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I think this is true in the short term for the relatively affluent, but not true for the developing world and at least bearish long term. Long term there is not space on the base chain for everyone and number go up. If those 2 things hold true, at least at some point people need self custodial layer 2+ options.

btconboard #LNHANCE or #CTV 2y ago

It also may sound crazy but many people do lose huge sums (relative to their net worth) via payment apps all the time:

https://www.yahoo.com/lifestyle/scammers-using-venmo-trick-customers-130000056.html

Sad truth of a broken financial system and world rife with scams. If the average American can’t come up with $500 for an emergency and most of the world is even worse off, I think #[2] ‘s point should be taken seriously. Losses that sound small to some can have devastating impact to others depending on their situation.

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Discussion

Brianna HD 2y ago

This is related to scammers though. Scammers can still scam you even if you hold your own private keys haha

btconboard #LNHANCE or #CTV 2y ago

May be a fair point. Let’s hypothetically say we all fully accept that as true. If adoption increases and number goes up, the everyone save only on the base chain argument breaks at some point. Maybe in a year, maybe in 50. But it’ll happen eventually.

It’s already broken for billions in the developing world who can’t afford the fees let alone stacking full utxos. As #[4] likes to say, there is not a utxo for everyone.

You inevitably need a self custodial savings option above the base chain. Maybe not urgent for the relatively wealthy developed world, but who can accurately predict that timing?