Nostr Web Client

Bitcoin doesn’t need “help” from other protocols and projects. Bitcoin needs central bankers to keep going out and adding another 10 trillion units into the system and then handing it out to people for performing no work. And they will…they have to…because the liquidity isn’t flowing into the hands of the broader populace because all the equity has been consolidated into the hands of a couple people. Bitcoin just needs to be left the F alone. The people running clown world are doing all the heavy lifting. “Don’t interrupt your enemy when they’re getting ready to make the same mistake…yet again”.

fiatjaf 2y ago

I agree, but then when Bitcoin becomes this thing that everybody desires and not only very small minority then it is time for people to actually transact with it day to day.

When that happens, if we don't have a system in place to allow people to pay for their coffee in a noncustodial way (or at least have the option to do that even if custodians will always exist and that's fine) and also have some viable ways to get some privacy for their utxos -- if that is not in place, then we will just hand the gold back again to the next generation of central bankers.

Reply to this note

Please Login to reply.

Discussion

ww 2y ago

Printing or forging some form of physical money backed by BTC could be a solution, as it was with Gold.

But you run into the same problems todays FIAT has.

Who would control that the master of the printing press wouldn't inflate.

Maybe some crypto magic is possible to tie the "notes" or "tokens" which are real world objects to the blockchain.

preston 2y ago

I strongly disagree with that. Gold fails because you can't take immediate, frictionless, settlement across any border. It fails because it's extremely difficult to audit efficiently and remotely. It fails because it requires a trusted agent to manage the ledger between it and the paper that rides on top of it (the paper that makes the units divisible and transportable). You obviously know all of this. Why do you think it becomes centralized and controlled by central bankers because of coffee transactions (which I can conduct in a noncustodial way right now)? I'm confused.

techfeudalist 2y ago

Pros:

+ gives miners more revenue

+ allows people to experiment with other functionality using their bitcoin

Cons:

… unclear

How does this negatively impact the base chain?

fiatjaf 2y ago

I don't know, I think you're missing my point, which is: who will be able to do these Bitcoin transactions when hyperbitcoinization happens? You seem to be happy if some big corporations can use Bitcoin and pay the high fees it will require, while the common man will have to resort to custodial Lightning wallets or something like that. Is that it?

I think the more you enable people to hold and use coins directly on a decentralized system (you can argue Drivechain has a different trust model than Bitcoin, but you can't argue it isn't decentralized and censorship-resistant) the easier the system is to capture.

If there are only 10 giant companies using Bitcoin or decentralized sidechains directly in the world that is capturable by the State in a minute, but if there are 100 million direct users that becomes quite impossible. I don't know what is your threshold in this line and what you think Bitcoin without any changes will be capable of achieving.