There's nothing to say that digital gold can't be P2P cash just because analogue gold failed at it.
Bitcoin can be used as a SoV & a MoE, they're not mutually exclusive.
I don't know why so many Bitcoiners are so against NGU. So many problems?
“If bitcoin just ends up being digital gold, then it has failed” 💯
nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe https://video.nostr.build/c5bb407bf5ee7d9d8a52bca0b5210b6d93342be6eb04c6f9e8301febf3568181.mp4
Discussion
He’s NOT against NGU. He’s saying, if it’s NGU ONLY, it’s failed.
NGU is a necessary feature.
Gotcha.
I think I was venting a bit & that was unfair.
People seem to think that Bitcoin NGU makes it less useful to the masses. That we should somehow prevent the nation state game theory from playing out.
I screenshot this as not to retype (boomer 🤪)
It’s my take on why SoV ALONE will be a disaster for humanity.
Hope it resonates.
FWIW, Jeff Booth is much more eloquent at laying it out. I’m just an old bond salesman….😉
Monero is digital cash. Because more people can actually privately own UTXOs. In Bitcoin that will always be limited to UHNWI, large corporations, governments and custodians.
It's not a failure as it preserves the decentralisation as a store of value. It's a failure because it can not for this (and the lack of fungibility) work as money. As much as we love L2 and L3 projects they only derive its qualities from L1.
The only thing Bitcoin maxis show when they shit on Monero and ridicule Bitcoin OGs (the real ones 2009-2012) is that they haven't understood money yet.
Bitcoin as a SoV is close to take the role of gold. But for money you'll need Monero or enjoy the diverse range of social credit projects built by Coinbase and others thanks to limiter onchain capacity (need for custodians and KYC) and lack of privacy features (that make every coin interchangeable/ fungible).
Monero is hot potato money