Replying to Avatar goatmeal

you trust custodians not to issue too many IOUs for absolutely no reason, even though they have done it and been caught an uncountable times already, and custodians also did the same thing to precious metals.

WHY does bitcoin protect anyone from anything? because it's supposed to let you bypass a financial institution. if almost all of the users don't want to do that or cannot do it, it is the same as speedrunning what happened to the gold standard. this can only be avoided IF a network upgrade enables scalable self-custody and enough of the userbase takes advantage of it.
Avatar
Ancap Revolt 10mo ago

What happened with gold is that gold holders complied with government orders to relinquish their holdings. Do you think bitcoiner will do the same?

What do you mean “scalable self custody”? I could hold 1 million bitcoin on a single wallet if I had that much, and transaction fees are well below 1%

Reply to this note

Please Login to reply.

Discussion

Avatar
goatmeal 10mo ago

now you are just playing dumb. we both know what would happen if lots of people try to take possession of UTXOs at the same time. please don't try that stupid crap on me. and I'm not talking about the gold confiscations either but you can pretend I am if it helps you cope with bitcoin's excessive dependence on custodians.

Avatar
Ancap Revolt 10mo ago

Why would I take possession of a utxo if my BTC is in cold storage?

Avatar
Comte de Sats Germain 10mo ago

These arguments are too speculative. I'm not convinced that batched transactions can't scale the thing, and I'm not convinced that transaction fees will be too high, and I'm not convinced that there will be such a huge need for block space. Fees can go lower than 1 sat/vbyte. The blocks are probably already too big, IMO. It seems darn near perfect... Longer block intervals would be nice, but I don't see anyone raising that issue yet. Focus on the privacy issue - maximize the good that comes from the criticism. Imagine if we get this perfect scenario, where the institutions get so married to Bitcoin that they can't back out when we suddenly all start running a version that has getter privacy. Push for that...