If it just becomes “digital gold” and nothing else ever, it fails to meet its massive potential as a global medium of exchange.
Discussion
And thinking extremely long term, miners fail or go under or are extremely rare if no one is transacting. That's not good for sustainability and network security.
Agreed, but might be pretty healthy mining ecosystem in a store of value “digital gold” future, given that medium of exchange would scale out on lightning and beyond… 🤔
I honestly think that if the most popular use is "digital gold" in contries with relatively strong currencies (US, Canada, Western Europe, etc.), the rewards will continue to keep miners afloat just based on Fiat price growth.
Playing devil's advocate... Does transacting on lightning really help keep miners sovent, though? I understand opening and closing channels, but in a world where bitcoin is a commonly used currency, custodial lightning wallets will almost certainly be the most commonly used method. Transacting on chain would probably be "reserved" (using the term loosely) for relatively large, important transactions.
Maybe I'm totally off base. I don't know. I use Bitcoin (big and little "B") however suits me best in the moment just like anyone else would. Some earn and spend it, some buy and spend it, others save with it. What they choose is none of my business. That's the beauty.
Yes, stated more clearly
Network is the asset .. base layer creates value .. second layer spreads value .. and there will be ten more layers ..
Think of it as a home .. then water supply ..then electricity and sewage .. and then roads ..
Layers and layers of networks HODL value ..
Currency is NOT a network ! Never
It's been 5000 years - give or take - we didn't stop trading gold .. are you talking k nger horizon ? Good news .. gold is still the hottest cake in bakery ..it is not going anywhere for next 5 k .. miners are safe .. in fact they become rich if it is gold ..
Cuz if it becomes currency then next thing you would want to do is to peg it to daily price milk .. and eggs :-) .. well eggs is not a good example... anyways