Remember “not your keys not your coins.” Phrase died out when everyone realized that self custody will only be afforded to a few million people. What should we goalpost next?
Discussion
Hot take, sir.
It's like saying the top ~5 million bitcoiners will remain the same forever.
No, it isn’t. They’ll die, spend, take bad risks, etc.
People have to eat. Some will take their utxo to the grave, most will transfer ownership to more competitive players one way or the other as bitcoin eats everything. Pressure is the name of the game.
True enough.
I had a large percentage in earn/yield stuff for a minute, which was a huge risk. Came out completely unscathed. Pressure, indeed!
Completely disagree. This is a hypothetical problem yet to be realised. Even if it does become a problem we'll address it as a community as and when. It remains not your keys.
What’s the “problem”?
The problem is if many more people want to self custody but can't under that fee scenario. If they choose not to or fail to do the work that's a different matter altogether.
That's a big "if".
Most people have no reason to self custody because they have no need to spend coins.
Everything they want to spend money on is produced by the Fiat Dominion. There's nothing they want to buy that requires payment in Bitcoin. And so they only care about number go up, and the ability to off-ramp into fiat.
Thus, they are better off with a financial instrument that is linked to the price of Bitcoin because they are guaranteed to have an off ramp into the real Fiat economy that produces all the stuff.
And so we're on a direct track to a paper bitcoin market just like we ended up with a paper gold market.
Unless Bitcoiners actually start producing goods and services more efficiently than Fiat companies, we have no need for Bitcoin to scale.
This is also why governments and bankers aren't terribly concerned yet, they don't just print money for free, they also gate keep the global economy.
I think people miss the generational aspect of this and are only looking at their normies around then.
What about the next generation of bitcoiners, what about generations yet born.
They will want to and will want to self custody, if we fail to ensure that is a practical option we will have failed them.
I’d factor in that Bitcoin/LN as a payment network is more efficient than the legacy system. Businesses might start to prefer Bitcoin not just for lower fees, but for reliability, that is to reduce counterparty risk. Parker Lewis has been talking about that on podcasts recently, about SVB and making payroll during bank collapses.
Also TBF, Saylor has a good point, the TAM for SoV is in the hundreds of trillions, whereas the TAM for MoE is several trillion. How much the latter is kneecapped by the 1970s rails we still use, I’m not sure.
How about: "not your node not your road"
Why run a node if you don’t even have a UTXO?
If the world is on a bitcoin standard and you are a nocoiner pleb, you'll still be using bitcoin backed services and benefitting from deflationary money. Therefore it would be common sense to run a node if you can, to help further decentralise the network and thereby contribute to a fairer society.
If you can't afford a utxo, you can't afford to run a full node
When a spendable UTXO is worth $1M (in today’s dollars) and a node costs $200 (in today’s dollars)?
It will never get to that. If the ratio of spendable utxo value to node cost gets too high, the pressure to fork to larger blocks and decentralize the network would be enormous.
Well that’s undoubtedly where it’s headed without a sly roundabout fix.
The pressure will incentivise a solution. Actually, maybe it would make every node a miner again. If a tx fee is $500k, and running a full node is $200, it might make sense to spend $500k on mining to subsidise your own fees.
It used to help the network in 2009 when it was difficult to find a bootstrap node, but that isn't a problem today.
Brownie Points or because they have the ability?
What's it matter? Moar is moar.
Gotta make sure my kids self custody
It's still a theoretical problem at the moment. If it is not solved when it becomes a problem, it will mean shitcoins continue to grow. Slowly at first as custodial Bitcoin solutions to scaling will keep Bitcoin dominant, but there is bound to be another Celcius or FTX that will fractionally reserve the Bitcoin in custody and go bust. This will dent Bitcoins reputation and put an upper limit on its growth.
“Understand ur utxos” “uno utxo”
I think everyone's forgetting that the full nodes enforce the #Bitcoin protocol. Miners are supposed to be just dumb drones that do what we tell them to.
For example. #Ocean can filter out monkey shines and other garbage. So there's no reason other miners can't too. If they don't. We can filter out those miners.
Each of us can start doing this today. If we reach consensus, then Boom! "No Soup For You!"..💣💥🗡️💎💜🧡🦅🗽😊🌎