Nostr

I agree with your 3 needs. That’s what I want too. I’m not a dev so I don’t understand much of the discussions about op codes. But the philosophy of #bitcoin is really interesting to me. Saylor’s view resonates with me. The fact that he has such conviction and he put so much money into this is also amazing - he backs his views with incredible action. Many are talking about having to fix the problem of not enough bitcoin (utxos) for everyone. But if we look at the gold standard, I’m not sure how many people actually held and used gold in the past. Surely not everyone owned a gold coin?

caleb 1y ago

208k metric tonnes represents about 7 billion ounces of gold in reserves today. Thats about one oz for every person on the planet, about the size of a single $2k coin.

https://companiesmarketcap.com/gold/marketcap/

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Discussion

Gavin Green 1y ago

I agree that it is possible, but did it work out that way? Distribution is never uniform even when the gold standard was in play. Does everybody need to own a utxo when we are on a bitcoin standard? I just don’t know

caleb 1y ago

Agreed. Even in “the Bitcoin Standard” the base chain was assumed to only be used down the road between large institutions/banks/countries. And in early Bitcoin blog posts there is a similar story. Hopefully some privacy preserving and minimally custodial layer 2 solutions keep getting developed. We’re still years away from consistant $100+ fees ( I hope )