Subnostr

I think I missed your point on the future in regards to passing our bitcoin wealth to some heir/s a generation or two from today. If I did miss your point then it's a very valid one because how do we teach value to a younger generation that has no idea all the work you or I put into stacking Sats, daily cost averaging, studying Bitcoin etc. Every satoshi and every hour we stack and/or study is an investment in our own future. So, Yes! How do we incentivize that stack sats/HODL/DCA ethos?

The ₿itcoin Artist 2y ago

Yeah, but also the situation could be different for them.

For us it makes sense, and the incentives are aligned for us to self custody and HODL. It's the most profitable AND lowest risk.

But if there is a future where Bitcoin use is normal, but on-chain is very expensive (and possibly cumbersome due to regulation), these are the two things I'm worried about:

1. Self custody not being as viable (for plebs without a high networth) because of fees and thus reducing interest in running a node.

2. Normalization/Financialization of Bitcoin could lessen the need for the cyber hornets (at least in the short term) as Bitcoin wins and takes over. And so we could see a long term erosion of the ethos to where maybe we could we centralization and sinister actors begin to direct Bitcoin in the future.

I guess all I'm speculating on is if in the long term we are recreating the fiat financial system with a bitcoin base layer (that also as a function of becoming more geared towards financial institutions will become more opaque and possibly compromised)

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Discussion

Sphinx21🧡⚡️ 2y ago

Okay, I am with you 100% on points 1 and 2. However, with your last comment on the speculation itself. I don't see that happening because of the halving, it's what makes bitcoin deflationary and this is what always keeps bitcoiners from getting into another version of the fiat based system.