Hard truth for bitcoiners: "New product innovations are close, but not quite there yet ... things still feel insular"
Full article: https://www.coindesk.com/consensus-magazine/2024/01/26/why-is-everyone-suddenly-bearish-about-bitcoin/
The lightning network needs to escape the #bitcoin echo chamber. It could do that now with custodial #lightning providers who manage #liquidity, #channels and so forth, but it risks another Mt. Gox or FTX.
A related problem is that people don't want to accept bitcoin, even the same people who want to buy it. Similarly, most people don't want to spend their bitcoin. The rhetoric is nearly always about stacking sats, not earning, not using, just #hodl them.
I've done freelance VO paid in bitcoin; I'm down to accept it from anyone who'll offer. But Bitcoin is inherently more valuable to me than dollars, and if you know Gresham's Law, you know when two things with differing real value have the same denominated value people spend the less valuable and save the more valuable.
I also accept BTC, and if I am ever forced to go back to a "real job", I'm going to attempt to demand being paid in BTC (as in, my salary will be denominated that way).
And I get the incentives work against me here. I just want us to get to the point where we use cryptocurreny for paying for things because we don't have dollars to spend, only crypto. That is what can resolve the conflict with Gresham's lsw.
Side note: open source development is a real job, just one that doesn't pay. Similar to being a homemaker (which I can also attest is far more work than people who have never done it realize).
True facts.
Gresham's "Law" does not apply anymore with respect to #bitcoin. Bitcoin will drive out the bad money, even in payments, most likely now through fedi and the likes, built on the LN entirely, or something along those lines.
Paper will dissolve itself (fiat, securities, credit)
My thoughts at least
I will use it whenever i can, i go for spend and replace. All this number go up only buy and dont Do anything with it is Bad in my opinion. I see it as cash System, no get rich sheme. But i also see problems with lightning. The castodial stuff, also the bottleneck to open or close channels which still has the high fees. In the future with 500 Dollar fees it is impossible to open or close channels for the average guy. I hope that will be fixed Soon. And then we will still have the problem of lacking onchain transactions which will increse transactioncosts even more
