Subnostr

Axioms > Network Effects.

The axioms determine the power of the function. The network effects are merely the current output.

x ^ 2 is more powerful than 2x, but when x is 1, 2x wins out. At x = 2, the output is the same. But over time, x ^ 2 will win out.

Right now, it’s as though the dollar is at 100, but the function is 2x. BTC would only have to get to 15 to beat it.

I would say it’s the same reason the US within a century and a half became the most powerful country in the world even though Europe had much bigger network effects initially — the axioms (the Constitution) and the natural resources were better.

Skate to where the puck is going, not to where it’s been.

RealJohnDoe 2y ago

Now you should apply that formula to the effect on the value and sustainability of Bitcoin from out of control high #transaction #fees.

Then consider that Bitcoin didn't have transaction fees that I remember. Then recalculate that for growth value and sustainability of Bitcoin till the end of the block rewards. With Moore's law..🧡😁

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Discussion

Chris Liss 2y ago

I’m not the nitty-gritty valuation model guy. I’m more the first-principles, larger idea, framing-the-discourse guy.

RealJohnDoe 2y ago

Fair enough. #Transaction #fees damage #Bitcoins economic model and sustainability.

There are very powerful reasons for the block reward. Even more powerful reasons for the halving. #Transaction #fees attempt to toss that out the window for a quick and dirty buck.

It turns the block reward and the halving into an excuse for printing money out of thin air. Like Fiat. That's not sustainable. Even more concerning is the fact that it debases the value of your #Bitcoin.

Instead of the circulating supply becoming less and less. They're by increasing the value of your #Bitcoin. Circulating supply increases more and more. Devaluing the value of your Bitcoin.

Satoshi got it right the first time..🧡😁

Chris Liss 2y ago

I thought transaction fees were proposed as a solution mostly for when the halvings run out in 2140.

RealJohnDoe 2y ago

Not really. Not by people who actually understand the design of #Bitcoin.

100 years from now Bitcoin will return to how it started out. A self-contained P2P cash system. Just as it was when I first used it.

No other parties needed. Except the other person transacting with you.

Just imagine how powerful a smartphone or a smartwatch or raspberry pi will be in 100 years from now.

Just imagine how little energy they will require to operate. I never turn my phone off. I have no idea how much the power cost to run it. Not much

Back when Satoshi sent me some sats to experiment with, it probably cost less than a penny to mine..🧡😊