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On Monerotopia I heard a clip of Jeff Booth appearing on some podcast talking about how if Bitcoin fails as a medium of exchange then it also fails as a store of value. I think the Monero community has this part figured out, but I don't know how many bitcoiners realize just how important it is to actually use BTC and support businesses that accept it. Empty blocks are not good, especially when the security of the entire network eventually will depend on transaction fees. We as a community have the power to ensure Bitcoin succeeds by simply using it.

#bitcoin

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Discussion

BTC Your Mind 8mo ago

I think there are many bitcoiners who understand the importance of medium of exchange, but unfortunately the ones who shill store of value & adoption no matter what are louder & more famous so we hear their voice more.

Anyway, I wrote couple of months ago on this topic:

https://yakihonne.com/article/naddr1qq2kcefevftnjutnwa0hzjjlw3jrqvjnddrksq3qa4thftyy7u9fu89pgqn7ql0guepuaawu7034jvnx3p4mw3tpr3wqxpqqqp65w9pglg4

Papa Figos 8mo ago

It's not private nor anonymous, so I don't *use* it (on L1).

I wonder how many people make the same calculation.

thoughtcrimeboss 8mo ago

I often wonder if BTC as savings account XMR as checking account is the answer....but that wouldn't solve the security problem once the mining rewards are gone.

goatmeal 8mo ago

the dual use could end on the day that bitcoin developers stop wasting their time on stupid things. the spending/saving dichotomy is the wrong take. monero is for in case the bitcoin developers never do what they are supposed to do.

goatmeal 8mo ago

here's a hint on the collapsing fee market. you can't just cite poor adoption as the reason for low fee revenue. moving activity onto poorly conceived layer 2 networks and custodial junk is also going to deprive the miners of fee revenue. you can keep zapping each other as much as you want with your worthless ecash mints and it will never prop up the collapsing fee market.

the only scaling solution with any dirty work backing it up which ensures that most of the L2 fees go to miners is drivechains. with lighting and ark, they get much less. without a sustainable layer 2 scaling solution, the fee revenue will never be enough to secure the network longterm.