Replying to HODLÉire🇮🇪

Was thinking today about an opendime style physical representation of bitcoin that would be good for local in person small transactions. Paying in shops in person etc.

But if it’s small and can’t be redeemed on chain ecash fits the bill with similar trade offs? It’s bearer asset and private. Maybe for a more local bearer token, use ecash (credit union style federation?). Liquid for smaller international payments can be more internationally “trusted”. Then get as close to on-chain as possible for storing wealth and large payments? Like a spectrum of trust trade offs which would be the same trust trade offs as using other shitcoins anyway if bitcoin never changed.

I know liquid and ecash are shit coins but at least we get to use btc denominations. Covenants or block size increases can be argued about to increase base layer self custody in time.

All thought about on bitcoin talk in 100BC
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Daire 11mo ago

I don’t really agree that liquid and eCash are shitcoins. From an autistic mathematical and computer perspective sure they are

But the reality is bitcoin (and money) can only scale with trust and we trust liquid as it is Adam “Backed”

I think Opendimes are safer than eCash as they’re more restricted to the physical world (ofc there’s risks relying on the physical world)

ECash small payments

LN bigger ones

Liquid bigger again

But it all depends on fees and market sentiment at the time. I really recommend Blitz Wallet as your later 2 wallet as it has all these layers integrated and more. Happy to continue to the discussion as also learning about this myself

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HODLÉire🇮🇪 11mo ago

Yeah I do mean shit coin as in the autistic trusting way. The benefit is the btc denomination. Could argue some other networks Monero or whatever are more decentralised and secure than liquid for example.

I guess the trust trade offs are, is the opendime worth anything if it isn’t redeemable on chain if below the dust limit say? Fair enough it’s verifiable so I get you there.

Have tried blitz. I like the ux. Ultimately I’d like the focus to stay on allowing as many to self custody as possible that’s the biggest benefit to humanity. Keeping as much wealth outside the existing system as possible in my opinion.

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Daire 11mo ago

Using Monero isn’t really an option long term as everything will eventually migrate to Bitcoin. Eventually the incentives (how long that will be idk) to run or use monero at all wont be there. Every use case will migrate to Bitcoin

I agree with your sentiment of prioritising self custody now over everything. I do the same. Blitz and open dimes are fun to play around with it as of now. It’s hard to predict how much sats you should keep on an open dime at this time but I think they’ll definitely have some use case as a sort of “physical bitcoin”.

We are so early so any of my pontificating is mere speculation. Nonetheless I do see Blitz and Opendimes, or some versions of them being integrated into them future btc world !

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HODLÉire🇮🇪 11mo ago

Yeah I suppose the rest we talk about is speculation but glad priorities are aligned on self custody. Hopefully we’ll have self custody for anyone who wants it forever💪🏻