I don't disagree. I'm just saying its not a problem the market is going to realize till it happens to them. Nobody's using L1 for uncensorable transactions - the memepool is evidence.

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> Nobody's using L1 for uncensorable transactions - the memepool is evidence.

That’s true, which is pretty worrisome imo. The narrative seems to be working in the establishment’s favour. Plebs are not spending their sats, circular economies are small and spread thin. Merchant adoption is close to non-existent. And all that people are focused on is the fiat price.

Yes. And with more fiat instruments people will use Bitcoin backed fiat loans or MSTY yield to spend more fiat & hoard Bitcoins.

Developing countries use USD stablecoins not BTC.

Until $ starts hyperinflating- I dont see any adoption by plebs to actually spend Bitcoin.