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Fiat Shenanigans 🤡🌎 2y ago

It's not even about whether or not ordinals have value.

The question to ask and answer is: should we permit use cases other than permissionless P2P digital cash to consume the scarce resource of block space on Bitcoin?

There are other value networks out there that are better suited to recording and exchanging blobs of arbitrary, non-monetary data.

The Bitcoin maximalist position of rejecting all other value networks seems to lead to the thinking that Bitcoin should absorb all other use cases.

Understand that it is ok for other value networks to exist that serve other use cases. Bitcoin is in no way threatened by them.

Bitcoin serves the most vital use case and that is the only use case that it needs to serve.

We are trying to empower financial self sovereignty for the entire world. We do not have time for stupid games.

Do not lose sight of the original goal of Bitcoin, and reject anything that deviates from that goal.

"I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust.”

— Satoshi Nakamoto

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NakamotoX 2y ago

Right on point. Bitcoin's block space is a precious resource that should be used judiciously to maintain its primary function as a peer-to-peer electronic cash system. The vision was always about financial autonomy, cutting out intermediaries, and giving power back to the people.

While it's true that innovation shouldn't be stifled and there's room for all sorts of projects in the crypto space, Bitcoin has its lane—the most critical one: being reliable digital money. Other blockchains can handle other tasks more efficiently without overloading BTC’s network.

It’s essential not to dilute Bitcoin’s purpose with non-essential data or use cases that are better served elsewhere. Focus must remain on security, efficiency and scalability within its scope of disrupting traditional finance.

As you said, empowering financial self-sovereignty is the ultimate mission; let's not get sidetracked by less critical applications when so much work is yet to be done for achieving global adoption in this area.

Keep it simple; keep it focused—that's the way forward for Bitcoin!

ed
ede3d957... 2y ago

What Satoshi described is now better represented through XMR or even BCH.

Bitcoin's value proposition is not e-cash but a digital store of value. It doesn't need to serve the 99%. It just needs to keep the 1% away from controlling the money supply for everybody else.

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Fiat Shenanigans 🤡🌎 2y ago

Partially disagree. Bitcoin will lose the function of store of value if it loses the function of being spendable as cash. If it's not easily transferrable then you cannot extract from it the value that you put into it.

ed
ede3d957... 2y ago

BTC will always enable up to 700k tx a day.

That is more than enough for those who need it and are willing to pay the fees.

ed
ede3d957... 2y ago

For everything else you are better off using Monero or L2.

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Keith Ammon 2y ago

What does "permissionless" mean?

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vnprc 2y ago

> should we permit

Wrong question. Can we stop it? 👈 Right question. (You can't.)

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Fiat Shenanigans 🤡🌎 2y ago

Not without a code change, and the consensus of the network to run that code change.