Store of value means nothing if there is no sovereign medium of exchange.
#p2p
Discussion
For most people, the medium of exchange may only be viable on secondary layers of the protocol stack.
Will they be sovereign is the question.
Yes but for those with Bitcoin savings, it presumes they have UTXOs, and it’s always funny how people attempt to infer the difference between SoV & MoE when they are the same function, the only difference being time.
If you have UTXOs now, and defer consumption for increase in purchasing power and decrease in uncertainty, than you will still be able to send those UTXOs down the road in a sovereign fashion, just at a higher cost (sat v/b fee) but that’s assumingely relative to the increase in purchasing powered.
Others down the road may have to use some secondary layer (lightning / fedi / ark / liquid etc) for spending *and* savings, which will presumably always involve inferior tradeoffs, but that is the nature of bitcoin. Everyone gets the price and corresponding level of sovereignty they deserve.
This will still be better than any alternative; CBDC social credit system / centralized shit coin.
💯
Does every transaction need to be sovereign is the question
I’m not sure why you say that. As one example, gold is currently a store of value and not a medium of exchange.
Bitcoin on L1 is clearly a better store of value. Why does that mean nothing?
Are you saying that L1 bitcoin would be worthless if it’s not a medium of exchange?
Gold is irrelevant, and a failure in the modern age, as it trends to centralization. If you need to use an institution’s vault, or need to seek permission from the Finkster, from Epstein’s banker to spend it’s gg.
More like: medium of exchange is of no value with out store of value
so.... without more "upgrades" like the witness discount it wouldn't work as medium of exchange?
not sure what your point is.