Nostr Web Client

What I am trying to understand is if those other uses be used to compromise the core use of bitcoin in the long run?

Doesnt nostr fill the role of providing a censorship resistant platform to upload all other non-transactional data? What am I missing here?

Jameson Lopp 7mo ago 💬 2

How do other uses compromise Bitcoin?

All uses have to compete economically for block space. If non monetary uses beat monetary uses, then Bitcoin as money fails.

That would say more about what people think of financial sovereignty than it does about art or degen trading.

As I see it, the way things are going right now, the threat to Bitcoin as money doesn't come from spammers, it comes from Number Go Up narrative pushers who tell people that ETFs and trusted third parties are fine to use because you'll get rich regardless.

That line of thinking is what causes demand for block space to drop, thus making it so cheap that people play stupid games with block space.

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Discussion

goatmeal 7mo ago

ETFs and cashu didn't cause me to stop making real bitcoin transactions. it was the game of maybe paying 45 cents now and 45 USD later to do a transaction that made me stop. I once had to pay 70 USD in 2017 and I swore I would never risk my hard earned money like that again. when people say, "look outside, it's only 45 cents right now," my eyes roll so far in the back of my head they get stuck like that. having to wait for a fee chart to look good now and hoping it will look good next tine is worse than dealing with the traditional banking system. it's an unpredictable blind auction and it was always like that even before ordinals.

lightning isn't enough to make me feel okay about it again, because I still have to make onchain transactions in order to retain basic security guarantees. with a better L2, I wouldn't really have to compete against other people on L1 at all. I'd be able to buy coins on L2 and actually own them, and the rollup sequencer or ASP can deal with submitting the ZK proof or covenant transaction for me.

I'm also seeing some people characterize all arbitrary data as non-monetary. these people are uncreative. ZK proofs constitute arbitrary data, but they can compress a ton of monetary transactions along with the other things. I'd be fine with blocks being 90% composed of ZK proofs.

Christopher Marshall 7mo ago

I think the timestamp server use case might be very useful in reforming the financial / legal system, by proving who knew (or agreed to) what when. It would both compete with, and support bitcoin's use as a currency.