or a form of property, and at the same time wish for it to be a lightweight currency to use to pay for a bunch of bananas in some tropical country.
It's just not compatible.
At this point, people who were lucky enough to get in at the very beginning and mine their own fortune, tens or hundreds, or thousands of BTC, and the vision or luck to keep them, have a very different outlook to people who have had to BUY their sats at 4, 5 figures in USD terms.
They may be able to spend BTC knowing that unless they're total imbeciles they will not run out of them. If you're fiat broke and BTC rich, fine, it makes sense.
Just as it makes sense for landed gentry in the UK who are money-broke and land-rich *and unable to find a way to generate money with their land* (current problem with BTC) to sell off that small piece over there while trying to keep the manor.
What is not right is that landed gentry telling the Costco cashier who barely got a run down public housing unit in the ghetto that they should get rid of it to buy bananas.
You must have velocity of money to have adoption. If the velocity of BTC goes to 0 we no longer have a viable currency.
As the velocity of money increases this money goes through the economy faster making the money supply feel larger. While there is a finite number of Bitcoin that can ever be mined there are an infinite number of transactions possible. The value of BTC absolutely ceases to exist if it’s not being used.
There's no way to calculate bitcoin velocity accurately - so the numbers are meaningless
Good thing ₿itcoin’s velocity is at the speed of light with zero friction.
BTC is not a currency. That's my whole point if you read my note.
I read your whole note. Is there another note I’m missing? If there is not a note I’m missing I think I may lack a clear understanding of what you perceive BTC to be.
You're right, I got this mixed with another conversation.
nostr:note1kpulgx0gx253ytdwr3gvpnjaqhl32c233yjtv4awn0za389ksfesnsk9z6
nostr:note1fgtdnjals0v8fv29cccdjvew870wre26a9lfs9xyg9zzxa7h086qryvqze
nostr:note1rk6nma5phfue62ctkk0d3jmqe9gltmtlfrtuv7sqnqamygf9k92saztj5y
So you Bitcoin as a form of property that you can use as collateral in the future? Did I get that correct?
Digital gold would about sum it up. Gold was absolute shit as currency. But it was great as a reserve.
Same thing with BTC.
People can't be crying about "fees too damn high" and at the same time for "hyperbitcoinization now LFG!!!"
The blockchain is not for cash transactions.
It will be much higher than 1M USD per coin when 1B ppl are using bitcoin
Much higher.
Is that inevitable? There are other cryptocurrencies. If Bitcoin can’t keep NFT and dogcoin enthusiasts from driving up transaction costs, people who just want digital money will look elsewhere.