The demand side is trickier, why do I want the Bitcoin? The best I have heard has been to look at the qualities of Bitcoin compared to other money or things that have been money in the past like gold and a paper currency. And fundamentally understand what the advantages and disadvantages are to each.

It never spoils

Cap on the supply

Highly divisible

Can carry it in my mind as 12 words

Secure from theft

Censorship resistance

Store of value

I can spend it remotely

Permissionless

Etc

Each one of those makes it better than the alternatives so I want it. For all the positives, the only negative iv seen as a money is its lack of price stability.

My gut says that it will eventually be a stable currency as stable as the variability of currencies on the foreign currency exchange, but the onboarding taking place and speculation about what value will be stored in it is constantly changing. That will eventually settle down.

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Discussion

Thank you for the link. It’s very interesting. I haven’t gotten that far yet in the paper I am taking a pause before going into sparse merkle trees. I suspect the specific details will be different but there is an aspect of this that reminds me of ecash. In that the money has value (y can accept x’s debt as money from z only if x is trust worthy) (I would only accept your ecash token as money if I trust the mint that gave you the token to follow through and pay me when I exchange the token back) there is a similar dynamic with the ecash mints. So I’m wondering if this doesn’t result in a similar system in practice if everyone ran their own ecash mint. Where you could bring your bitcoin to me, I would issue you a token IOU for the Bitcoin back (debt) back and you use the debt (IOU) as money. The specifics of ecash have parts for privacy that I suspect won’t be in this.

The specific idea that money is trust, I find very interesting. I will be mulling that one over for some time.

which is where lack of fungibility is a pain point -- a major quality that is lacking imo

I think I get the argument on fungibility. You are afraid someone had the Bitcoin before you that did something illicit and getting dragged into it?