Replying to Avatar GrumpyGardener

I'm actually starting to agree. I keep gaming this out mentally and keep coming to the same conclusions.

Bitcoin ends up being too expensive to move and we all end up in a custodial situation anyway. Then the rugs continue. It stops being "freedom" money and just becomes the one world currency that's really only used directly by nation states acting as massive LSP's. Or maybe it's massive LSP's acting as nation states. 🤷‍♂️

Point is, the direction of the tech seems to be going towards mints, but then we're back to the exact same system we have now. We're recreating a central banking model. Right now, we're all still playing with gold. This stage won't last much longer.
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kidwarp 1y ago

Really fits with the narrative of you will own nothing & be happy…

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GrumpyGardener 1y ago

possibly. Personally, I believe in the spirit of ingenuity, but the fiat incentives are what's driving the tech stack currently. Everyone wants to be the routing hub so they can scrape sats off the top of every transaction. We used to have 1 visa. Now we have dozens.

That's not necessarily bad because it drives competition and keeps fees low as long as we're talking about lightning, but once you introduce mints, that game changes a bit. We had dollars that were redeemable for gold also... until they weren't.

I haven't seen anything that prevents that future from happening to BTC backed Ecash. You have assholes already making the case for fractional reserve ecash. 100% against the ethos of Bitcoin.

The community needs to reject that road. I'm not smart enough to figure out the correct path, but I'm not dumb enough to trade one central bank for another.

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kidwarp 1y ago

Well said….